HomeMy WebLinkAbout08-4906IN RE: Transfer of Structured
Settlement Payment Rights to
Settlement Funding, LLC
by Thomas Setchell
: IN THE COURT OF COMMON PLEAS
OF CUMBERLAND COUNTY
CIVIL ACTION
NO. 09- y 9o 6 7-1-
PETITION TO TRANSFER STRUCTURED
SETTLEMENT PAYMENT RIGHTS
AND NOW COMES, Settlement Funding, LLC, by and through its attorney,
Donald W. Jensen, Esquire, and petitions this Honorable Court pursuant to 40
P.S. §4001 et. seq., for Court approval to transfer structured settlement
payments, and in support thereof avers the following:
1. The Payee is Thomas Setchell, a competent and adult individual, residing
at 15 E. Main Street, Newville, Cumberland County, Pennsylvania 17241.
2. The Transferee is Settlement Funding, LLC, a Georgia Limited Liability
Company with offices located at 3301 Quantum Boulevard, Second Floor,
Boynton Beach, FL 33426.
3. Thomas Setchell is the beneficiary of annuity payments pursuant to a
structured settlement agreement, which annuity is owned by Symetra
Assigned Benefits Service Company and issued by Symetra Life Insurance
Company. The structured settlement provides for payments to Thomas
Setchell as follows:
$30,000.00 due on or about September 1, 2011;
$35,000.00 due on or about September 1, 2013; and
$20,000.00 due on or about September 1, 2018.
4. Thomas Setchell has entered into an Absolute Assignment and UCC
Article 9 Security Agreement with Settlement Funding, LLC, its successors
and/or assigns for the purchase of Thomas Setchell's lump sum
structured settlement payments, specifically, $30,000.00 due on or about
September 1, 2011; $35,000.00 due on or about September 1, 2013; and
$20,000.00 due on or about September 1, 2018. (See Agreement
attached hereto and made a part hereof as Exhibit "A").
5. The Payee shall retain all right and interest in any payments not assigned.
6. Not less than ten (10) days prior to the date on which Payee first incurred
any obligation with respect to the transferee/ purchaser, Settlement
Funding, LLC, said transferee/ purchaser provided Payee with a Disclosure
Statement pursuant to 40 P.S. §4003 (See Disclosure attached hereto and
made a part hereof as Exhibit "B").
7. The net amount payable to the payee after deduction of all commissions,
fees, costs, expenses and charges is $31,485.84.
Based on the net amount that the payee will receive from this transaction,
($31,485.84) and the amounts and timing of the structured settlement
payments that would be assigned, the payee is, in effect, paying interest
at the rate of 21.77% per year.
8. Settlement Funding, LLC has served written notice, including but not
limited to its name, address, and tax identification number to the annuity
owner/obligor, Symetra Assigned Benefits Service Company, and annuity
issuer, Symetra Life Insurance Company, as well as serving all interested
parties. (See Exhibit "C" attached hereto and made a part hereof.)
9. The transfer complies with the requirements of the Pennsylvania
Structured Settlement Protection Act, 40 P.S. §§ 4001 et seq., and will not
contravene other applicable Federal or State statutes or regulations or any
applicable law limiting the transfer of workers' compensation claims.
(See Certification of Counsel attached hereto and made a part hereof as
Exhibit "D".)
10. No objections have been raised to the request to transfer the annuity and
structured settlement payments of Thomas Setchell to the Transferee,
Settlement Funding, LLC.
11. The best interests of Thomas Setchell, will be served by allowing the
transfer of the structured settlement so that Thomas Setchell will be
afforded the opportunity to use the entire proceeds as a down payment of
a home. (See "Payee's Affidavit in Support of Petition" required by Pa.
R.C.P.229.2 attached hereto and made a part hereof as Exhibit "E".)
12. Payee acknowledges that he has been advised to obtain independent legal
advice regarding the consequences, implications, and tax effects of the
transaction, and has waived such advice as set forth in the
"Acknowledgment" attached to this Petition as Exhibit "F".
WHEREFORE, the Petitioner respectfully requests this Honorable Court
approve the transfer of the structured settlement payments of Thomas Setchell
to Settlement Funding, LLC, it successors and/or assigns.
Respectfully submitted,
G?-
Donald W. Jensen, Esquire
I.D. No. 53805
Counsel for Settlement Funding, LLC
Scranton Life Building, Suite 730
538 Spruce Street
Scranton, PA 18503
(570) 344-8723
VERIFICATION
I, Kurt Moody, In-House Counsel of Settlement Funding, LLC, d/b/a
Peachtree Settlement Funding, have read the foregoing Petition to Transfer
Structured Settlement Payment Rights, and hereby aver that the statements
therein are correct to the best of my personal knowledge, information and
belief.
