(EMAILWIRE.COM, October 09, 2015 ) Melbourne, Australia -- The recent opening of the Tort Museum (American Museum of Tort Law) in Winsted, Connecticut by Ralph Nader has renewed interest in the concept of tort law, also known as personal injury law.
A tort is defined by Wikipedia as "a civil wrong that unfairly causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act, called a tortfeasor."
In common language, this means that if someone causes someone else
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Such harm can take many forms, including (but not limited to) physical injury caused by a traffic accident, medical neglect or product failure.
The Tort Museum displays a wide range of items that have at some stage been accused of causing harm. The items featured include a 1963 Chevrolet Corvair (the car Nader disgraced in his 1965 book "Unsafe at Any Speed."), coffee from McDonalds (accused of scalding through being too hot), flammable pyjamas, and the like.
Often, the injured party receives compensation in the form of money that is paid out over time. Payouts can be quite large, and to ease the burden on the payer, the court might decide the amount can be paid over many years. This is known as a structured settlement annuity.
A structured settlement can sometimes alternatively be used to reduce legal and other costs by avoiding trial.
With the opening of the new American Museum of Tort Law, awareness has increased of the options available to those receiving structured settlement payments.
While it has been said (by Suze Orman in 2009) that structured settlements "provide ongoing income and reduce the risk of blowing a lump sum through poor financial choices", sometimes the person receiving the payments might need the payout immediately rather than waiting many years to receive it.
They might have expenses related to their injury, or might decide it makes financial sense to be able to pay off another debt such as a home loan, or many other reasons. They might therefore decide to seek advice about a Structured settlement buyout.
To facilitate this, there are several companies that will purchase the structured settlement in exchange for a lump sum now. Because the finance company provides the money immediately, but then has to wait many years to be paid back through the settlement the injured person was receiving, the finance company imposes fees.
As a result, the amount in the lump sum is not as large as the injured person would have received if they had waited and received it all over time. However, the injured person can use that money immediately, and it might make good financial sense to do so to pay off other debt or to meet large immediate expenses.
It is advisable that, if someone is considering a structured settlement sale, they get a quote from a reputable structured settlement company, and then seek clarification and advice from their legal advisor or attorney as to whether that arrangement is right for them.
The field of personal injury law is very wide, and as the opening of the American Museum of Tort Law shows, has sparked keen interest among those affected.
About Gecko Gully:
The online web site ClickToCallPromotions.com/structured-settlements , run by Australian business Gecko Gully, has teamed up with a structured settlements purchasing company to provide advice and assistance to those considering a structured settlement sale. This advice is available by calling (844) 899 9744 Monday to Friday 9am to 6pm Eastern.
Christine F. Abela
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