Henderson v. Roadway Express

308 Ill.App.3d 546 (1999)

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Nature of the Case

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Facts

P settled a personal injury lawsuit against Roadway Express. P agreed to accept a lump-sum payment of $137,500, 14 future annual periodic payments of $ 2,500 each, and a $25,000 payment due in 2012. The settlement agreement contained an anti-assignment provision. The settlement agreement did not prevent Roadway Express from assigning its liability. Roadway Express assigned its liability to Keyport. Keyport purchased an annuity from Liberty Life Assurance Company to fund its liability. P attempted to assign a portion of his future settlement payments in May 1998 to Singer Asset Finance Company (Singer) in exchange for an immediate, discounted lump-sum payment. P got $12,210 in exchange for his assignment of 12 annual payments of $2,500. P filed a petition to allow assignment of annuity benefits. State law prohibits assignment of structured settlement benefits without court approval. The court refused the assignment. P appealed.