HomeMy WebLinkAbout07-2562d
IN THE MATTER OF : IN THE COURT OF COMMON PLEAS
HEATHER HURLEY : OF CUMBERLAND COUNTY, PENNSYLVANIA
: NO. Q'I^ ~. S'G ~ CIVIL
PETITION FOR APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT
PAYMENTS PURSUANT TO THE STRUCTURED SETTLEMENT PROTECTION ACT
AND NOW, this day of May, 2007, comes Heather Hurley, Jr., by and
through her attorney Michael D. Rentschler, Esquire, who files the within Petition, as
follows:
1. The Petitioner is Heather Hurley, an adult individual who is currently residing
at 20 North High Street, Apartment B, Newville, Cumberland County, Pennsylvania
17241. (hereinafter referred to as "Petitioner/Payee"). Petitioner is single and has no
dependants.
2. This Petition is being filed pursuant to the Structured Settlement Protection
Act, 40 P.S. 4000, et se . (The "Act"). The Act requires Gourt approval of transactions
such as the one contemplated herein.
3. Following a motor vehicle personal injury case where Petitioner was a
passenger in a vehicle operated by her ex-boyfriend an underinsured motorist claim
was asserted against her father's insurance carrier, Allstate Insurance Company. The
matter was settled and the settlement amount or a portion thereof, was placed in an
annuity. The current owner of the annuity is Allstate Assignment Company. The issuer
of the annuity is Allstate Life Insurance Company. The annuity account number is
SSAL142966. The annuity schedule provides that Petitioner is to receive guaranteed
monthly payments of $667.00 per month for fifteen years beginning on November 19,
2010.
4. Petitioner/Payee now desires to sell one hundred eighty (180) monthly
payments of $367.00 each, beginning on November 19, 2010 and ending on October
19, 2025.
5. The aggregate of the purchased payments is $66,060.00. The discounted
present value of the aggregate payments at 5.60% is $37,240.99. The discounted
present value is the calculation of the current value of the transferred structured
settlement payments under federal standards for valuing annuities. The net payment
that the PetitionerlPayee will receive in exchange for the future structured settlement
payments represents 45.60% of the estimated current value of the payments based
upon discounted value using the applicable federal rate. The gross amount due to the
Seller is $17,500.00. There is a $500.00 compliance and administrative fee.
Consequently, the net payment to the Seller is $17,000.00. Based upon the net
amount that the Petitioner/Payee will receive from 321 Henderson Receivables and the
amounts and timing of the structured settlement payments that Petitioner/Payee is
turning over to 321 Henderson Receivables, Petitioner/Payee will, in effect, be paying
interest to 321 Henderson Receivables at a rate of 14.91 % per year. Petitioner/Payee
intends to use the proceeds of this transaction for a down payment on a house.
6. Prior to the enactment of the Act, Court approval was not necessary in order
to effect a transaction sale such as the one contemplated herein.
7. On April 27, 2007 Petitioner/Payee executed a Purchase Agreement with 321
Henderson Receivables Origination, LLC, whereby 321 Henderson Receivables
Origination, LLC, agrees to purchase that future structured settlement payments and
give Petitioner/Payee alump sum payment. A true and correct copy of the Purchase
Agreement is incorporated herein, made a part hereof, and attached as Exhibit "A".
8. Schedule 1, entitled "Disclosure Statement", advises Petitioner/Payee of
certain disclosures and statements concerning the transaction. Said Disclosure
Statement is incorporated herein, made a part hereof, and attached as Exhibit "B".
9. According to Exhibit "B", the Petitioner/Payee will be entitled to a lump sum
payment of $17,000.00 which amount is the lump sum payment from 321 Henderson
Receivables as described in Exhibit "B".
10. This transfer is in Petitioner/Payee's best interest and represents the
settlement of her personal injury claim asserted by Petitioner/Payee for her own
injuries. Allstate Assignment Company, the current owner of the annuity, and Allstate
Life Insurance Company, the issuer of the annuity, will receive a copy of this Petition.
Both the owner and the issuer are entitled to support, oppose or otherwise respond to
the payee's petition, either in person or by counsel, by submitting written comments to
the court or by participating in the hearing and notification of the time and place of the
hearing and notification of the manner in which and the time by which written responses
to the petition must be filed, which shall be not less than 20 days after service of the
payee's notice, in order to be considered by the court.
WHEREFORE, it is respectfully requested that this Honorable Court
grant the within Petition and, therefore, approve the lump sum payment from the
Petitioner/Payee's structured settlement, pursuant to the Act, consistent with the
statements contained herein.
Respectfully submitted,
_ / ti''
MICHAEL D. RENTSCHLER, ESQUIRE
28 North 32"d Street
Camp Hili, PA 17011
(717) 975-9129
Supreme Court ID # 45836
Attorney for Petitioner/Payee
VERIFICATION
I, Michael D. Rentschler, Esquire, do hereby swear and affirm that the statements contained in
the foregoing document are true and correct based upon representations made to me by my client,
the Petitioner herein. I further certify that I am authorized to sign this verification. I understand
that any false statement may be prosecuted under Pa CSA Section 4904 which relates to unsworn
falsification to authorities.
Date:
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MICHAEL D. RENTSCHLER, ESQ.
Account ID: 325731
PURCHASE AGREEMENT
This is a Purchase Ageernent. The date of this Ageernent is'(-~~-f .1 ~ 20fi"7. Heather Hurley is the
Seller. 3Z 1 Henderson Receivables Origination LLC, a Nevada Limited Liability Company, its successors
and/or assigns is the Buyer. In this Ageement, Heather Hurley is refzxred to as "You" or "Your" and 321
Henderson Receivables Origination LLC or its nominee, is referred tQ as "We", "Us" or "Our".
