HomeMy WebLinkAbout08-7530
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT No
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN K.
HIPPENSTEEL)
p ?- 7 S36 ?N? ? -1???
PETITION TO TRANSFER
STRUCTURED SETTLEMENT PAYMENT RIGHTS
Petitioner, Settlement Funding, LLC d/b/a Peachtree
Settlement Funding, hereby submits the following Petition to
Transfer Structured Settlement Payment Rights pursuant to the
Structured Settlement Protection Act, 40 P.S. §§ 4001-4009 ("the
Act"), and Pa.R.C.P. 229.2, and in support states:
1. Pursuant to Rule 229.2, the "Transferee" and Petitioner
herein is Settlement Funding, LLC d/b/a Peachtree Settlement
Funding, a Georgia Limited Liability Company with offices
located at 3301 Quantum Blvd., Second Floor, Boynton Beach,
Florida 33426.
2. The " Payee" is Branden K. Hippensteel, an adult
individual whose date of birth is March 11, 1989, and who
resides at 121 Spur Road, Carlisle, Pennsylvania 17013.
3. This Court has jurisdiction to determine the merits of
this petition pursuant to the Act because the Payee is domiciled
in Cumberland County, Pennsylvania. 40 P.S. § 4004.
4. As the result of a wrongful death claim, Payee is
entitled to receive 120 monthly payments each in the amount of
$500.00 commencing on March 11, 2007 through and including
February 11, 2017, and lump sum payments each in the amount of
$146,650.00 due on March 11, 2011, March 11, 2014, March 11,
2019, March 11, 2024, and in the amount of $146,684.90 due on
March 11, 2029.
5. By operation of a Uniform Qualified Assignment, the
obligation to make the monthly payments is held by American
General Assignment Corporation, the Structured "Settlement
Obligor" as defined by 40 P.S. § 4002. American General
Assignment Corporation is located at 205 East 10th Avenue,
Amarillo, Texas 79101.
6. The obligation was funded through the issuance of an
annuity by AIG Annuity Insurance Company (the "Annuity Issuer").
AIG Annuity Insurance Company is located at 205 East 10th Avenue,
Amarillo, Texas 79101.
7. On December 18, 2008, Payee executed an Absolute
Assignment and UCC Article 9 Security Agreement (the "Transfer
Agreement"), a true and correct copy of which is attached hereto
and incorporated herein by reference as Exhibit "A". The
Transfer Agreement provides for the assignment of Payee's right
Page 2 of 8
and interest in receiving one lump sum payment of $46,650.00 due
on or about March 11, 2011, to Settlement Funding LLC.1
8. The rights to receive the payments described above at
paragraph 4 are exclusive to the Payee, who owns them.
9. The Transfer Agreement was executed by the Transferee
on December 18, 2008.
10. Payee has completed the "Payee's Affidavit in Support
of Petition" required by Rule 229.2, a copy of which is attached
hereto as Exhibit "B". As set forth in further detail in the
Affidavit, the purpose of this transaction is to purchase a
reliable car, pay off a credit card, and provide for his child.
(Exhibit "B", para. 7).
11. Payee has been provided, and has acknowledged receipt
at least 10 days prior to receipt of the Transfer Agreement, the
"Transfer Disclosure" required by 40 P.S. § 4003 (a)(2),
attached and incorporated herein by reference as Exhibit "C".
As set forth in greater detail in the Transfer Disclosure, the
following terms have been disclosed to the Payee:
a. The amounts and due dates of the structured
settlement payments to be transferred are: one
lump sum payment in the amount of $46,650.00 due
on or about March 11, 2011.
b. The aggregate amount of the structured settlement
payments to be transferred is $46,650.00.
' Pursuant to Rule 229.2(d), Settlement Funding, LLC d/b/a Peachtree Settlement Funding is the Petitioner and has
attached a Verification in support thereof. Pursuant to Rule 229.2 (c), the Payee is also a party to this petition, as
reflected in the caption, but is not represented by counsel for Petitioner.
