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HomeMy WebLinkAbout08-2952IN THE MATTER OF : IN THE COURT OF COMMON PLEAS WHITNEY CASTLE : OF CUMBERLAND COUNTY, PENNSYLVANIA NO. p ~'~ ~--9.~~- CIVIL PETITION FOR CONSENT AND COURT APPROVAL TO PROCEED WITH A TRANSFER OF A STRUCTURED SETTLEMENT PURSUANT TO THE STRUCTURED SETTLEMENT PROTECTION ACT 40 P.S. 4000 ET SEQ. AND NOW, comes Whitney Castle, by and through her attorney Michael D. Rentschler, Esquire, who files the within Petition, as follows: 1. The Petitioner is Whitney Castle, an adult individual who is currently residing at 2513 Greenwood Street, Harrisburg, Dauphin County, Pennsylvania 17111. Ms. Castle, now an adult, was injured in a motor vehicle accident as a minor. A petition for court approval of minor's structured settlement was filed on October 24, 2006 in Cumberland County, Pennsylvania, docketed at 06-6205 Civil Term. Thereafter, on November 3, 2006, pursuant to an Order of Court the structured settlement petition was granted and an annuity was approved. Pursuant to the term of the Annuity, Whitney Castle is to receive periodic lump sum payments from a structured settlement annuity issued by Allstate Life Insurance Company and owned by Allstate Assignment Company. A true and correct copy of the Petition for Court Approval of the Minor's Structured Settlement and the respective Order granting said Petition is incorporated herein, made a pat hereof and attached as Exhibits A and B, respectively. 2. Petitioner has entered into a Purchase Agreement with 321 Henderson Receivables, LLC, wherein Whitney Castle is transferring her 3 structured settlement payments from the aforementioned annuity. 3. Petitioner has filed, as has pending, an Amended Petition for Approval of Structured Settlement Payments Pursuant to the Structured Settlement Protection Act in the Court of Common Pleas of Dauphin County, Pennsylvania, which action is docketed at 12784 CV 2007. A true and correct copy of the Amended Petition is incorporated herein, made a part hereof, and attached as Exhibit C. 4. On May 8, 2008, the date in which a merits hearing was scheduled in Dauphin County, to address the Petitioner's request for approval of transfer of structured settlement payments, Allstate raised an issue that needs to be addressed by this Honorable Court, the Court of Common Pleas of Cumberland County. Specifically, Allstate is requesting that Petitioner, Whitney Castle, comply with 40 P.S. Section 4003(a) (5) (i) (B) of the Pennsylvania Structured Settlement Protection Act, which provides that if the transfer would contravene the terms of the structured settlement that the transfer be expressly approved in writing by the court that previously approved the structured settlement ... which is the Court of Common Pleas of Cumberland County. 5. Although Petitioner does not believe that such approval is necessary, in an effort to avoid the time and expense of litigation, Petitioner has agreed to seek the express written approval of the Court of Common Pleas of Cumberland County pursuant to 40 P.S. Section 4003(a)(5)(i)(B).. 6. Petitioner avers that upon obtaining approval by the Court of Common Pleas of Cumberland County, and such approval having been filed with the Court of Common Pleas of Dauphin County, Pennsylvania, that Allstate will not object to the transfer of the structured settlement transfer request. 7. No prejudice would be borne by this Honorable Court in granting the requested relief. 