1gACKGl~OUND OF THIS AGREBME~jT
1. Your or someone on your behalf signed a Settlement Agreement (the "Release" or the
"Settlement Agreement"}. in comiection with the resolution of a personal injury claim.
2. The insurer funded the Payments by buying an annuity contract (the "Annuity") issued by
Allstate Life Insurance Company (the "Annuity Company").
3. A list of the Payments being, sold under this Agreement is attached to this Agreement as
Exltibit "A".
4. You desire to sell and assign to Us all of Your rights to recaive all or a portion of the Payments
under the Release, as described on Exhibit "A", ail of the other rights You have under the Rtrtease and the
other rights as described in Section l (a) below. We desire to purchase all of Your rights and benefits, on
the terms and under the cAxiditions described in this Ageement.
You and We ogee as follows:
1. Purchase aretd Sale.
a. You now sell, transfer and assign to Us all of Your rights in the "Assigned Assets" as
listed in Exhibit "A". By Our signing this Ageement, We are hereby ~rchasing and
accepting the sale and assignment of all of the Assigned Assets described above.
b. The Gm Purchase Price is Seventeen Thousand Five Hundred lD~llars and 00!140 Cents
($17,50100). The Net Purchase Price payable to You is 517,004.40 (the "Purchase
Price"}. The Net Purchase Prke will be paid to You when both You and We sign this
Agreeme~ and We have completed Our internal process.
2. AcknowledggR~.
a. You will agree after Your signing of this Ageement to deliver to Us, addressed as We
may require, other notices, inshuctions or documents, and copies of them, as We think
are necessary or proper to carry out this Agreement.
b. iNhen You and We sign this Agreetrtent, You will also deliver to Us: (1) a letter
addressed to the Annuity Company directing that all payments of the Assigned Assets
after Your death shall be sent directly to Us, and (2) a Change of 'Beneficiary Form
changing the beneficiary of the Assigned Assets, after Your death, to "321 Henderson
Receivables Origination LLC", as sale beneficiary [(1) and {2} above are referred to as
the Change of Beneficiary Form]. The Change of Beneficiary Form will state that the
instructions may never be revoked and that no change maybe made in the instructions or
]' ~
Initial: V ~ 02007 321 Henderson R~ivabloa Limitod Pactna~ahq-
Account ID: 325731
in the payments (including as to the payer: or the manner or place of making such
payments) without (?ur prior written consent. You will also, when this Agraerrsent is
signed by You and Us, deliver to Us, addressed as We may require, such other notices,
instructions our documents, and copies of them, a~ We think are necessary or psnper to
carry out this Agreement.
c. Before You and We sign this Agreem~erst, You will deliver to Us an aclmawledgmont of
The Estate of heather Hurley, as primary beneficiary of the Assigned Assets, of the terms
of this Agreement. The Satate of Heather Hurley will agree that they are not entitled to
any rights to any of the Assigned Assets.
d You agree to alga all other documents which We may request forever naming Us as the
only beneficimy of the Assigned Assets, including but not limited to an agreement to
provide iin Your Last Will and Testament that all of Your rights to the Assigned Assets
were sold to Us (s "Testamentary Agreement").
e. Yost ac~crtawledge that We advised You to obtain independent professiosml tax advice to
determine whether this trdsssaction will resalt in any adverse foderal andlor state tax
consequences.
f. You acknowledge that We advised You must obtain independent legal representation
prior to ~sxecuMrg this Agreement and that We have advised you that We may not refer
You to asst' specific attorney far such purpose.
3. Your Renreaeatationa and Warf~ttks. You now ~~epresent and warrant to Us that~
a. You own (and are selling and assigning to Us under this Agt~eement) all of the
Assigned Assets, free and clear of all claims, liens, charges, security interests,
eruumbraaces, and agreements of any nature (other then this Agreement), and
when Yvu and We sign this Ag~reerrsent, no one other than Us shall have any
present or futsu~e right to the Assigned Assets.
b. This Agreement and all of the other documents signed in connection with this
Agreement have been properly signed by You, and they represent Your Legal,
valid and binding obligation, enforceable against You in accordalsce with their
tettns.
c. The signing and performance of this Agreement by You and the transactions
described in this Agreement:
i. do not conflict with any other obligations of Yours;
ii. will not cause a violation utsder (vr create any right of termination,
cancellation or acceleration ar similar right under) any contract or
agreement by which You or Your assets, including the Release, are
bound or may be affected;
iii. will not create, or give any party (other than Us) the right to createti any
lien, charge, security iaterest a encumbrtasce in, to or on airy of the
Assigned Assets; aa~d
iv. will not create a present or future right in any other party to make any
claim against Yvu yr Your assets, or say of the Assigned Assets.
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Lritiul: " ~ [~t907 321 Elendaaon Ra~eivsblas l.irrritod Psrtnera~ip
Account ID: 325731
d. You ultdusttuxi the terms and proviaians of this Agl~teament and You have been
repreaermcd by tax and accountit-g advises and a lawyer in the signing of this
Agroement.
e. Neither You nor anyone else have to do anything else for {l~ the proper signing
and performance by You of this Agreement and any transactions imended to be
done in this AgreQmeirt, or (2) the carrying out by Us of any of Our rights and
remedies under this Amt. No other person has made a claim in any rights
in or to the Assigned Ash.
f. You have valid reasons for selling Your interest in the Assigned Asset$ rather
than obtaining a loan with the Assigned Assets as collateral. and You agree that
the transaction set fortis in this Agreement i$ not a loan or other tinancirtg
transaction.
g. This Agreement is a valid sale, transfer and assignment to Us of the Assigned
Assets.
h. Your residence and legal address is as described in Paragraph I1 of thin
Agz~nent. During the last years, Xou have lived at such address.
