"The Life Company will Take it" is Like " The Check Is In The Mail"
One of the biggest areas to potentially mess up settlement documents is where a structured settlement is desired and a cash release is tendered.
A structured settlement cannot occur after there has been constructive receipt. If a structured settlement is desired then " the receipt of which is hereby acknowledged" should not appear in the release.
After you say ” oops”, someone may suggest an amendment and that the “the life company will take it”. What does that really mean? Please consider the following disclaimer used in communications between a leading structured settlement annuity issuer and its appointed agents.
“Our document review process is intended to fulfill our ownbusiness and due diligence needs by ensuring consistency and accuracy of thedetails and inclusion of language sufficient for our purposes. Review for anyother purpose, such as legal or tax sufficiency, is the responsibility of theparties and their counsel. Our acceptance of settlement documents should not be construed as a representation that these documents are sufficient for any otherparty’s purposes”.
Watch John Darer’s helpful video about Structured Settlement Documentation below
Updated August 23, 2022 #structuredsettlementdocumentation #constructive receipt #settlementdocuments
