settled for 15,000 waiting on deposit since sept 26th
Lawsuit / Dispute Attorney
Once releases are signed and liens are satisfied, State Farm usually pays off withing six weeks time.
The time frame differentiates for each company. You can always call State Farm and ask when they sent the settlement check. If you have an attorney, you can request that they contact them and give you a status.
Randy Sevenish is licensed to practice law in the State of Indiana. The laws of your jurisdiction may differ and thus this answer is for informational and educational purposes only and is not to be considered as legal advice. Since all facts are not addressed in the question, this answer could change depending on other significant and important facts. This answer in no way constitutes an attorney-client relationship. Please speak with a local attorney to discuss your potential legal issue.
Brain Injury Lawyer
What was discussed with the agent? Usually the check is paid shortly after the release is signed and returned.
Car / Auto Accident Lawyer
Often the funds from the defendant are produced in check form as a condition of the execution of the settlement. The plaintiff's attorney will collect the check and hold the money in a trust account before paying a net sum to the plaintiff. The attorney will deduct from the proceeds of the check those administrative costs (e.g. copying costs; mailing costs; etc.) the attorney incurred prosecuting the lawsuit which have not already been charged to the plaintiff.
Attorney's Contingency Fee is Taken From the Settlement Check
In the case of, for example, a personal injury lawsuit, where the attorney's fees are paid on a contingency basis, those fees will also be subtracted from the sum received from the defendant, prior to the remaining funds being distributed to the plaintiff. Additionally, any liens placed on the settlement funds (e.g. a Medicare lien) will be subtracted prior to distribution of the residuary to the plaintiff.
While a plaintiff in a settled suit can generally expect to receive the residuary of the settlement funds relatively quickly after settlement, parties to a lawsuit have latitude to structure a settlement in a way that is mutually agreeable to all parties. For example, the parties may agree that the plaintiff will receive a series of payments, rather than a single check. Or the parties may agree that the defendant tender a single check, but that it be tendered at some future date. Often, these future and structured payout schemes result in a larger overall payout to the plaintiff, but one worth less when discounted to present value. What is appropriate in any given case is a function of the circumstances unique to that case.
The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to this Web site or any of the e-mail links contained within the site do not create an attorney-client relationship between Howard Roitman, Esq. and the user or browser. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.