i. No representation or warranty of Yours in this Agreement or in atry of the
documents delivered in crnmection with this Agrccmem or in any agreement
required by this Agreemem, is inaccurate or contains any untrue ar misleading
statement.
j. The signing by You of this Agreement wilt not violate any other promise or
agreement you have made with anyone else. Yau understand that any and all
restrictions on the assignability of the Schedu[e$ Payments were included in t1~e
Release and/or Annuity at Your request, far Yaur benefit and real for the benefit
of any other person. These restrictions, if any, were included by You as a
precautionary measure bo make sure You were allowed favorable tax treatment
under the Interntil Reverter Coda. You understand that by entering into this
Agreement, you may be giving up this favorable tax ttr,.atmelrt. You understand
- that any income earned by You on any investment or use of the Purchase Price
may be taxable to You: You rtay have to pay more in taxes as a result of ~~
Agreement. For Qnr benefit and the benefit of Our aasigtss or successors, You
agree to WAIVE AND RfiL]3AS$ all of Your rights in, to, or under, such
restrictions on assignability, if any.
k. You have not before the date of this Agceem-ant, sold or assigned Your right to the
Assigned Assets yr amy part ofihe Assigned A~ets. You do not owe any money
to Your present or farmer spouse for support maintenance or similar obligations,
nor do You owe any money to any of Your children or guardians of Your
children. The Assigned Assets are not subject to any community property ox
similar marital rights of any person.
J
Initial: ~2l?07 321 Heron Reoeivabtos Gmi~od PartnmAhip
Account Ib: 35731
L Your right to the Assigned Assets is not affected by any mortgage, ptodge, lien,
charger security int~q~cst, arcurmbranc~e, restriction ar adverse claim of any
nature. You underetaad that any viohrtion of any of Yoar repreientatioaa ~
the irgrcement wiII result in an act o[ tlraud by You w-htch could r~tt in
Yon being held respons3bk for dama~ in favor o[ Us, whit money to be
paid by You to Us.
rn. You are not in violation of any obligations concerning chihi-care, alimony or
n. You raw gZve up forever all Your rights in any agreement that says that Yau
t~tuiot assign or sell Your rights in the Assigned Assets to Us. You have not
i~aquested and You do nest oxpert ~ t4 receive Ervin Us, a Form 1 t1~9 or any other
documentation which could make the won described by this Agreement
taxable do You in airy way. Yau fintlier understand that @fte ham not given to
You any advice about any of Your taxes in this transaction, You have relied on
Your own professional advisors ccmcernirig traces.
a. As of the date of this Agreement, You are of regal age in the sffibe noted as Your
address in Section 11 of this Agr+eemert, mentally sane, and of a sound mind.
Yau have never beery convicted of a felony ar any othar crime involving
dishar>Icsly.
p. You are very familiar with Your financial affaim and oo~ndilion. With that full
uaderstmnding, You certify that (1} on the date We pay Yon the Purchase Prig
and Yau sell to Us the Assigned Asrets, the fair value of Your assets are and:
wil! be greater than all of Yatrr debts; (2} You prosaritty intend fie pay all of
Yom creditors when such payinerrts ar+e doe; and (3) Yau have not irrficntionally
hidden the [act from any creditor of Yours that You have entered into pia
Agreeirrerrt end the other documents refiarxed ro in this Agrt.
q. You do not intend to file fur bankruptcy and there are no lawsuits or other
efforts by any of Your creditors to pert You into bankruptcy or to take the
Assigned Assets.
r. The Purchase Price is not. Your only or most important source of Income and
You do nut have airy raerrtal ar physical problems that would preveirt Yau from
having a paY~BJ~-
s. Yea prornlsc to ns that ao broker, fir-der, or other person other than those
persons named in the broker sffiternent signed by Yau in eotrrroction with this
Agneamerrt was inwlved in or irnpoitant in arranging the purchase transaction in
this Agneemorrt. No other person has a right to arty fee, payment, commission,
or other compotisation because of this Agreement.
t. You agree that We have not forced You to give to Us copies of any confidential
docuaie~ts. You agree #rat We told You that We only needed to see those
documents which ~Caibai the Assigned. Assets sa we could buy from Yon the
Assigned Assets. You agr~ that Wes da hat intend to tell eery atfier party about
what is included in theses doetrmerrts. You understand that if we des so, it will
only be for the solo purpose of buying the Assigned Assets.
ll~ 4
initial; ~ V ~ 321 Hende~n Rfloeiv I.imitod Plnntaship
~~
Account 11}: 325731
U. You understand that it usually takes six to eight woelo~ tia complete this pnoceas,
but that It could take longer. You understand that we have to obtain court
$gproval of this transfer. YOU UNDERSTAND THAT, DUE
TO OCCASIONAL DELAYS, WE WILL ESCROW
THE AMOUNT EQUAL TO THE NEXT TWO'
MONTHLY PAYMENTS DUE TO YOU FROM
THE ANNUITY COMPANY TO INSURE THAT
WE RECEIVE ALL of THE PAYMENTS THAT
WE PURCHASE. YOU UNDERSTAND THAT WE
MAY' EITHER PAY OR ESCROW FUNDS TO
SATISFY ANY JUDGMENTS, TAX LIENS OR
CHILD SUPPORT AGAINST YOU OR THE
ASSIGNED ASSETS AND DEDUCT THOSE
AMOUNTS FROM THE PURCHASE PRICE. YOU
UNDERSTAND THAT VVE WILD DEDUCT FROM
THE PURCHASE PRICE ANY AMOUNTS OF
PAYIVIEN'I'S RECEIVED E'Y YOU PRIOR TO
FUNDING, IF SUCH AMOUNTS A.RE NOT
COVERED BY THE ESCROWED FUNDS.