This statement and verification is made subject to the penalties of 18 Pa.
C.S. § 4904 relating to unsworn falsification to authorities.
KURT MOODY
PROPOSED ORDER
IN RE: Transfer of Structured
Settlement Payment Rights to
Settlement Funding, LLC
by Thomas Setchell
IN THE COURT OF COMMON PLEAS
OF CUMBERLAND COUNTY
CIVIL ACTION
NO.
FINAL ORDER OF COURT
On this day of
2008, it is ordered that the
Petition to Transfer Structured Settlement Payment Rights is granted.
The court specifically finds that:
(1) the payee, Thomas Setchell, has established that the transfer is in
the best interests of the payee taking into account the welfare and
support of payee's dependants, if any;
(2) based on the certification by an attorney for the transferee, and the
court having not been made aware of any statute, regulation or order
that would be incompatible with the proposed transfer, the transfer
will not contravene any applicable federal or state statute or
regulation, or the order of any court or administrative authority;
(3) the transfer complies with the remaining requirements of the
Structured Settlement Protection Act, including Sections 3(a)(2),
3(a)(4), 3(a)(5) and 3(a)(6);
(4) the annuity owner is Symetra Assigned Benefits Service Company,
and the annuity issuer is Symetra Life Insurance Company. The lump
sum payments that are to be transferred are designated as follows:
$30,000.00 due on or about September 1, 2011;
$35,000.00 due on or about September 1, 2013; and
$20,000.00 due on or about September 1, 2018.
The assigned payments shall be sent by the annuity owner and
annuity issuer to:
Settlement Funding, LLC
P.O. Box 116476
Atlanta, GA 30368-6476
or to such other address as designated in writing by Settlement
Funding, LLC.
(5) the terms of this order shall survive the death of the payee and shall
be binding on the payee's heirs, beneficiaries and assigns;
(6) the payee shall receive from the transferee the gross amount of
$33,685.84.
BY THE COURT:
Aug 11 08 03:35p Sally R. Rowe 717-597-0186 p.l
ABSdLUTE ASSIGNMENT AND UCC ARTICLE 9 SECURITY AGREEMENT
THE "AGREEMENT")
August 6, 2008
1, Thomas Setchell, Cl', "Me" or "Assignor") residing at 15 E Main St, Apt 1, Newville, PA 17241-1110 am entitled
to lump sum payments as follows: $30,000.00 due on September 1, 2011; $35,000.00 due on September 1, 2013
and $20,000.00 due on September 1, 2018 (the "Periodic Payments") on account of the settlement of a certain
personal injury claim, the settlement of which is memorialized in that certain settlement agreement (the "Settlement
Agreement"). The Periodic Payments are due to me from Symetra Assigned Benefits Service Company (the
"Settlement Obligor') under the terms of the Settlement Agreement and are being funded by an annuity issued by
Symetra Life Insurance Company (the "Annuity Issuer") bearing annuity contract number.
A. I hereby sell, assign and convey to Settlement Funding, L.L.C. (the "Assignee) and its assigns all of my
rights to and interest in and to the following payments due or to become due under the Settlement Agreement:
Lump sum payments as follows: $30,000.00 due on or about September 1, 2011; $35,000.00
due on or about September 1, 2013 and $20,000.00 due on or about September 1, 2018 (the
"Assigned Payments").
In consideration for this assignment, Assignee shall pay to me the sum of $33,685.84 (the "Assignment Price").
B. I hereby make the following unconditional representations, warranties and promises:
1. No one other than me has any interest or claim of any kind or nature in, to or under the Assigned
Payments I am assigning hereunder.
2. 1 am not indebted to anyone that would affect in any way either the assignment of the Assigned
Payments referenced above or Assignee's absolute rights to receive same.
3. 1 agree to conduct my affairs so as to ensure that Assignee obtains all of the benefits of the
assignment contemplated hereby.
C. I agree that the following shall be considered an event of default by me under this Absolute Assignment
Agreement:
1. The representations set forth in Paragraphs B 1 and B 2 above are at any time not true.
2. Failure by me to perform the promise set forth in Paragraph B 3 above.
3. Failure by the Settlement Obligor or the Annuity Issuer to make any one or more of the Assigned
Payments as a result of any act by me, my estate or any of my heirs.
4. Failure by the Settlement Obligor or Annuity Issuer to forward one or more Assigned Payments to
Assignee as a result of any act by me, my estate or any of my heirs.
5. Failure by me to forward promptly to Assignee any Assigned Payment received by me from the
Settlement Obligor or the Annuity Issuer.