Page 3 of 8
C. The discounted present value of the payments
transferred using the most recently published
applicable federal rate for determining the value
of an annuity is $43,221.16.
d. The federal discount rate used to determine the
discounted present value is 3.40 percent as of
December 9, 2008.
e. The gross amount payable to Payee in exchange for
the transferred payments is $30,769.19.
f. The net amount payable to Payee after deduction
of legal. fees, costs, expenses and processing
fees is $28,569.19.
g. The quotient is 66.10%.
h. The amount of penalty and 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 Petitioner is:
NONE.
12. Based on the net amount that the Payee will receive
from this transaction ($28,569.19), 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 23.95%
per year.
13. Payee has been provided, and has acknowledged receipt,
at least 10 days prior to receipt of the Transfer Agreement, of
the written "Notice" in bold print 12-point type as required by
40 P.S. § 4003 (b). A true and correct copy of Payee's
acknowledgement of the receipt of the § 4003 (b) Notice is
attached as Exhibit "D".
Page 4 of 8
14. Payee has expressly waived independent legal advice
regarding the implications of the transfer, including the tax
ramifications of the transfer, as reflected in the
"Acknowledgment" dated December 18, 2008 (Exhibit "E").
15. The transfer complies with the requirements of the
Structured Settlement Protection Act, 40 P.S. §§ 4001-4009, 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 Ronald E.
Reitz, attached as Exhibit "F").
16. Petitioner and Payee respectfully request that the
Court sign an order approving this transfer which constitutes a
"qualified order" for purposes of 26 U.S.C.A § 5891.
17. Payee believes that due to his personal circumstances
and financial needs, his best interests are served by completing
this transfer.
18. A brief discussion regarding the non-applicability of
anti-assignment provisions is attached for the Court's
convenience, as Exhibit `\G" herein.
19. Payee acknowledges that Swartz Campbell LLC has not
been engaged to render professional advice with respect to the
advisability, or the implications of the transfer, including the
tax ramifications of the transfer. Counsel has been engaged
solely to prepare and present the within Petition, based upon
Page 5 of 8
Payee's independent determination and advice obtained from
others, with respect to the advisability and ramifications of
the transfer.
WHEREFORE, Petitioner prays that this Honorable Court grant
this Petition to Transfer Structured Settlement Payment Rights.
Respectfully submitted,
Swartz a e LLC
By:
onal E. e i t z
Attorney for Petitioner
Page 6 of 8
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.
Date : ` P,2 3-cS-
K T MOODY
Page 7 of 8
CERTIFICATE OF SERVICE
I hereby certify that a true and correct copy of the
foregoing PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT
RIGHTS was served by certified mail, return-receipt requested,
postage pre-paid, on this a day of December, 2008 on:
American General Assignment Corporation
Att'n: Dona Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Settlement Obligor")
AIG Annuity Insurance Company
Att'n: Dona Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Annuity Issuer")
and by regular U.S. mail, postage prepaid to:
Kurt Moody, Esquire
Structured Settlements-In-House Counsel
Peachtree Settlement Funding
3301 Quantum Boulevard, Second Floor
Boynton Beach, FL 33426
("Transferee")
Branden K. Hippensteel
121 Spur Rd.
Carlisle, PA 17013-9505
("Payee")
Swartz/Cat 111 LLC
By:
Donald E7 Reitz
Attorney for Petitioner
Page 8 of 8
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT .
FUNDING TO TRANSFER No.
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN K. .
HIPPENSTEEL)
FINAL ORDER
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 has established that the transfer is in the
best interests of the payee taking into account the welfare and
support of payee's dependents;
(2) based on the certification by an attorney for the
transferee, Settlement Funding, LLC, 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 Federal or State statute or regulation, or
the order of any court or responsible 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 payments that are to be transferred are designated
as follows: one lump sum payment of $46,650.00 due on March 11,
2011, to Settlement Funding, LLC (the "Assigned Payments").