4. You promise Us that:
a. ~ You wilt not, and will not allow arty othea~ party {except Us or Our assignee,
if appiicablc) to take funds away from the Assigned Assets. YoFu will not
do anything else to affect the Assigned Assets. Yon will not say You still
own the Assigned Assets. You wilt not do anything or allow anyone eix
to da anythmg that could in any way interfere with or lessen Our rights in
the Assigned Assets.
b. You will not do anything that wiil, or c:onid in tba future, violsle the
Reiease, or a~+ of the agcts requirod to be executed by this
Agreement. You also agree do cooperate with Us bo help Us to obtain all of
tbs rights that We arc buying from You in this Agreement and in the
ltele~se.
c. You wilt glue to Us at feast thirty {30) days written notice of Your intention
tQ move Your residence or change Your iegal address firom the address in
Paragraph 11 of this Agreement.
d. Yoa~ will net maloe say change in Your instrucdons to the Annuity
Company regarding paymeuts to be made to You.
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~O7 321 tieodamn Rocxivt~bled LimitaA Parista~ttip
Account ID: 325731
e. You understand ~ the Antuiity and the Roleaae may say that You agree
not bo sell Your rights to the Assigned Assets.
f. You agree to eontlnue to cooperate with Us. This indudea Your obligation
to immediately deliver to Us any checks, funds or other form of Payment
received wear the date ofthis Agroement by You or ~yone other than Us. Lf
any Payment is aver dented, delayed, or withhold from Ua, ass determined by
Us in our r~eabLe discretion, dii~ctly oar indirectly on account of any act
ar omission by You ~ any person acting for You, tleeei You stroll be in
default under this Agreesiirait (and an Event of Defntttt under ~8 shall be
deemed M have occurred}. immediately upaan such dafhutt, and without any
flertlier notice to You, You will pay to Us the following amoutrta:
(i} the full, dollar value of all remaining Assigned Assets as they
become due after the date of flea default;
All of the r~nedios specified under this section $hal! be cumulative with all
of the remedies far default purst>aiit to §8.
g. if You learn before ar efts the signing of leis Agreement of the throat or
actual beginning of any Lawsuit or proceeding that has anytfeiag m do with
Our rights under this Agreameret or the Assigned Assets, been You will
immediately notify Us of that and Yon will give Us copies of all notices and
other writings relating to it promptly alley Yau receive them.
h. If You receive any notice rel~g to any supposedly unpaid claim affecting
fire Ameeeity or the Assigned Assets or to any other claim against the
Annuity or than Assigned Assets, then Yoe wilt promptly notify Us and will
promptly give Us copies of all notices and other writings relating to it
received by You promptly after You receive them
5. ~_ TO CANCLLLATION_ YOU MAY CANCEL THIS CONTRACT
WITHOUT PBNALTY OR FURTT-iffit OBLI<;ATION WITI:iIN TWENTY-UNE DAYS FROM THE
DATB YOU RECEIVE PAYMENT FROM 321 HENDF.R30N. In order for tLie catrceLLatton ~ ~
effective, You must maul a notice of cancellation by negiatered or certified U.3. mail, poshnarked within
twenty-one (2I) days of receipt of the: Purchase Pricy to Us, c/a Vice Pres~ideuet of Operations art 3993
Howaed Hughes Parkway, Suite 254, Las Vegas, NV 89169-b754. Furtharmora, in order far Your notice
of canaxilation bQ 1>o effective, Your registered or certified U.S. mail package ~ us must include a bank or
certified click for tha loll Purchase Pricy that Wa paid Yea muter flits Purchase Agreenaait. Any failai+a to
comply with than above procedure shall be a waiver of Your might W cancel this transaction.
Cr. ~itr Farther L~routl egg You agree filet; from tithe to time, at Yaur exp~ise, You will
promptly sign and gi~ne to Us any and all documents to help Us realize our tights and; benefits ,radar this
Agreement. This promise inchxles signing. feting or allowing Us to file ftnanciag or cantinuatia®i
statements, or amendments or assigtements of those documaets. You permit Us or others acting for Us to
sign vox Hama and/or your name and fibs without Your aig~ure such financing staharnents, if that is
permitt~od in Yopr state of iesidance. When Yon sign this ~, You will also sign and delivar to Us
a "Special Imev~ocabla Powar of Attorney" You muaet retain flee services of an att~orieey and deliver an
opinion of Your attorney about the sale of Assigned Asseets >fl Us, in a !form acveptaple to Us.
_.~
X2007 32i l~imderaon Iteoasivrblo~ I.{mlaxd Partner~ip
Account ID: 325731
7. Continration of Renreaeptatlona. Warranties and Covenants. All of Your
representations, warranties and promises made in this Agreement will continue to ba relied on by Us after
this Agreement is signed
8. Event of Default. Your failure to comply with any term of this Agreement or Your
breach of any of Your representations in this Agreement will mean that You wilt be in default. We refer to
this as an "$vent of Defriuh." If there is an Event of Default, We have the right to sue You in court to make
You perform Your promises or to get money from You. Your failure to comply with any material terms of
this Agreement will be a default.
In Paragraph 4 (c) You agree to give US at least thirty (30}days written notice after Your move to
anew residence or change of Your legal address from the address in Paragraph 11 of this Agreement. If we
are purchasing from You certain hump sum payments, We will contact you at least 3 months before the
scheduled payment is due to determine if the address change We have effected with the annuity company is
in place and to determine if Your legal address bas remained the same. If We cannot eoutact yon because
You have changed 'l'our 1~1 address or moved Your residence and #ailed to notlf~- Us, We will
eonslder such failure to notify Ua to be aw EVENT OF DEFAULT and We will exercise ali of our
legal rlghtg under this Agreement. OUR RIGHT TO PROCEED AGAIATST XOU UNDER THIS
AGREEMEPI'I' SHALL BE SOLELY LIMITED TO WHEN YOU HAYS COMMITTED AN
EVENT OF DEFAULT. WE SHALL NOT HAVE THE RIGHT TO SUE YOU itF OR BECAUSE
THR ANNUITY COMPANY IS NOT ABLE TO MAKE FAYMENTS BECAUSE iT IS NOT
FINANCIALLY ABLE TO DO SO.