6. Failure by me to fulfill any other obligation of mine under this Agreement.
D. The following are conditions precedent to Assignee's obligation to pay me the Assignment Price:
1. Assignee shall be satisfied, in its sole discretion, that there are no claims or interests of any kind or
nature whatsoever that do or may affect Assignee's rights to or interest in the Assigned Payments
and Assignee's ability actually to receive same on the dates and in the amounts set forth herein.
2. Assignee shall have received a final non-appealable court order, or a signed acknowledgment from
Settlement Obligor and the Annuity Issuer satisfactory to Assignee in its sole discretion (such court
order or acknowledgement together are hereinafter referred to as the "Order"), authorizing the
transfer by assignment of the Assigned Payments (which may continue to be made out to my name)
to Assignee, and directing that the Periodic Payments due on or after the day of the Order be
forwarded, or authorizing the forwarding of the Periodic Payments, directly to Assignee.
E. Under this Agreement and only to the extent permitted by law Assignee and I intend to create a security
interest under Article 9 of the Uniform Commercial Code of the state designated in Paragraph F below, in my rights
to and interest in the Assigned Payments, which rights have been assigned to Assignee as General Intangibles
under Article 9 of the Uniform Commercial Code of the state designated in Paragraph F below. This Agreement
shall also function as a security agreement. This security interest secures payment of the rights assigned and
FJCHIBIT
A
Rug 11 08 03:35p Sally R. Rowe 717-597-0186 p.2
performance of my obligations under Paragraph B above. Assignee may direct any account debtor, obligor on an
instrument, including, without limitation, the Settlement Obligor or Annuity Issuer, to make periodic payments directly
to Assignee as contemplated by the Uniform Commercial Code. Assignee may file a UCC-1 financing statement to
perfect its rights hereunder.
F. Except as otherwise required by applicable statutory law, this Agreement shall be governed by and
interpreted in accordance with the law of the state of residence of the Assignor on the date of this Agreement.
ARBITRATION
Any and all controversies, claims, disputes, rights, interests, suits or causes of action arising out of or relating to this
Agreement and the negotiations related thereto, or the breach thereof, shall be settled by binding arbitration
administered by the American Arbitration Association. The demand for arbitration shall be filed in writing with the
other party to this Agreement and with the American Arbitration Association offices in your state of residence. The
arbitration shall be held in the largest city in your state of residence. The arbitration shall be held before a single
arbitrator selected in accordance with the Commercial Arbitration Rules of the American Arbitration Association in
effect at the time that the demand for arbitration is filed. Discovery, specifically including interrogatories, production
of documents and depositions shall be at the discretion of the arbitrator and to the extent permitted shall be
conducted in accordance with, and governed by the Federal Rules of Civil Procedure.
A demand for arbitration shall be made within a reasonable time after the claim, dispute or other matter in question
has arisen. In no event, shall the demand for arbitration be made after the date when institution of legal or equitable
proceedings based on such claim, dispute or other matter in question, would be barred by the applicable statute of
limitations.
No arbitration arising out of or relating to this Agreement shall include, by consolidation or joinder or in any other
manner, an additional person or entity not a party to this Agreement, except by written consent of the parties hereto,
containing a specific reference to this Agreement and signed by the entity sought to be joined. Consent to
arbitration involving an additional person or entity shall not constitute consent to arbitration of any claim, dispute or
other matter in question not described in the written consent or with a person or entity not named or described
therein. The foregoing agreement to arbitrate and other agreements to arbitrate with an additional person or entity
duly consented to by parties to this Agreement, shall be specifically enforceable in accordance with applicable law in
any court having jurisdiction thereof.
The award rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with
applicable law in any court having jurisdiction thereof. Such arbitrator shall identify the substantially prevailing party
and shall include legal fees and expenses for the substantially prevailing party.
This provision does not apply to the extent inconsistent with applicable state law regarding the transfer of structured
settlement payments. In such case any disputes between the parties will be governed in accordance with the laws
of the domicile state of the payee and the domicile state of the payee is the proper venue to bring any cause of
action arising out of a breach of the agreement.
G. I hereby grant to Assignee an Irrevocable Power of Attorney with full powers of substitution to do all acts and
things that I might do regarding the Assigned Payments and any and all rights I have under the Settlement
Agreement with respect to the Assigned Payments, including, without limitation, the power to endorse checks, drafts
or other instruments, the power to alter, edit and change payment Instructions and/or beneficiary designations and
any other act which, in the sole discretion of Assignee as my Attomey-in-f=act is necessary or expedient for it to
obtain all of the benefits of the bargain contemplated by this transaction. This power of attorney is coupled with an
interest and shall survive my death or disability.