8. Petitioner is not asking the Court of Common Pleas of Cumberland County to conduct a best interests hearing, but rather, is simply requesting that the Court of Common Pleas of Cumberland County give approval and consent to proceed in Dauphin County, Pennsylvania, the County in which Petitioner Whitney Castle is domiciled. It is at the hearing in Dauphin County, where a judge will hear the merits of the case and decide whether or not to approve the transfer of the structured settlement pursuant to 40 P.S. 4004 (Appropriate place for jurisdiction is based upon the domicile of the payee, Whitney Castle). WHEREFORE, it is respectfully requested that this Honorable Court approve this Petition consistent with the statements contained herein which relief, would permit the Petitioner to be able to proceed with the action docketed in Dauphin County, Pennsylvania. Respectfully submitted, s MICHAEL D. RENTSCHLER, ESQUIRE 28 North 32"d Street Camp Hill, PA 17011 (717) 975-9129 Attorney for Petitioner/Payee Supreme Court ID 45836 ~~ NOV-OZ-200itFR1) 08:?0 P. 013/026 ^ ~ 9a/i5/2007 87:26 7i72a31839 t~HlWO PAGE 92!08 • ~ ~~u4~Orrgt~Orr~N~lot,Wanu~ ~.~ wMC it~ar~ . ~~ ..,~.... ., rte.-... ;;~ . .,_ :... a,„.. r..,.. .•~ . . ~~:... R~[INBY CASTLE, a minor, by bar YN THE COLIE,T OF CfJirIlN10N PLEAS OF Party a»d ~ f3nataia~ ~ COUNTY, PENNSYLV~INlpl P1~,Cp D. CASTLE and LINDA A. CASTLE, ; ]AMES J, CES$NA, P~ttioru>,x, v. N0. 1. Prtitio~m„ ~ipD. CdsdeaodLindeA. Casdc, ere Real View, Ce~tlislq Cnmber]aod Cdtmty, Pmsnsylvat-ip 170}.5. Z. Petitioner, WhlIDSyt:astle, is ami:torindividtsatwboa•da~ of birth is 5eppsmbdr 17, 1989. 3. Rst~ondtag. Smies J. Cessna, is as sdult individual :esldrog a:t I02 South O,rnort8e Street. Carlisle, Cwnberland Cotm>ht, Feonsytvao3s 17013, Respondent was ~- armor oea flit date of the atxidcnt: 4. On Aagust 19, x~5, Respo~dmt was the driver Of a 1913 Handc Accord u wbulch Petidot~, W;~ittwy Castle, was a paaeangot, S. On the same data, Rsrpoadeat was involved in n tnottsr vehicle aeCidhac wl>ere Petitioner Wltitaey snffetsd i~udee chat ~gaired msdicat trrsrment 6. Peutiogse WT~y was xcgait~ed to abWlr~ tail tnatmettt as Jt result of tbie accident Tha Dave to settle nor ctalras Petitioaet Wisifity old have for 525,40Q.OO. ThC setdenuut would iaattMdta s p~chaee of an annuity with a gresGnt vattw or cost of Sl$,73D,40 and pedadic palronts on the fblioarag des: S4,?SO.DD an St~tenabor 17, 2010; -" 54,751.04 an 8epoemlee! 17, 2012; and a >Qml disbucssmsat of 59,249.00 on Sept+embar 17, 2414. 17Le raooa3miag Sb,?,SD.00 wattld be paid to Pet{tScoers' attaacrary. The ~.,/ gwr~ed lamp ~ pa~~Petimoner W~Oe' ~r of s5,412.oa feet 17, aoa0- 9.04 op Seppemtxr 17, 2412; end ~~6tasemomt o~ 513,2 .00 on SaptemtbCe 17, 2014, for a total gtsan~oedpayment o!'S24,tf4i.04,1 WOV-02-~001(FRIy 09:ID 04/15/2997 07; 26 7172431959 h0~-10 P, oIe/0~6 rNt~t nsr uo 8. Petit~aets Philip D. Castle and Lioch A Castte eve exaouted a C w1t3rh is at~lCDod b~EO ae ~bii "A." VI~1$RBF4$B, Pcdtioncc~ req~,st that tt1i~ Cqu¢t approve tha ~: of tke zbova refbrmad matoe~ a~ t Pctidoatcs Pldlip b. CAStI'c and Linda A. Cantle to si$n the Serdaneat A~eetaomC msd R,alease which iu attached baato as Ex~'bxt "B " ~~ MA,RSTON DBAItAORFF'OvIILUM5 Bt OTTO Yti~~riiw~~l~~ r-~i ~r ~~~~~W- ~~~ LD. No. 90916 10 Ea9t ~ Stsxt C,artlstt, Pe~ylvaaia. 37x13 71?-243-3341 Attomey~ for Pe~iti~aners NOV•Oi'-200T(FRl) 08:11 1?M~t12008 Q$:38 AM B27q~C,~68789 P. 020/025 WF~IITNJ:Y CaSTL$ a minOr, by ber Patents aad Legal Guardians. PHILIP D. CASTLE and LINDA A. CASTLE Pttitio~neee, v. 1AMES 1. CESSNA, IN 7Hfi COURT OF CObiMOly PLEAS OF CUMBERLAND C©UNTY, PENNSYLV Al1TI.4 . NO. G~.- ~.~CIS~ l.l~t~l..~ ~FJLwI, AND NO~+, this ~,~ daY of „`Tt~w+,`._.~~,. 2D06, t~poa consideretio» of Ste ae~ched Petitioa to Approve Miaor's Settlement, aid pctttiolt is Br~ted and Respondent is on~eted: 1. To pay Mi>sor Petitioner a settlement etnomatof S25,OOn.00. With the sctslerocnt acaouat, Recppp~dtmt will purcbassa as aaayicy wlth a presattt veluc or cost of S18,y30.00. 77re e~ttt~tl melee guartiateed ]rttnp etas tits Mloor Petitioner ofS5,412.00 oa Spptttgber , 010; S6,OZ4.00 on~~ 17, 3.0lZ; aad a SmI dis>stut~tami ofSl 3,200.Od on Sep'rembec 17, ZOI 4, far a tobl$uarsnteed peymeot or x24.b41.00. 