9. Controlling Law. This Agreement shall be governed, construed and enforced in
accordance with the internal laws of the State of your domicile without regard for the conflicts of law rules
thereof or elsewhere. (For Court Orders or Notice Trar>sfas obtained in the following jurisdictions: AK,
AR, AL, AZ, CA, CO, CT, DE, FL., GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, MB, MI, MN, MO,
MS, MT, NC, NE, NJ, NM, NV, OH OK, OR, RI, SC, SD, TN, TX, UT, VA, WA, W V and WY the laws
of those jurisdictions shall be applied in the event of a dispute regarding the transfer.) Your domicile is the
proper place of venue to bring any action arising nut of a breach ofthis Agreement,
10. Responsibility ft~ this A¢reemen~. This Agreement will hold responsible Your heirs,
execubara, successors and assigns and will benefit Our representatives, successors, beneficiaries and
permitted assigns. Nothing m this Agreement is intended to give anyone other than You or Us or each of
Our successors or assigns any benefits.
11. Notices. All notices and other communications under this Agreement wilt be in writing
and wilt be made by delivery by means by which the sender obtains a receipt of delivery from the carrier
(including without limitation, certified mail return receipt regnesbed or overnight courier services),
addressed to ftre party to whom a request or demand is to be made. Such demand or notice m request shall
be deemed given on the date which is one business day after the date sent by overnight mail or three days
after the date sent by certified mail.
'The addresses of die parties are as follows:
If to You:
Heather Hurley
20 N. High St.
Apt. B
Newville, PA 17241
7
Initial ~ ~ 321 Henderson Rocaivabtas Limited Pattnetshi
P
Aocoultt ID: 325731
If to Us:
321 Henderson Receivables Origination I.I.C
3993 Howard Hughes Parkway
Sufte 250
I.as Vegas, NY 891b9-6754
Attention: Vice President --Operations
l2. Est Actiag~, Anything either You or We did or said before this Agroetnent was signed
will not affect Your or Our rights under this Agreement in any way.
13. ~. Except as otherwise affirmatively set forth in this Agreement, You and We
agree that we will each pay our respective costs and expenses in connection with the carrying out of this
Agresmeatt.
14. T718 section and subsection headings contained in this Agnoetnent are for
reference purposes only and will not affect in any way the meaning or i~erpretation of this Agroement.
15. Co~,terp,~. One or more originals of this Agreement may be signed with Your or Our
signature. When put together they will mak,o one aroement and the Agx~nent will be considered signed
by all parties that need to sign. A facsimile signature will be considered an original.
16. Assigg~~t. We and anyone to whom We assign this Agreement tray assign Our right,
title and interest in and to this Ageernent, the Annuity and the Assigned Assets without Your approval.
You and We agree that if there is an esslgnmeert by Us to someone else, We shall not be responsible to
You. You must took only to the person or company that We assign tfiis Agreement to for any payment {for
example, of the Purchase Price) and pea~fonnanee of this Agreement. 'When asked by Us or any assigaee,
You will sign and deliver ally such documents as We tray require to perform this transactisxt, as assigned.
. G~
Initial: ~, 007 321 ~ Reodvabies it '
~ tn~tod Pmtnecalnp
Account ID: 325731
17. dour ,~nonse. You and Your spouse are fully aware of Yow rights in the Assigned
Assets. You and Your spouse frilly give up those rights. You and Your spouse undelaraad that by sitting
the Assigned Assets to Us, You and Yow spouse are not receivileg the same amount of mosey ss You
would if You waited far all of the scheduled Payments of the Assigned Assets buk rather, are receiving a
discounted valve in retwn for receipt of the Purchase Price immediately. You and Your spouse have valid
reasons far selling the Assigned Assets. Y'ou and Your spouse fully understand the berms of the Purchase
Agreement and understand that the sale of the Assigned Assets is final. You also understand that Yow
spouse gives up any property right he or she may Gave in the Assigned Assets that Yow spouse could claim
because of Your marriage.
18, Eg~re Agent. This Ageemant and the Exhibits and other documents You signed
make up the entire understanding and agreement between You attd Us about this Agreement. This
Agr+remettt replaces all Itriar agreements, whether writ#en or oral, about this Agreement. This Agreetnemt
may not be chang~l unless in a writing signed by You and lls.
19. Limitation of Lisbfilfy of Braver. You understand that Our liabi]Ity to You under this
Agreement is strictly limited bD the requireme~ m pay the Purchase Price and undex no circumstances wilt
We be respanslble for consequentia] damages.
2Q. spurt Annmvzt, You ~ that court approval is required for this transfer.
You agree bo cooperate with us m obtain such covet approval.
21. ~ Attached to this Ftiuchase Agreement are the foltawing Exhibits:
Bxhibit "Ap List of What Payments We at+e Buying.
Intending to be legally bound, Yon and We have signed this Agreement as of the date at the top of
the first page ofthis Agreement.
321 HENDERSON RBCBIVABLES ORIGINATION LLC
By:
V i 'ens
eather rley SIGN HBRB
~~
Sworn to and subscribed COMMONWEALTH OF PENNSYLVANIA
before me this day of iL , 200 3ea1
Douplae R L~deay, Notary Put~o
Notary North Nswtor- twp., G~anberlarrd County
Nly Commieelon F.~trea Nov.18.2Q09
. Poet~sylranla Mwoteubn o1 m
9
®2007 321 Handertron tteceivables [.imital I'ariaenhip
Account ID: 325731
we aro hereby purchasing frmn Yvu under the Anrntity:
A} t 80 monthly payments of $367 00 each, begi~ming on November 19, 2010 and endmg on October 19, 2!}25
~~ Iiur SIGN HBRE
STATE OF
CUUNTY OF .