H. In the event that prior to the consummation of the transaction contemplated hereby I receive any of the
Assigned Payments, or any portion thereof, the Assignment Price shall be reduced in like amount and the terms of
this Agreement regarding the payments to be assigned shall be deemed to be adjusted accordingly. In the event
Assignee receives or otherwise comes into possession of any of the Periodic Payment(s) or portion(s) thereof which
are not included in the payments being absolutely assigned to Assignee hereunder, Assignee shall forward such
amount(s) to me at the address set forth above within seven (7) days of receipt of such amount(s).
Aug 11 08 03:36p Sallm R. Rowe 717-597-0186 p.3
1. Assignee shall be entitled to discharge any adverse claims against Assignor or any of the Assigned
Payments whether or not such adverse claims are disclosed. Assignee may, provided Assignee furnishes prior
written notice to Assignor, pay any and all amounts necessary or, if the Assignment Price has been deposited into
an escrow account, instruct the escrow agent to pay any and all amounts necessary to discharge such liens or other
adverse claims, and the Assignment Price shall be reduced by the amount of any such payment. Adverse claims
may include disclosed amounts to be deducted by Assignee from the Assignment Price to pay Assignee, as servicer
for Peachtree Finance Company, LLC, to enable Assignor to obtain Peachtree Finance Company, LLC's release of
its encumbrance on a portion of the Assigned Payments, which portion of Assigned Payments relate to prior transfer
transaction(s) consummated prior to the effective date of the applicable transfer act(s) which encumbrance must be
released for the transaction contemplated herein to be consummated.
J. I know that it will take some time for the Settlement Obligor and the Annuity Issuer to receive and process
the court order once it is granted. I would like to receive the Assignment Price or a portion thereof as soon as
possible thereafter. Accordingly, I hereby request Assignee to pay me a portion of the Assignment Price as soon as
possible after the court order is granted and authorize Assignee to hold in escrow an amount it deems necessary or
advisable from the Assignment Price (the 'Escrow Amount") until all conditions precedent have been satisfied,
including, without limitation, the receipt by Assignee of the Settlement Obligor and the Annuity Issuer's
acknowledgment of the terms of the court order in writing and their agreement to honor and comply with same. At
such time or earlier as Assignee may determine, I understand that Assignee will send the Escrow Amount to me
minus any Assigned Payments that the Annuity issuer and/or Settlement Obligor sent to me while the Settlement
Obligor and the Annuity Issuer were processing the court order.
K. This Agreement shall take effect on the date it is signed by me (the Assignor) or on such later date
prescribed by applicable statutory law.
L. All disclosure statements are a material part of this Agreement and shall be read in par! materia herewith.
In witness whereof 1 hereunto set my hand. "W- I)AA,
Thomas Setchell
STATE OF 9-r
COUNTY OR CITY OF elamb.rialid
On the J)-k``' day of _A txg , in the yearn-^E,:P before me, the undersigned, personally
appeared Thomas Setchell, personally known to me or proved to me on the basis of satisfactory evidence to be the
individual($) whose name(X) is (wo subscribed to the within instrument, and acknowledged to me that he/shefthey
executed the same in hisAiedtheir capacky(f*, and that by his/izerA;& signatureK on the instrument, the
individualK, or the person upon behalf of which the lndividu06 acted, executed the instrument.
Notary ,
My Commission expires on
Accepted: NOWLAL SM
SAL RM
Settl ment Fu d g' L.L.C. Way Pdft
cRES CASU 80ROLIGK MOM court
MY Corrxnlulon E)qhea Apr 10, 2010
Title:
Date.
PLEASE DO NOT SIGN THIS
DOCUMENT UNTIL 8J6/2008.
Hug 11 08 03:43p Sally R. Rowe 717-597-0186 p.25
PENNSYLVANIA TRANSFER DISCLOSURE
Payee: Thomas Setchell; resident of: PA
A. Amounts and due dates of the structured settlement payments to be
transferred: Lump sum payments as follows: $30,000.00 due on or about
September 1, 2011; $35,000.00 due on or about September 1, 2013 and
$20,000.00 due on or about September 1, 2018.
B. Aggregate amount of such payments: $85,000.00.
C. (1) Discounted present value of such payments: $67,790.80.
(2) The discount rate used in determining such discounted present value: 4.20
percent as of July 29, 2008.
D. Gross amount payable to the Payee in exchange for such payments:
$33,685.84.
E. Itemized listing of all brokers' commissions, service charges, application or
processing fees, closing costs, filing or administrative charges, legal fees,
notary fees and other commissions, fees, costs, expenses and charges
payable by the Payee or deductible from the gross amount otherwise payable
to the Payee: Legal Fees: $2,000.00; Processing Fee: $200.00.