2. The rearairtiag 56,250,00 of the setgemettt ~eAanmt will be paid to Petitiamexs' attorney. 3. Petitiontss tue atetttotized to disc~ntit~tte the afvtcsaid octioo aad to execute the Rcleax attached to the Petition a Exhibit "B" fa o}l ctaimts ~aittst Dt:ft"ttdant ]a:Des Cessna wising out of die iAjurias to minor Plaintiff upon the receipt of the vanlcment amourrt its descrlhe0 above. BY TIME COURT, ~~~ i~Ot,Y Ffi{,fM A6GUrst~ +t T1 ~~,yy,~~ ~ 1 hb10 !fib i7la IA~1 ilar~. ' A -~~~ ~. ' 1, .r. ..... ... .. . MATTER OF; : tN THE. COURT OF COMMON PLEAS WHITNEY CASTLE : OF DAUPHIN COUNTY,. PENNSYLVANIA. N0.12784 CY 2007 CIVIL ACTIaN -LAW AMENDED PETTCtON FOR APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENTS PURSUANT TO THE STRUGTURED SETTLEMENT PROTECTION ACT AND NOW, comes Whiney Castle, by and through her attorney Michael D. Rentsd~ler, Esquire, who fifes the within Amended Petition, as follows: 1. The Petitioner is Whitney Castle, an adult individual who is currently residing at 2513 Greenwood Street, Harrisburg, Dauphin County, Pennsylvania 17111. (hereinafter referred to as ~PetitionertPayee'. Petitioner is sing, has one dependant, and owes no child support, alimony, or alimony pendente fife. 2. The Transferee is 321 Henderson Receivables Origination, LLC, a Nevada Limited Liability Corporation tha# maintains an office at 40 Morris Avenue, Bryn Mawr, Pennsylvania 19010 (hereinafter referred to as "TransfereeA). 3. This Petition is being fled pursuant to the Structured Settlement Proton Act, 40 P.S. 4000, ~. (The "Act"). The Act requires Court approval of transactions. such as the one contemplated herein. 4. following an automobile acadent in which Petitioner was injured, 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 SSAL 15913A. 5. Petitioner/Payee desires to transfer three (3) annuity payments, as follows: One (1) payment of $5,412.00 on September 17, 2010; one (1) payment of $6,029.00 on September 17, 2012; and one (1) payment of $13,200.00 on September 17, 2014. This Petition represents the first time in which Petitioner has sought to transfer any of her annuity payments. Petitioner has not pledged, assigned, or otherwise encumbered any of the payments tha# she seeks to transfer. 6. TMe aggregate of the purchased paymerts is $24,641.00. The disc;aunted present value of the aggregate payments at 5.20°1o is $18,703.12. The discounted present value is the calculation of the current value of the transfen~ed structured settlement payments under federal standards for valuing annuities. The net payment that the PetitionerlPayee will. receive in exchange for the future structured settlement paymenrts represents 37.40°~ of the estimated current value of the payments based upon discounted value using the applicable federal rate. The gloss amount due to the. Seller is $9,750.00. There is a $750.00 compliance and administrative fee. Legal fees to procxjre court approval are $2,000.00. 7. The net amount payable to fhe Petrtior~eriPayee affier deduction of atf .yam comm'~ssions, fees, costs, expenses and charges is ;i,000.00. 8. Based upon the net amount that the Petitioner/Payee wilt receive from 321 Henderson Receivables and the amounts and timing of the structured settlement payments that Petitioner/Payee is turning over 1bo 321 Henderson Receivables, Petitioner/Payee witl, in ef#ect, be pay'mg interest to 321 Henderson Receivables at a rate of 27.58°~6 per year. 9. PetitionerfPayee intends to use the proceeds of this transaction to relocate to new apartment. 10. On November 6; 2007, Pet"~ioner/Payee executed a Purchase Agreement with 321 Henderson Receivables Origination, LLC, whereby 321 Henderson Receivables Origination, LLC, agrees to purchase that future structures settlement payments and give PetitionerlPayee a tump sum payment. A true and correct copy of the Purchase Agreement is incorporated herein, made a part hereof, and attached as Exhibit "A". 