Da this ~ day o[ 1 204 before ate, the above awed persoaaliy appeared before me, personally knows to
ate to be the person whose aaese is subscribed to the within iaetrumeat aed acknowledged to arc that he execated It.
COMMONWEALTH OF PENNSYLVANIA
Nota Notarfai 8eai
Daplas R.ltndsay, Ndary PubNC
NOfih Newlon TM~p., (~urnbarlend Counly
t301rNrdsNon Espiros Nov. i8, 2009
P~lvsr~ llseoclaion of No1~Ms
Account ID: 325731
SI~HE~ULE 1. PAGE 2
THE A~GGREGA-TE AMOUNT OF THE PURCHASED PAYMENTS IS
$66,060.00.
THE DISCOUNTED PRESENT VALUE OF THE AGGREGATE
PAYMENTS A-T 5.60a/o IS 537,240.99. THE DISCOUNTED PRESENfi
VALUE IS THE CALCULATION OF'THE CURRENT VALUE OF THE
TRANSFERRED STRUCTUREIy SETTLEMENT PAYMENTS UNDER
FEDERAL STANDARDS FUR VALUING A~NUI'TIES. THE GROSS
AMOUNT PAYABLE TO SELLER IS 517,500.00.
THE FOLLOWING EXPENSES ARE INCURRED BY THE SELLER.
(YOU) AND WILL BE DEDUCTED FROM THE PURCHASE PRICE:
COMPLIANCE AND ADMINISTRATIVE FEE: 5500.0(1
FILING AND RELATED EXPENSES FEE: 50.00
THE NET AMOUNT PAYABLE TO 'THE SELI,ER(YOU) IS 517,000.00.
NO OTHER EXPENSES ARE INCURRED BY YOU.
1"HE DISCOUNTED PRESENT VALUE OF PAYMENTS SHALL BE
CALCULATED AS FOLLOWS: THE APPLICABLE FEDERAL RA'T`E
USED IN CALCULATING THE DISCOUNTED PRESENT VALUE IS
5.60%.
THE EFFECTIVE A-1v ~~AL DISCOUNT RATE FOR Tl3IS
TRANSACTION IS 14. 1'/0. THE CASH PAYMENT Y'OU RECEIVE IN
THIS TRANSACTION FROM US WAS DETERMINED BY APPLYING
Z`HE SPECIFIED EFFECTIVE ANNUAL DISCOUNT RATE, '
COMPOUNDED MONTHLY, TO THE TOTAL AMOUNT OF FUTURE
PAYMENTS TO BE RECEIVED BY US, LESS THE TOTAL AMOUNT OF
COMMISSIONS, FEES, COSTS, EXPENSES AND CHARGES PAYA-,BLE
BY YOU.
THE NET AMOUNT THAT YOU WILT, RECEIVE FROM ITS IN
EXCHANGE FOR YOUR FUTURE 3TRUCTTJRED SETTLEMEN'T`
PAYMENTS REPRESENTS 45.60% OF THE ESTIMATED CURRENT
VALUE OF THE PAYMENTS BASED UPON
AccQUntID: 325731
SCHEDULE 1_ ; PA,~GE 3
THE DISCOUNTED VALUE USING THE APPLICABLE FEDERAL
RATE.
TI3E QUOTIENT OBTAINED BY DIVIDING THE NET PAYMENT BY
THE DLSCOUNTED PRESENT VALUE IS 45.4%.
BASED ON THE NET AMOUNT THAT YOU WILL RECEIVE FROM US
AND THE ANrOUNTS AND TIMnvG of T~tE STRUCTURED-
SETTLEMENT PAYMENTS T$AT YOU ARE TURNING OVER TO US,
YOU WILL, IN EFFECT, BE PAYING INTEREST TO US AT A RATE OF
14.91 % PER YEAR. THE NET AMOUNT PAID TO YOU (THE PAYEE)
BY' US {'THE T`RAPTSFEREE~ REPRESENTS AN ESTIMATE OF THE
FAIR MARKET VALUE OF THE FUTTJRE PERIODIC PAYMENTS
TRANSFERRED UNDER THE STRUCTURED SETTLEMENT
AGREEMENT.
NOTICE OF CANCELLATION RIGHTS:
YOU MAY CANCEL THIS TRANSACTION AT ANY TIME PRIOR TO
S:OtI P.lYI.OF THE TWENTY~FIRST DAY FOLLOWING THE LATER OF
THE EXECUTION OF THE PURCHASE AGREEMENT, OR THE DATE
THE PAYEE BECOMES OBLIGATED UNDER THE PURCHASE
AGREEMENT WITHOUT PENALTY t)R FURTHER OBLIGATI(IN.
THIS CANCELLATION RIGHT CANNOT BE WAIVED IN ANY
MANNER.
Tt~ CANCEL, YOU MUST FROVIDE WRITTEN NOTICE TO THE
TRA~tSFEREE. WRITTEN NOTICE SHOULD BE MAILED OR
DELIVERED TO THE ADDRESS BELOW BY 5:tft1 P.M. OF
{THE TWENTY~FIRST DAY' FOLLOWING THE TRANSACTION). IT IS
BEST TO MAIL IT BY CE.RT`IFIED MAIL, RETURN RECEIPT
REQUESTED, AND TV KEEP A PHOT~OPY OF THE SIGNED FORM
A-ND YOUR POST OFFICE RECEIPT. ADDRESS TO WHICH
CANCELLATION IS TO BE RETiJ~RNED:
Accc~u~rt ID: 32S'~31
SCHEDULE 1. PAGE d
321 HENDERSON ~IVABLES ORIGINATION LLC
3993 HOWARD HUGHES PARKWAY
SUITE 250
LAS VEGAS, NV 89169-6754
ATTENTION: VICE PRESIDEI~TT -OPERATIONS
IMPORTANT NOTICE: YOU .ARE STRONGLY URGED TO CONSULT
WITH AN ATTORNEY WHO CAN ADVISE YOU OF THE POTENTIAL
TAX CONSEQUENCES OF THIS TRA11tSACTIOPI.