(5) the Settlement Obligor is American General Assignment
Corporation, and the Annuity Issuer is AIG Annuity Insurance
Company. Annuity Issuer shall forward the Assigned Payments to
Settlement Funding, LLC, when due, to P.O. Box 116476, Atlanta,
GA 30368-6476 or to such other address as designated by
Settlement Funding, LLC.
(6) the terms of this order shall survive the death of the
payee and shall be binding on the payee's heirs, beneficiaries
and assigns.
(7) the payee shall receive from the transferee the gross
amount of $30,769.19.
BY THE COURT:
J.
DEC-18-2008 15:56 FROM:WILLIAM TAYLOR 7177899955 TD:18006007161 P.2
ABSOLUTE ASSIGNMENT AND UCC ARTICLE 9 SECURITY AGREEMENT
(THE "AGREEMENT")
December IS, 2008
I, Brandon K. Hippenstool, ("f , "Me' or "Assignor") residing at 121 Spur Rd Carlisle, PA 17013.9505 am entitled to
120 monthly payments each in the amount of $500.00 commencing on March 11, 2007 through and including
February 11, 2017 and lump sum payments as follows: $146,660.00 due on March 11, 2011; $146,650.00 due on
March 11, 2014; $146,650.00 due on March 11, 2018; $146,650.00 due on March 11, 2024 and $146,684.90 due
on March 11, 2029 (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 American General Assignment Corporation (the 'Settlement Obligor") under the
terms of the Settlement Agreement and are being funded by an annuity issued by AiG Annuity Insurance
Company (the "Annuity issuer") bearing annuity contract number 8404483.0.
A. i hereby sell, assign and convey to Settlement Funding, L.L.C. (the "Assignee") and its assigns through an
assignment all of my rights to and interest in and to the following payments due or to become due under the
Settlement Agreement,
one lump sum payment of $46,650.00 due on or about March 11, 2011 (the "Assigned
Payments"); and
In consideration for this assignment, Assignee shall pay to me the sum of: $30,769.19 (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 some.
31 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 8 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:
11 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
I-. 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 Intongibles
DEC-1B-2008 15:56 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.3
under Article 9 of the uniform Commercial Code of the state designoted in Paragraph F below. This Agreement
shall also function as a security agreement. This security interest secures payment of the rights assigned and
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, shell be settled by binding arbitration
administered by the American Arbitration Association. The demand for arbitration shall be filed in writing with the
other parry 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. Uiscovery, 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
(imitations
No arbitration arising out of or relating to this Agreement shalt 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 speciflo 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, disputo 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-Fact is necessary or expedient for It to
obtain all of the bensfile 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).
DEC-18-2008 15:56 FROM:WILLIAM TAYLOR 7177899955 T0:18006907161 P.4
i 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 servioer
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 Amounr) 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 effoct on tho date it is signed by me (the Assignor) or on such later date
proscribed by applicable statutory tow.
All disclosure statements are a material part of this Agreement and shall be read in part materaa herewith.
In witness whereof I hereunto set my hand.
Ili, 7 r
Brandon K. Hipp" eel
STAVE 01: !'"z ltMVt0fflX)*
COUNTY OR CITY OF d
On the day of A+ Agf in the yeat2-O before me, the undersigned, personally
appeared Branden K. Hippensteel, personally known to me or proved to me on the basis of satisfactory evidence
to be the individual(s) whose name(s) is (are) subscribed to the within instrument, and acknowledged to me that
he/she/they executed the some in his/her/their ospeclty(les), and that by his/her/their signature(s) on the instrument,
the Int v'duallA). or hia n nr+ ???? h If of which the Individual(s) acted, executed the Instrument.