11. Schedule 1, entitled "Disclosure Statement", advises PetitionerlPayee of certain disclosures and s#atements concerning the transaction. Said Disclosure Statement is incorporated herein, made a part hereaf, and attached as Exhibit "B'. 12. According to Exhibit "B"; the Petitioner/F'ayee wiN be entitled to a kunp sum ._ . ~ , payment of $7,000.00 which amount is the lump sum payment from 32'f Henderson Receivables as described in Exhibi# "B". 13. The Petitioner/Payee has completed and verified her AfCxiavit in Support of Petition, which is incorporated herein, made a part hereof, and attached as Exhibit "C". 't4. An attorney for the transferee represents and certifies to the best of his or her knc~rtedge, infom~ation and belief, formed after reasonable inquiry, that the transfer will comply with the requirements of the Act and will not contravene any other applicable federal or state sta#ute or regulation or the order if any court or administrative authority. A true and correct copy of said certification of attorney €or the transferee is incorporated herein, made a part hereof and attached as Exhibit "D". 15. This transfer is in Petitior~erlPayee`s best interest and represents the settlement of her persona4 injury claim asserted by PetiticmeriPayee for her own injuries. Al~tate Assignment Company, the current owner of the annuity, and Allstate Life insurance £ompany, the issuer of the annuity, will receive a of this Pe~ion. `Both the owner and the issuer are entrtled 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 partiapating 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 Cvur# grant the within Peti#ion and, therefore, approve the transfer of the requested payments from the Petitioner/Payee's structured settlement, pursuant to the Act, consistent with the statements contained herein. Respectfully submitted, .-- .~~!. ~ __--~ _r-- MICHAEL D. R SC ER, ESQUIRE 28 North 32"d Street Camp Hilt, PA 17011 (717} 975-9129 Supreme Court 1D # 45836 Attorney for PetitionerfPayee 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 upon the following by LISPS first class mail, postage prepaid and addressed to: Allstate Life Insurance Company 544 Lakeview Pazkway, L3F Vernon Hills, IL 60061 Attn: Structured Settlement Department Allstate Assignment Company 544 Lakeview Pazkway, L3F Vernon Hills, IL 60061 Attn: Structured Settlement Department 1 Date: Michael D. entschler, Esquire 28 N. 32nd Street Camp Hill, PA 17011 (717)975-9129 PA Supreme Court ID # 45836 d ~~ 1~ ~..."' ~~ C? c.- ~ ~' *~ r ~~ , ~~ ~-_ ra -,c i •.n r .~ O ~~ ~~ ~~ ,`~ ~tAY A 9 2006 ~"' IN THE MATTER OF : IN THE COURT OF COMMON PLEAS WHITNEY CASTLE : OF CUMBERLAND COUNTY, PENNSYLVANIA : NO. OS , .245 CIVIL ORDER OF COURT AND NOW, this day of , 2008, upon consideration of the within PETITION FOR CONSENT AND COURT APPROVAL TO PROCEED WITH A TRANSFER OF A STRUCTURED SETTLEMENT PURSUANT TO THE STRUCTURED SETTLEMENT PROTECTION ACT, 40 P.S. 4000, ET SEQ., and upon consideration of the Amended Petition for Transfer of Structured Settlement Payments Pursuant to the Structured Settlement Protection Act, of record in the Court of Common Pleas of Dauphin County, Pennsylvania, docketed at 12784 CV 2007, and upon consideration that the proposed transfer would allegedly contravene the terms of the structured settlement which was previously approved by this Honorable Court, it is hereby ORDERED, ADJUDGED, and DECREED that express approval is hereby granted to WHITNEY CASTLE pursuant to 40 P.S. Section 4000(a)(5)(i)(B) to proceed in the Court of Common Pleas of Dauphin County, Pennsylvania, with the Amended Petition for Approval of Transfer of Structured Settlement Payments. BY THE COURT: `~. '~ ~~ ~~ ~ ~. ~= ~ ~ , -~, t,` ~ c ~~,{»r ~ ~ ~" .... ~ ~~ ~~ n (tf ,~~ "0