PLEASE BE ADVISED THERE .ARE NO PENALTIES OR LIQUIDATED
DAMAGES PAYABLE BY YOU IN THE EVENT OF ANY BREACH OF
THE TRANSFER AGREEMENT BY YOU. THERE .A-RE NO BROKERS
COMMISSIONS, SERVICE CHARGES, APPLICATION FEES,
PROCESSING FEES, CLOSING COSTS, FILING FEES,
ADMINISTRATIVE FEES, LEGAL FEES, NOTARY FEES AND OTTiER
COMMISSIO.I~S, FEES, COSTS, EXPENSES AND CHARGES PAYABLE
BY YOU OR DEDUCTED FROM GROSS AMOUNT OTHERWISE
PAYABLE TO YOU OTHER THAN THE COMPLIANCE AND
ADMINISTRATIVE FEE AND THE FILING AND RELATED EXPENSES
FEE.
IF YOU BELIEVE YOU WERE TREATED UNFAIRLY OR WERE
MISLED AS TO THE NATURE OF THE OBLIGATIONS YOU ASSiJMED
UPON ENTERING IN'T'O THIS AGREEMENT, YOU SHOULD REPORT
THOSE CIRCUMSTANCES TO YOUR LOCAL DISTRICT ATTORNEY
OR THE OFFICE OF THE ATTORNEY GENERAL.
'THE EFFECTIVE DATE OF THE TRANSFER AGREEME1rT~' SHALL BE
DEEMED TO BE TI3E DATE THAT THE AGREEMENT WAS SIGNED
BY THE YOU {PAYEE).
PLEASE BE AD'~ISED THAT PAYMENT TO YOU PURSUANT TO THE
TRANSFER AGREEMENT IS CONTINGENT UPON COURT APPROVAL
OF THE TRANSFER AGREEMENT.
PLEASE BE ADVISED THAT PAYMENT TO YOU WILL BE DELAYED
UP TO 30 DAYS OR MORE IN ORDER FOR THE COURT TO REVIEW
AND APPROVE TIIE TRANSFER AGREEMENT.
AccaurntlD: 325731
SCHEDULE 1, PAGE 5
BY SIGNING BELOW YOU ARE CONFIRl1+IING RECEIPT OF THLS
DISCLOSURE AT LEAST 10 DAYS PRIOR TO RECEIPT OI" THIS
CONTRACT.
HEATHER RLEY s~~x r
CERTIFICATE OF SERVICE
I, Michael D. Rentschler, Esquire, do hereby certify that, on the date stated below, I
served a copy of the foregoing Petition and the attachments as required thereto upon the
following by Certified Mail, return receipt requested and addressed to:
Allstate Assignment Company
544 Lakeview Parkway, L3F
Vernon Hills. IL 60061
Attn: Lisa Sterner
Allstate Life Insurance Company
544 Lakeview Parkway, L3F
Vernon Hills, IL 60061
Attn: Legal Dept/Structured Settlements
Date: <-
Michael D. Rentschler, Esquire
28 N. 32nd Street
Camp Hill, PA 17011
(717) 975-9129
PA Supreme Court ID # 45836
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MAY 0310D7~ti'
IN THE MATTER OF : IN THE COURT OF COMMON PLEAS
HEATHER HURLEY : OF CUMBERLAND COUNTY, PENNSYLVANIA
ORDER
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AND NOW, this 3 ~ ~ _ day of 1~(/(a ~ , 2007,
upon consideration of the Petition for Approval of Transfer of Structured Settlement Payments
Pursuant to the Structured Settlement Protection Act, a hearing is hereby scheduled to occur on
~^ ,the ~,~ day of ~ , 2007, at
l ' ~ .~ ~ • m., Courtroom Number ~_~ of the Cumberland County Courthouse,
One Courthouse Square, Carlisle, Pennsylvania,.. ,
Distribution:
Michael D. Rentschler, Esquire ~ y
Allstate Life Insurance Company C cl~
Allstate Assignment Company J C y
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BY THE COURT:
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IN THE MATTER OF IN THE COURT OF COMMON PLEAS
HEATHER HURLEY OF CUMBERLAND COUNTY, PENNSYLVANIA
N0.07-2562 Civil Term
ORDER
AND NOW, this l5~ day of June, 2007, upon consideration of the unopposed petition
of Heather Hurley ("Ms. Hurley"), the Court hereby finds as follows:
1. The Court has jurisdiction over this matter pursuant to the Pennsylvania
Structured Settlement Protection Act, 40 P.S. § 4001 et seq.
2. The transfer of the structured settlement proceeds, specifically monthly payments
of $367.00 each, beginning on November 19, 2010 and ending on October 19, 2025 (the
"Assigned Payments"), by Ms. Hurley to 321 Henderson Receivables Origination LLC ("321
Henderson") as described in the purchase agreement between Ms. Hurley and 321 Henderson
(the "Purchase Agreement") and in the petition in this matter (the "Proposed Transfer") (i) does
not contravene any applicable federal or state statute or the order of any court or responsible
administrative or governmental authority or any applicable law limiting the transfer of workers'
compensation claims, and (ii) is in the best interest of Ms. Hurley, taking into account the
welfare and support of Ms. Hurley's dependents, if any.