NoTARUU. se:aL
WILLIAM R TAYLOR
NotoW Publle
SPRING TWR PERRY COUNTY `
My commission Expkes ion 27, 2010 tart'
My Commission expires on X1111 n24Ir PLEASE DO NOT SIGN THIS
Accepted, DOCUMENT UNTIL 12/18/2008
18pttlement)t ding, L.L.C.
Title:'
Date:
ti
DEC-18-2008 15:58 FROM:WILLIAM TAYLOR 7177699955 70:18006007161 P.11
ulbRrizatlor} Far t7 s
Pursuant to the terms of the Agreement, Assignee may deduct from the Purchase Price the full amount due to
any and all third patty creditors, judgment holders, holders of child support obligations, the holder of any other
outstanding lien or claim (collectively the °JudgmentslCtalme) including life insurance policy payment(s) or any
attorney fees in connection with the consummation of this transaction
if Assignee Is able to satisfy in full the Judgments/Claims for less than the full amount due, Assignee shall be
entitled to keep the difference between the amount deducted and the amount actually paid.
Authorization to Conduct Credit.19g Climinal sack raund_Checks
I, Branden K, Hippensteal residing at 121 Spur Rd, Carlisle, PA 17013-9505, hereby authorize Settlement
Funding or any of its agents or designees. to conduct any and all criminal background reports, searches or
checks and any and all credit history reports, searches or checks which it in its sole discretion and judgment
deems necessary or advisable.
Authorization to Release information
1, Branden K Hippensteal, hereby request and authorize American General Assignment Corporation, AIG
Annuity Insurance Company, or any of their successors, assigns, designees, agents or administrators, or my
attorney to disclose, or any other parties that may possess any information deemed necessary by Settlement
Funding, or any of Its agents or designees to be disclosed, make available and furnish to Settlement Funding, or
any of Its agents or designees any and all information pertaining to my personal injury settlement as set forth In
a certain Release, or any other documents deemed necessary by Settlement Funding, or any of Its agents or
designees. I specifically direct that American General Assignment Corporation, AiG Annuity Insurance
Company, or any of their successors, assigns, designees, agents or admintstrators or any other person or entity
that this authorization is given to, cooperate with Settlement Funding or any of their agents or designees
regarding disclosure of information pertaining or related to my settlement or other required documentation. I also
hereby request and authorize any third party creditors, judgment holders, any Child Support Enforcement
agencies, or any other holder of any outstanding lien or claim, such as tax Ilens, government overpayments,
etc., to release any information deemed necessary to Settlement Funding, or any of Its agents or designees
Please provide copies via fax (1.800.800 7161) or otherwise of any and all documents requested by Settlement
Funding or their agents or designees
Dated: .a&:Q&-
Branden K. Hippe teal
STATE OF I/-
COUNTY OR CITY OF
On the /0.* day of in the yearW' before me, the undersigned,
personally appeared Brandon K. Fiippeneteel, personalty known to me or proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) Is (are) subscribed to the within Instrument, and
acknowledged to me that he/she/they executed the same in his/her/their cepacity(les), and that by his/her/their
signature(s) on the Instrument, the individual(s), or the person upon behalf of which the Individual(s) acted,
NOTARIAL SM
NolOry "11c
SM110I" PERW COUNN
My Commlulon Ex" Jon 27.2010
t
r
tary
My Commission expires on
DEC-18-2008 15:57 FROM:WILLIAM TRYLOR 7177899955 70:18006007161 P.5
IN THE COURT OF COMMON FLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
PETITION OF SETTLEMENT )
FUNDING LLLC d/b/a PEACHTREE )
SETTLEMENT FUNDING TO ) No.
TRANSFER STRUCTURED )
SETTLEMENT PAYMENT IUG14TS )
Payee's Affidavit in Support of
Petition to Transfer Structured Settlement Rights
I, Branden K. Hippensteel, the payee, verify that the statements below are true and
correct:
1. Payee's name, address and age: Branden K. Hippensteel residing at 121 Spur Road,
Carlisle, PA 17013-9505 and I am 19 years old
2. Marital Status:
X Never Married; Married; Separated; Divorced
If married or separated, name of spouse:
3. Minor children and other dependents:
Names, ages, and places of residence: Blake Hippensteel, nine months old, lives at
same address as above.