F. Net amount payable to Payee after deduction of all commissions, fees, costs,
expenses and charges described above: $31,485.84 minus any advances
made to Payee against the amount payable to Payee.
G. An estimate of the Administrative fee(s) being charged by the Annuity Owner
and or the Annuity Issuer to be paid by the transferee (not the consumer) as a
result of the transfer: Symetra Life Insurance Company - $750.00.
H. The quotient, expressed as a percentage, obtained by dividing the net
payment amount by the discounted present value of the payments: 45.45%.
1. Amount of any penalty and the aggregate amount of any liquidated damages,
inclusive of penalties, payable by the Payee in the event of any breach of the
transfer agreement by the Payee: NONE.
EXHIBIT
Aug 11 08 03:44p Sally R. Rowe 717-597-0186 p.26
J. Payee acknowledges receipt of, and acknowledges to have read and
understood, the above disclosure statement and information required to be
disclosed by Payee's applicable state statute(s).
Initials:
By signing below you are confirming that you received a copy of this disclosure
at least 10 days prior to executing your transfer agreement.
ilkmti1O-L I
Thomas Setchell
A/// )ef
Date
Rug it 08 03:44p Sally R. Rowe 717-597-0186 p.27
NOTICE (PA)
Payee: Thomas Setchell
IMPORTANT NOTICE: You are strongly urged to consult with an attorney who
can advise you of the potential tax consequences of this transaction.
I acknowledge receipt of the above notice.
By signing below you are confirming that you received a copy of this notice at
least 10 days prior to executing your transfer agreement.
g1mutb, Id"L
Thomas Setchell
Date
Notice to Annuity Issuer and Structured Settlement Obligor
Symetra Assigned Benefits Service Company Symetra Life Insurance Company
777 108th Ave NE SC 4 777 108th Ave NE SC 4
Bellevue, WA 98004-5135 Bellevue, WA 98004-5135
(OBLIGOR) (ISSUER)
RE: Transfer of structured settlement rights by Thomas Setchell
Annuity Contract #:
DOB: 9/1/1983
Payments to be Transferred: Lump sum payments as follows: $30,000.00 due on
or about September 1, 2011; $35,000.00 due on or about September 1, 2013; and
$20,000.00 due on or about September 1, 2018.
This letter shall serve as formal notice to you, as required by PA ST 40 PS §4003(a)(6) of
Thomas Setchell's pending transfer of certain structured settlement payment rights.
Pursuant to PA ST 40 PS §4003(a)(6), the transferee's name and address is:
Name: Settlement Funding, LLC
Address: 3301 Quantum Boulevard
Boynton Beach, FL 33426
Taxpayer I.D.: 58-2292928
Any other statutory requirements that may apply to this transaction will also be followed.
EXHIBIT
?c
3301 Quantum Boulevard - Boynton Beach, FL 33426
Phone: (561) 962-3900 - Fax: (561) 962-7217
IN RE: Transfer of Structured : IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell :
CIVIL ACTION
NO.
CERTIFICATION OF COUNSEL
Donald W. Jensen, Esquire, attorney for Settlement Funding, LLC, d/b/a
Peachtree Settlement Funding, hereby sets forth the following:
1. I, Donald W. Jensen, am counsel of record in this matter for
Settlement Funding, LLC, d/b/a Peachtree Settlement Funding.
2. Based on materials provided to me by Settlement Funding, and upon
reasonable investigation and inquiry, including my discussions with the Payee,
the transfer set forth in the subject Petition complies with all requirements of
the Structured Settlement Protection Act, 40 P.S. §4001-4009, and does not
contravene any applicable Federal or State statute or regulation, or order of any
court or administrative authority.
3. This Certification is made to the best of my knowledge, information
and belief pursuant to Pa. R.C.P. 229.2.
Donald W. jen , Esquire
EXHIBIT
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
PETITION OF SETTLEMENT )
FUNDING LLC d/b/a PEACHTREE )
SETTLEMENT FUNDING TO ) No.
TRANSFER STRUCTURED )
SETTLEMENT PAYMENT RIGHTS )
Payee's Affidavit in Support of
Petition to Transfer Structured Settlement Rights
I, Thomas Setchell, the payee, verify that the statements below are true and correct:
1. Payee's name, address and age: Thomas Setchell residing at 15 E Main St, Apt 1,
Newville, PA 17241-1110 and I am 24 years old.
2.
3.
4.
5.
Marital Status:
X Never Married; Married; Separated; Divorced
If married or separated, name of spouse:
Minor children and other dependents: N/A
Names, ages, and places of residence:
Income:
(a) Payee's monthly income and sources: I am employed as a mechanic at Petro and
earn $1,400.00 per month. I will also continue to receive monthly structured
settlement payments of $750.00 through December of this year.
