Justice Debra Silber
Novation Funding sought approval of an agreement to transfer certain structured settlement payments from payee Griffin to itself. The proposed agreement would transfer $55,000 of structured payments for a lump sum of $29,250 to Griffin. The court noted Griffin was an unmarried 23 year old, with one child. He claimed he sought the lump sum to purchase a laundry business, stating the assignment of the payments would yield him sufficient income to keep up his day-to-day needs, and that of his son. Yet, the court found, during a hearing, and questioning of Griffin, his answers did not support such claim, finding the cost of the business would require the full amount of the transfer. Also, it found upon further questioning that Griffin could not coherently explain his understanding of what was involved in the proposed business venture, nor how he would support himself if he utilized the full payment for the purchase of the laundry business. The court noted the proposed use for the lump sum was not compelling, and Griffin’s failure to adequately demonstrate any level of understanding of the financial ramifications the immediate transfer would pose to his future and that of his family required a denial of the motion as not in Griffin’s best interest.