4. Income:
(a) Payee's monthly income and sources: I am not employed currently, but I am
actively searching for work. I will continue to receive monthly payments of $500.00
through February 11, 2017. In addition, I will also receive tho following lump sum
payments: $100,000.00 due on March 11, 2011; $146,650.00 due on March 11, 2014;
DEC-18-2008 15:57 FROM:WILLIAM TAYLOR 7177699955 70:18006007161 P.6
$146,650.00 due on March 11, 2019; $146,650.00 due on March 11, 2024 and
$146,684.90 due on March 11, 2029. Also, I live with my girlfriend, Stacey Kine,
and she earns $1,600.00 per month as a sandwich maker at Sheets Gas Station.
(b) It presently married, spouse's monthly income and sources:. /A
5. Child support, alimony or alimony pendente Utc:
Obligation to pay: Yes X No
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 _J?-,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:
00 State the amount of money and the manner in which the money was used:
. t
DEC-18-2008 15:58 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.7
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: 1 would like to use the proceeds to buy a dependable new car, pay off debt and
buy clothing and supplies for my baby. I am looking for work, but my search is very
limited because my current car is unreliable and in need of costly repairs. I would like to
use $24,000.00 of the proceeds to buy a reliable and bigger new car as it will be safer and
can fit a car seat comfortably, I will then use $3,000.00 of the proceeds to pay off my
Capital One Master Card, Paying off my outstanding debt will improve my credit score
and give me a guaranteed rate of return equal to my interest rate. I would like to use the
remaining proceeds of $1,569.00 to cover expenses for my baby. A sale of a lesser
amount will not be enough to accomplish these goals.
$, 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
MasterCard Capital On $3.000.00
DEC-18-2008 15:58 FROM:WILLIAM TAYLOR 7177899955 TO:1B006007161 P.8
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: / -- 8,1? " M
Branden K Hippen ei
DEC-18-2008 16:01 FROM:WILLIAM TAYLOR 7177899955 70:18006007161 P.22
PENNSYLVANIA TRANSFER DISCLOSURE
Payee: Branden K. Hippensteel; resident of. PA
A. Amounts and due dates of ti-ie structured settlement payments to
be transferred: One jump sum payment of $46,650.00 due on or
about March 11, 2011.
B. Aggregate amount of such payments: $46,650.00.
C. (1) Discounted present value of such payments: $43,221.16.
(2) The discount rate used in determining such discounted present
value: 3.40 percent as of December 9, 2008.
D. Gross amount payable to the Payee in exchange for such
payments: $30,769.19.
E. Itemized listing of all brolters' 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 Kee: $200.00.
F. Net amount payable to Payee after deduction of all commissions,
fees, costs, expenses and charges described above; $28,569,19
minus any advances made to Payee against the amount payable to
Payee.
G. The quotient, expressed as a percentage, obtained by dividing the
net payment amount by the discounted present value of the
payments: 66.10%.
H. 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.
DEC-18-2008 16:01 FROM:WILLIAM TAYLOR 7177899955 T0:18006007161 P.23
I. payee acknowledges receipt of, and acknowledges to have react
and understood, the above disclosure statement and information
required to be disclosed by Payee's applicable state statute(s).
Initials: fl
By signing below you are confirming that you received a copy of this
disclosure at least 90 days prior to executing your transfer
agreement.
_ X?
Branden K. Hippensteel
/J-09 _,........._._
Date
DEC-18-2008 16:02 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.24
NOTICE (PAJ
Payee, E3randen K. Hippensteel
IMPORTANT NOTICE: YO?u oare f the strongly rgax consult with an
of this
attorney who can advise y potential
transaction.