If presently married, spouse's monthly income and sources:
Child support, alimony or alimony pendente lite:
Obligation to pay: Yes X No
EXHIBIT
E
If yes, state the amount of the obligation, to whom payable, and whether there are
arrearages:
6. Previous transfers:
Have you previously filed a petition to transfer payment rights under the structured
settlement that is the subject of this petition? Yes X No
If yes, for each petition that you filed,
(a) If the transfer was submitted for court approval, list the court, the case caption and
case number, and state whether the court approved or disapproved the transfer:
(b) If the transfer was approved,
(i) State the name of the transferee and identify (listing due dates and payment
amount(s), the payments involved in the transfer:
(ii) State the amount of money and the manner in which the money was used:
(b) Have you ever transferred payments without court approval? NO If so, please
explain:
7. Reasons for transfer:
Describe in detail your reasons for the proposed transfer, including an explanation as to
why a sale of a lesser amount of the structured settlement will not better serve your
interests: I am currently renting my home and no longer want to throw my money away
renting. I have found a house in Carlisle with a purchase price of $74,000.00. I will use
the $31,485.00 that I will receive from this transaction as a down payment on the house.
By using a substantial amount as a down payment, I will be able to keep my monthly
mortgage payments low and immediately have equity in the home. A sale of a lesser
amount of the structured settlement will not allow me to use a significant amount of
funds for a down payment.
8. Payment of debts:
If you seek the transfer in order to pay debts, list each debt, including the name of the
creditor and the amount presently owed:
Debt Creditor Amount Owed
Verification
I verify that the statements made in this affidavit are true and correct. I understand that
false statements herein are made subject to the penalties of 18 Pa.C.S. §4904, relating to unsworn
falsification to authorities.
DATE: -ay? ?&A
Thomas Setchell
Rug 11 08 03:44p Sally R. Rowe 717-597-0186 p.29
ACKNOWLEDGEMENT (PA1
Payee: Thomas Setchell
(Please initial the following statement)
I expressly waive independent legal advice regarding the implications of the
transfer, including considerations of the tax ramifications of the transfer.
(Initials)
41,MMaL 1644-?L
Thomas Setchell
Date
EXHIBIT
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IN RE: Transfer of Structured
Settlement Payment Rights to
Settlement Funding, LLC
by Thomas Setchell
IN THE COURT OF COMMON PLEAS
OF CUMBERLAND COUNTY
CIVIL ACTION
NO. 18 - #4o(. Civi l Texlna
INITIAL ORDER OF COURT
On this day of AWV4T'- , 2008, it is ordered that a hearing
on this Petition to Transfer Structured Settlement Payment Rights will be held
on ? O100 , in Courtroom - at •d o'clock.
The Payee shall bring income tax returns for the prior two (2) years to the
hearing.
Within seven (7) days, the transferee shall give notice of the hearing date
to the payee, the structured settlement Obligor, the annuity issuer, the payee's
spouse and any person receiving child support, alimony, or alimony pendente
lite. The transferee shall attach a certificate of service to the notice of the
hearing date. A copy of the notice with the certificate of service shall be filed
with the court prior to the hearing.
V ?J
M A :11 WV { Y S AV BOOZ
A?dlvi ? a 3AA ?0
IN RE: Transfer of Structured IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906
.........................................................................................................................
.........................................................................................................................
CERTIFICATE OF SERVICE
Attorney Donald W. Jensen hereby certifies that he served a true and
correct copy of the foregoing PETITION TO TRANSFER STRUCTURED
SETTLEMENT in the above-captioned action, by First Class Mail on the 26`h day
of August, 2008, upon the following:
Symetra Life Insurance Company
777108 1h Ave NE
SC 4
Bellevue, WA 98004-5135
Settlement Funding, LLC
Structured Settlement Legal Department
3301 Quantum Boulevard
Boynton Beach, FL 33426
Symetra Assigned Benefits Service Company Thomas Setchell
777 10Wh Ave NE 15 E Main St., Apt 1
SC 4 Neville, PA 17241 -11 1 0
Bellevue, WA 98004-5135
JENSEN & JENSEN
By:
onald W. Jense,Esquire
538 Spruce Street, Suite 730
Scranton, PA 18503
(570) 344-8723
IN RE: Transfer of Structured IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906
NOTICE OF HEARING ON PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
TO: SYMETRA LIFE INSURANCE COMPANY
You are hereby given notice that Settlement Funding, LLC, has filed a Petition to
Transfer Structured Settlement Payment Rights from Thomas Setchell. A hearing in
this matter has been scheduled on October 3. 2008, at 9:30 A.M., in Courtroom #3 of
the Cumberland County Courthouse, 1 Courthouse Square, Carlisle, Cumberland
County, Pennsylvania 17013.
