by John Darer CLU ChFC CSSC
Call it a show of arrogance , ignorance, or whatever, a well known defense oriented structured settlement broker over enthusiastically told a plaintiff that they did not need their own broker. When I learned of this I could not believe it since I have worked with this person many times, with a “happy ending” for all.
New York General Obligations Law Section 5-1702
The New York General Obligations Law G.O.L. S 5-1702 (New York Structured Settlement Protection Act) expressly requires a statement to the claimant or the claimant’s legal representative, by the defendant or defendant’s legal representative, that the claimant is advised to obtain independent professional advice relating to the legal, tax and financial implications of the settlement, including any adverse consequences and that the defendant or defendant`s legal representative may not refer any adviser, attorney or firm for such purpose.
Indeed in Bronx County, New York the Court rules specifically require a detailed affidavit demonstrating compliance with NYS GOL 5-1702
Download ia10_bronx_county_court_rules.pdf
The complete requirements can be found at
http://www.courts.state.ny.us/courts/12jd/civil/pdfs/IA-10.pdf
Next time a defendant, defendant’s structured settlement consultant or a defense legal representative tells you that you don’t need your own advice, simply remember the mantra of the apoplectic Spanish soccer commentator “GOOOOOOOOOOOOOOAL“
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