I acknowledge receipt of the above notice.
this
By signing below you are confirming ctWhat you received a copy of transfer agreement.
notice at least 10 days prix g your
B"-z :?e x+-
Brandon K. Hippensteel
Gate
D
DEC-18-2008 16:02 FROM:WILLIAM TAYLOR 7177899955 70:18006007161 P•26
ACKNOWLED?gMENT PA
payee: Branden K. Hippensteel
(Please initial the following statement)
I expressly waive independent legal advice the gaardinag the implications the
of the transfer, including considerations o
transfer.
(Initials)
Branden K. Hippensteel
/,', • lb'-a
pate
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT No.
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN K.
HIPPENSTEEL)
CERTIFICATION OF COUNSEL
Ronald E. Reitz, attorney for Settlement Funding LLC d/b/a
Peachtree Settlement Funding, hereby sets forth the following:
1. I, Ronald E. Reitz, 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 pursu n Pa.R.C.P. 229.2.
Ronald Reitz
Background on Structured Settlements Generally:
Contrary to popular misconception, structured settlements typically result from a
voluntary settlement of an underlying tort claim. While many believe that structured
settlements are typically court approved, court ordered or otherwise mandated by the
court as a form of spendthrift trust, this is simply not true. Structured settlements are a
convenient and cost effective way to settle personal injury claims, particularly where
there is disagreement over the size of the settlement as the perceived value of future
payments is generally higher than their true value. Simply put, structured settlements are
a cost effective way for insurance carriers to settle personal injury claims on favorable
terms and are often used for garden variety cases. In the vast majority of cases they are
simply the result of a negotiated settlement between plaintiff and defendant with no
substantive court involvement.
Anti-assignment provisions are often included in structured settlement agreements under
the mistaken belief that they are required to prevent the application of the "constructive
receipt" tax doctrine. These anti-assignment provisions were not included as a form of
spendthrift trust nor were they intended as a restriction on alienation of the right to
receive structure settlement payments. Rather they are a result of an overly cautious
reading of several private letter rulings from the early 1980's and a mis-understanding of
the constructive receipt tax doctrine. Any lingering doubts as to whether an anti-
assignment provision is required to prevent constructive receipt were dispelled in 2002
with the passage of 26 USC Section 5891, et seq. which made it clear - by way of a
clarification of existing law - that a sale or transfer of structure payments rights would not
alter the tax treatment applicable to the annuitant or annuity issuers. Notwithstanding
this, anti-assignment clauses remain a vestige of common practice and are hence present
in many settlement agreements.
The one common failing of structured settlements is that they are relatively inflexible.
Once established they cannot be altered. As a consequence, a secondary market for
structured settlements evolved in the 1990's. Because of the significant demand from
structured settlement recipients to restructure/refinance how and when they receive these
payments, a secondary market flourished. In 2002, the United States Congress, after
hearings before the Ways and Means committee, passed 26 USC Section 5891, et seq.
making it clear that structured settlements could be transferred and that no adverse tax
consequence would attach. As part of providing this clarification, Congress required that
a transfer of structured settlement payment rights be pursuant to a state transfer statute
finding that the transfer was in the best interest of the selling annuitant. Employees and
officers of the petitioner, Settlement Funding, appeared at the congressional hearing
referenced above and worked tirelessly in the late 90's and early 2000's to obtain the
passage of 26 USC Section 5891 and to pass state transfer laws around the country.
Almost every state now has a structured settlement statute which provides for
unprecedented levels of consumer safeguards prior to an individual being permitted to
sell a structured settlement. This is so notwithstanding the fact that the decision to accept
the structured settlement, as outlined above, is typically the result of a simple negotiation
between plaintiff and defendant and not as consequence of the independent judgment that
• F
the recipient is unable to manage their financial affairs. The structured settlement transfer
statutes and the provisions of 26 USC Section 5891, et seq. make it clear that both federal
and state legislators recognized the need for liquidity in the secondary market for
structured settlement payments. Provided that the transfer statute is adhered to, the court
should permit the transfer of the structured settlement payments provided that such
transfer is in the best interest of the payee.