You are entitled to support, oppose or otherwise respond to the Payee's
Petition, either in person or by counsel, by filing written comments with the Court
prior to the hearing or by attending the hearing.
August 26. 2008
Date
11" A AA-)
Wald W. Jen n, Esquire
Counsel for Settlement Funding, LLC
538 Spruce Street, Ste. 730
Scranton, PA 18503
(S70)344-8723
IN RE: Transfer of Structured IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906
NOTICE OF HEARING ON PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
TO: SYMETRA ASSIGNED BENEFITS SERVICE COMPANY
You are hereby given notice that Settlement Funding, LLC, has filed a Petition to
Transfer Structured Settlement Payment Rights from Thomas Setchell. A hearing in
this matter has been scheduled on October 3. 2008, at :30 A.M., in Courtroom #3 of
the Cumberland County Courthouse, 1 Courthouse Square, Carlisle, Cumberland
County, Pennsylvania 17013.
You are entitled to support, oppose or otherwise respond to the Payee's
Petition, either in person or by counsel, by filing written comments with the Court
prior to the hearing or by attending the hearing.
August 26, 2008
Date
a.,, I. L"',
Do ald W. )ense Esquire
Counsel for Settlement Funding, LLC
538 Spruce Street, Ste. 730
Scranton, PA 18503
(570) 344-8723
IN RE: Transfer of Structured IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906
NOTICE OF HEARING ON PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
TO: SETTLEMENT FUNDING. LLC
You are hereby given notice that Settlement Funding, LLC, has filed a Petition to
Transfer Structured Settlement Payment Rights from Thomas Setchell. A hearing in
this matter has been scheduled on October 3. 2008, at 0 .M., in Courtroom #3 of
the Cumberland County Courthouse, 1 Courthouse Square, Carlisle, Cumberland
County, Pennsylvania 17013.
You are entitled to support, oppose or otherwise respond to the Payee's
Petition, either in person or by counsel, by filing written comments with the Court
prior to the hearing or by attending the hearing.
August 26. 2008
Date
L.Q 1kJ,
Donald W. dense Esquire
Counsel for Settlement Funding, LLC
538 Spruce Street, Ste. 730
Scranton, PA 18503
(570) 344-8723
0
IN RE: Transfer of Structured IN THE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906
NOTICE OF HEARING ON PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
TO: THOMAS SETCHELL
You are hereby given notice that Settlement Funding, LLC, has filed a Petition to
Transfer Structured Settlement Payment Rights from Thomas Setchell. A hearing in
this matter has been scheduled on October 3. 2008, at9 30 A.M., in Courtroom #3 of
the Cumberland County Courthouse, 1 Courthouse Square, Carlisle, Cumberland
County, Pennsylvania 17013.
You are entitled to support, oppose or otherwise respond to the Payee's
Petition, either in person or by counsel, by filing written comments with the Court
prior to the hearing or by attending the hearing.
August 26. 2008
Date
40-
Donald W. Jense Esquire
Counsel for Settlement Funding, LLC
538 Spruce Street, Ste. 730
Scranton, PA 18503
(570) 344-8723
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IN RE: Transfer of Structured IN TIE COURT OF COMMON PLEAS
Settlement Payment Rights to OF CUMBERLAND COUNTY
Settlement Funding, LLC
by Thomas Setchell
CIVIL ACTION
NO. 08-4906 CIVIL TERM
ORDER
Upon an application for Court Approval of a Transfer of Structured Settlement Payment
Rights ("Application") duly brought by Settlement Funding, LLC as Transferee ("Transferee"),
and having considered documents and written submissions, if any, filed in support of, in
opposition to, or in response to the Application by the interested parties named below:
Transferor/Payee ("Payee"):
Thomas Setchell
15 E. Main Street, Apt. I
Newville, PA 17241-1110
Structured Settlement Obligor:
Symetra Assigned Benefits Service Company
Attention: Income Annuity Claims Manager
PO Box 34690
Seattle, WA 98124
Annuity Issuer:
Symetra Life Insurance Company
Attention: Income Annuity Claims Manager
PO Box 34690
Seattle, WA 98124
The Court hereby makes the following findings:
1. That the transfer sought to be approved complies with the requirements of the
Pennsylvania Structured Settlement Protection Act, 40 P.S. § 4001, et seq. (hereafter "the Act")
and 26 U.S.C. § 5891, and does not contravene any applicable statute or order 'of any court or
other government or responsible administrative authority;
2. That said transfer is in the best interest of Payee, or the payee's dependents,
taking into account the welfare and support of Payee's dependents;
' h
3. That Payee has been advised in writing by Transferee to seek independent legal
advice regarding the transfer and has either received such advice or knowingly waived such
advice in writing;
4. That Transferee has provided Payee with the Disclosure Statement required by the
Act;
5. That Transferee has provided Payee with a copy of the Application and its
attachments, a copy of the notice of this proposed transfer, and a copy of the proposed order
approving the proposed transfer; and
6. That Transferee has provided written notice of the Application to the Annuity
Issuer, the Structured Settlement Obligor, and other interested parties as required by the Act,
none of whom have submitted written objections to the transfer.
