Company seeks approval of thousands of dollars in transfer payments

A company has requested the court's approval of a transfer of tens of thousands of dollars.

Novation Funding filed an application for approval of transfer of structured settlement payment rights in Jefferson County District Court on Aug. 22 against L. Youngblood.

In its complaint, Novation Funding alleges Youngblood was involved in the settlement of a lawsuit in which he became entitled to receive certain periodic structured settlement payments from New York Life Insurance Co. 

Youngblood has agreed to transfer the right of some of the funds to Novation, according to the complaint.

"Youngblood agreed to sell, transfer and assign the right to receive the following settlement payments to Novation Funding and/or its successors and assigns: lump sum payment of $20,000 due Feb. 21, 2017; lump sum payment of $35,000 due Feb. 21, 2019; lump sum payment of $50,000 due Feb. 21, 2021; lump sum payment of $75,000 due Feb. 21, 2026; and lump sum payment of $99,821.39 due Feb. 21, 2031," the suit states.

In its complaint, Novation Funding is asking the court to approve the transfer of the assigned payments.

Novation will be represented by John Stuart Mott and Kenneth L. Mott of Mott and Mott in McKinney.

Jefferson County District Court case number: B196-045

This is a report on a civil lawsuit filed at Jefferson County District Court. The details in this report come from an original complaint filed by a plaintiff. Please note that a complaint represents an accusation by a private individual, not the government. It is not an indication of guilt and it represents only one side of the story.