? ? wT
DEC 3 1 2
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT .
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN K.
HIPPENSTEEL)
No. cg 7S-3 d ov;1 1"^
INITIAL ORDER OF COURT
On this ?j day of 2009, it is ordered that a
hearing on this Petition to Transfer Structured Settlement
Payment Rights will be held on x--00 9 , in
Courtroom y at 1,15-
M. 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 hearing date. A copy of the notice with the certificate of
service shall be filed with the court prior to the hearing.
BY THE COURT:
, J.
n?
{
eyl-a kL?L
'
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN R.
HIPPENSTEEL)
No. 08-7530 Civil Term
NOTICE OF HEARING ON PETITION TO
TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS
To: American General Assignment Corporation
Attn: Donna Clements, Legal Assistant
205 East 10th Avenue
Amarillo, TX 79101
("Settlement Obligor")
AIG Annuity Insurance Company
Attn: Donna Clements, Legal Assistant
205 East 10th Avenue
Amarillo, TX 79101
("Annuity Issuer")
and by regular U.S. mail, postage prepaid to:
Kurt Moody, Esquire
Structured Settlements-In-House Counsel
Peachtree Settlement Funding
3301 Quantum Boulevard, Second Floor
Boynton Beach, FL 33426
("Transferee")
Branden K. Hippensteel
121 Spur Rd.
Carlisle, PA 17013-9505
("Payee")
You are hereby given notice that Settlement Funding
LLC has filed a petition to transfer structured settlement
payment rights. A hearing in this matter has been
.
scheduled on Friday, January 30, 2009 at 1:15 p.m. in
Courtroom No. 4 before Hon. Kevin A. Hess, Cumberland
County Courthouse, One Courthouse Square, Carlisle, PA
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.
Date
In 1,
Settlement Funding LLC
c/o Ronald E. Reitz
Swartz Campbell LLC
600 Grant Street
4750 U.S. Steel Tower
Pittsburgh, PA 15219
(412) 232-9800
I Irk
DES 12001
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(P]?Z=, SRNMEN R.
RXPFMSTrAEL) :
No. 09, 7536 cw;1 4u^
INITM ORD=R 01P COURT
On this 101 day of 2009, it is ordered that a
hearing on this Petition to Transfer Structured Settlement
Payment Rights will be held on 0l ll„ , A,4, 'o, &.0o 9 , in
Courtroom Y at _ to / Qty. 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 hearing date. A copy of the notice with the certificate of
service shall be filed with the court prior to the hearing.
, J.
BY THE COURT:
4?.
CERTIFICATE OF SERVICE
I hereby certify that a true and correct copy of this
NOTICE OF HEARING ON PETITION FOR TRANSFER OF STRUCTURED
SETTLEI9'+NT PAYMENT RIGHTS has been served by FedEx Priority
Overnight on this 7th day of January, 2009, on:
American General Assignment Corporation
Attn: Donna Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Settlement Obligor")
AIG Annuity Insurance Company
Attn: Donna Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Annuity Issuer")
and by regular U.S. mail, postage prepaid to:
Kurt Moody, Esquire
Structured Settlements-In-House Counsel
Peachtree Settlement Funding
3301 Quantum Boulevard, Second Floor
Boynton Beach, FL 33426
("Transferee")
Branden K. Hippensteel
121 Spur Rd.
Carlisle, PA 17013-9505
("Payee")
Swartz e LLC
By:
Ronald E. Reitz
Attorney for Petitioner
e•.s b
?'i
tY..
? ?
??=? '?
??? ?
? -; -a
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN R.