Based on the foregoing findings, it is hereby ORDERED, ADJUDGED, AND
DECREED that the transfer of the structured settlement payment rights, as described in the
purchase and sale agreement filed with the Application herein, is hereby approved, and no party
to this proceeding shall hereafter refuse to honor this approved transfer.
It is FURTHER ORDERED that:
A. Pursuant to the Act, by making and delivering the Transferred Payments to
Transferee, as set forth herein, the Annuity Issuer and the Structured Settlement Obligor shall, as
to all parties except Transferee, be discharged and released from all liability for the Transferred
Payments.
B. Annuity Issuer and Structured Settlement Obligor are hereby ordered to remit the
Transferred Payments payable to Payee, to wit: a lump sum payment of $30,000.00 due on
September 1, 2011, a lump sum payment of $35,000.00 due on September 1, 2013 and a lump
sum payment of $20,000.00 due on September 1, 2018, to the following address:
Settlement Funding, LLC
P.O. Box 116476
Atlanta, GA 30368-6476
However, if for reasons beyond the control of Transferee, or due to Transferee being
merged with or acquired by another individual or entity, or for traditional ? dress change
purposes (i.e., present address is no longer a viable address for Transferee to receive payments)
the designated address is no longer valid, Annuity Issuer and Structured Settlement Obligor will
make payments to a new address.
Transferee shall continue to service any payments made under this Order and Annuity
Issuer and Structured Settlement Obligor shall have no obligation to pay the Transferred
Payments to any person or entity other than Transferee.
C. The transferred payments are not contingent on Payee's survival.
claim.
D. The transferred payments do not relate to a settlement of a worker's compensation
E. Notwithstanding anything in the purchase and sale agreement,', nothing in this
Order shall be construed as an obligation on Annuity Issuer or Structured Settlemment Obligor to
divide any periodic payment between Payee and Transferee or between two or more transferees
or assignees.
F. Notwithstanding anything in the purchase and sale agreement, Payee may not
incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to
Transferee based on any failure of the transfer to comply with the Act.
G. Notwithstanding anything in the purchase and sale agreement, nothing in this
Order shall be construed as permitting an encumbrance on future payments payable under the
annuity, except those expressly listed in paragraph B, above.
Issuer:
H. Transferee shall be liable to the Structured Settlement Obligor and to the Annuity
1. If the transfer contravenes the terms of the structured settlement, for any
taxes incurred by the Structured Settlement Obligor or the Annuity Issuer as a
consequence of the transfer; and
2. For any other liabilities or costs, including reasonable costs and attorneys'
fees, arising from compliance by such parties with this order of the Court or
arising as a consequence of Transferee's failure to comply with the Act.
1. Any further transfer of structured settlement payment rights by Payee may be
made only after compliance with all requirements of the Act.
J. This Order is entered without prejudice to the rights of Annuity Issuer and/or
Structured Settlement Obligor, and the Court makes no finding regarding the enforceability of any
non-assignment provisions contained in the original settlement agreement or related documents.
This Order in no way modifies or negates the ownership or control of the underlying annuity
contract by Annuity Issuer and Structured. Settlement Obligor.
K. The Structured Settlement Obligor and Annuity Issuer shall irrevocably change
the beneficiary for the Transferred Payments to Transferee, and no other individual or entity
other than Transferee shall have the authority to change the beneficiary for the Transferred
Payments. Thus, the death of the Payee prior to the due date of the last Transferred Payment
shall not affect the transfer of the Transferred Payments from Payee to Transferee, and Payee
understands that he is giving up his rights, and the rights of his heirs, successors and/or
beneficiaries, to the Transferred Payments.
L. Annuity Issuer and Structured Settlement Obligor shall provide formal
acknowledgement of the terms of this transfer, within 10 days of receipt of the required
administrative fee, and the date of receipt of this Order. The formal acknowledgement letter shall
be delivered to Transferee at: Settlement Funding, LLC, 3301 Quantum Blvd., 2" d Floor, Boynton
Beach, FL 33426.
M. This Final Order concludes the proceedings herein. 44 A+-
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DATED this day of 2008,
31 o 47 -c.
JUDGE
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