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Friday, March 31, 2006 

Ninth Circuit Holds UCC Does Not Apply to Structured Settlement of Tort Claim

A bankruptcy appellate panel (BAP) of the U.S. Court of Appeals for the Ninth Circuit has held that the security interest provisions of the new Uniform Commercial Code do not apply to a structured settlement of a tort claim.

In Singer Asset Finance Co., LLC v. Gallagher (In re Gallagher), 331 B.R 895, (B.A.P. 9th Cir. 2005), Gallagher settled a tort claim arising out of the death of her father by agreeing to accept scheduled payments over time. The defendant’s insurance carrier funded the settlement by buying an annuity from a life insurance company....


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