3. The Proposed Transfer complies with the requirements of the Structured
Settlement Protection Act, 40 P.S. § 4001 et seq. and 215 ILCS 153/1 et seq., and does not
contravene other applicable law.
4. Not less than 10 days prior to the date on which Ms. Hurley first incurred any
obligation with respect to the Proposed Transfer, 321 Henderson provided Ms. Hurley with a
disclosure statement in full compliance with 40 P.S. § 4003(a)(2) and 215 ILCS 153/10.
BE~63427~2
5. Ms. Hurley has received or expressly waived, in a separate written
acknowledgment signed by Ms. Hurley, independent legal advice regarding the implications of
the Proposed Transfer, including consideration of the tax ramifications of the Proposed Transfer.
6. Ms. Hurley has given written notice of 321 Henderson's name, address and
taxpayer identification number to Allstate Assignment Company and Allstate Life Insurance
Company ("Allstate Life") (collectively, "Allstate"), and has filed a copy of such notice with the
Court.
7. Ms. Hurley has timely filed and served on all interested parties, including
Allstate, a notice of the Proposed Transfer and the application for its authorization in compliance
with the requirements of 40 P.S. § 4004.
8. Ms. Hurley has consented, in writing, to the Proposed Transfer.
Based upon the foregoing fmdings, IT IS HEREBY ORDERED that:
1. Pursuant to 40 P.S. § 4003, the Proposed Transfer is approved. Until the due date
of the last Assigned Payment, the designated beneficiary under annuity contract no.
SSAL12966A shall be the Estate of Ms. Hurley. However, 321 Henderson's right to receive the
Assigned Payments shall not be affected by Ms. Hurley's death.
2. Allstate Life shall forward the Assigned Payments, within 7 days of the date due,
by check made payable to "321 Henderson Receivables Origination LLC," at F.O. Box 7780-
4244, Philadelphia, PA 19182-4244, as follows: monthly payments of $367.00 each, beginning
on November 19, 2010 and ending on October 19, 2025.
3. In the event 321 Henderson further assigns or otherwise transfers the Assigned
Payments (or any portion thereof or interest therein} to another person or entity (a
"Reassignment"), Allstate will not itself be obligated to redirect the Assigned Payments (or any
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pi)itlUli iLleieUlj LU itiy ~)Ci~liil lil' tlllty liU1~1 Liiali LIC11tXC1JU11 Uf° iU aCli ~idyllieiii c'tliluCSJ ulTle
than that specified herein, and Henderson shall remain obligated to comply with all terms and
conditions herein.
4. The balance of $300.00 out of each monthly payment of $667.00 beginning on
November 19, 2010 and ending on October 19, 2025, that is not the subject of the Proposed
Transfer and not previously assigned, shall be made payable to Ms. Hurley and will be
forwarded by Allstate Life, when due, to Ms. Hurley's most recent known address or any
payment address designated by Ms. Hurley, subject to Allstate's consent.
5. 321 Henderson shall defend, indemnify, and hold harmless Allstate, and its
directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any
pazent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents,
employees, servants, successors, and assigns, past and present, from and against any and all
liability, including but not limited to costs and reasonable attorney's fees, for any and all claims
made in connection with, related to, or arising out of the Purchase Agreement, the Proposed
Transfer, the Assigned Payments, any Reassignment, or Allstate's compliance with the parties'
Stipulation or this Order, except with respect to claims by 321 Henderson against Allstate to
enforce Allstate's obligations to 321 Henderson under the parties' Stipulation. To the extent that
321 Henderson fails to honor this indemnification and defense obligation, Allstate may, in
addition to all other remedies afforded by law, satisfy the same by withholding to its own credit
any remaining Assigned Payments.
6. Allstate's lack of opposition to this matter, or its or 321 Henderson's stipulation
hereto or compliance herewith, shall not constitute evidence in. this or any matter, and is not
intended to constitute evidence in this or any matter, that:
Iil`~36342?'+7 - J -
id lidytieiti~ U.Ilie a ~tru~ilieU setetll~Iil l;tllli.Ti(:t c; ailTtuiiyur IcdiCt
contracts can be assigned or that "anti-assignment" or ``anti-encumbrance"
provisions in structured settlement contracts or annuities or related
contracts are not valid and enforceable; or
(b) other transactions entered into by 321 Henderson and its customers
constitute valid sales and/or secured transactions; ar
(c) Allstate has waived any right in connection with any other litigation or
claims; or
(d} 321 Henderson has waived any right other than as expressly set forth in
the parties' Stipulation and/or this Order.
7. 321 Henderson and Ms. Hurley, for themselves and for their respective directors,
shareholders, officers, agents, employees, servants, successors, heirs, beneficiaries, contingent
beneficiaries, executors, administrators, and assigns, and any parent, subsidiary, or affiliate
thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and
assigns, past and present (the "Releasors"), hereby remise, release and forever discharge each
other and Allstate, and its directors, shareholders, officers, agents, employees, servants,
successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors,
shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the
"Allstate Releasees"), of and from any and all manner of actions and causes of action, suits,
debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, settlements, damages,
claims, and demands whatsoever, in law or in equity, in connection with, related to, or arising
out of any claim or allegation that was or could have been asserted in connection with, related to,
or arising out of the Purchase Agreement, the Assigned Payments, the Proposed Transfer, or the
parties' Stipulation, which against each other or the Allstate Releasees, the Releasors have or had
from the beginning of the world through the date of this Order, except for claims of Releasors
against the Allstate Releasees to enforce the Allstate Releasees' obligations to Releasors, if any,
s
uiti~l itic ~dtica ~jii(IiiidLiUli li tiil~ iVit1~I.
DONE IN OPEN COURT this (S~ day of J e, 20 7.
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