HIPPENSTEEL)
Civil Division
No. 08-7530 Civil Term
Counsel of Record for this
Party:
NOTICE OF 40 P.S. §4003(a)(6)
COMPLIANCE
Ronald E. Reitz
Pa. I.D. No. 55408
Filed on behalf of Petitioner,
Settlement Funding, LLC d/b/a
Peachtree Settlement Funding
SWARTZ CAMPBELL LLC
Firm I.D. No. 765
4750 U.S. Steel Tower
600 Grant Street
Pittsburgh, PA 15219
412-232-9800
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
CIVIL DIVISION
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYEE, BRANDEN R.
HIPPENSTEEL)
No. 08-07530 Civil Term
NOTICE OF 40 P.S. §4003(a)(5) COMPLIANCE
AND NOW, comes Petitioner, Settlement Funding, LLC d/b/a
Peachtree Settlement Funding, and files the within Notice of its
compliance with 40 P.S. §4003(a)(6), as set forth in the attached
"Notice to Annuity Issuer and Structured Settlement Obligor,"
attached hereto as Exhibit "A".
Respectfully submitted,
Swartz a 11 LLC
BY:
Ronald E.- Reitz
Attorney for Petitioner
1
r vj
ry
pp# gWee
Notice to Annuity Issuer and Structured Settlement Obligor
American General Assignment Corporation AIG Annuity Insurance Company
205 East 10th Avenue 205 East 10th Avenue
Amarillo, TX 79101 Amarillo, TX 79101
(OBLIGOR) (ISSUER)
RE: Transfer of structured settlement rights by Branden Hiaaensteel
Annuity Contract #: S404483-0
DOH: 3/11/1989
Payments to be Transferred: One lumpsum payment of $46,650.00 due on or
about March 11, 2011
This letter shall serve as formal notice to you, as required by PA ST 40 PS §4003(a)(6) of
Branden Hippensteel'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.
3301 Quantum Boulevard - Boynton Beach, FL 33426
Phone: (561) 962-3900 - Fax: (561) 962-7217-
i > %
CERTIFICATE OF SERVICE
I hereby certify that a true and correct copy of this
NOTICE OF P.S. §4003(a)(6) COMPLIANCE was served by certified
mail, return-receipt requested, postage pre-paid on this
day of January, 2009, on:
American General Assignment Corporation
Attn: Donna Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Settlement Obligor")
AIG Annuity Insurance Company
Attn: Donna Clements, Legal Assistant
205 East 10th Ave.
Amarillo, TX 79101
("Annuity Issuer")
and by regular U.S. mail, postage prepaid to:
Kurt Moody, Esquire
Structured Settlements-In-House Counsel
Peachtree Settlement Funding
3301 Quantum Boulevard, Second Floor
Boynton Beach, FL 33426
("Transferee")
Branden K. Hippensteel
121 Spur Rd.
Carlisle, PA 17013-9505
("Payee")
Swartz ell LLC
By:
onald E. Reitz
Attorney for Petitioner
?....
}x?
?M??w-
?s ?
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
IN RE: PETITION OF SETTLEMENT
FUNDING, LLC d/b/a/
PEACHTREE SETTLEMENT
FUNDING TO TRANSFER
STRUCTURED SETTLEMENT
PAYMENT RIGHTS
(PAYER, BRANDEN K.
BIPPENSTEEL)
FINAL ORDER
No. 0F._ 7530Giv;1116m
on this 30., day of 2009, it is ordered that
the Petition to Transfer Structured Settlement Payment Rights is
granted.
The court specifically finds that:
(1) the payee, Branden K. Hippensteel, has established
that the transfer is in the best interests of the payee or the
payee's dependents, taking into account the welfare and support
of payee's dependents;
(2) based on the certification by an attorney for the
transferee, Settlement Funding, LLC, 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 Federal or State statute or regulation, or
the order of any court or responsible 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 payment that is to be transferred is designated as
follows: one lump sum payment of $46,650.00 due on March 11,
2011 (the "Assigned Payment").
(5) the Structured Settlement Obligor is American General
Assignment Corporation, and the Annuity Issuer is AIG Annuity
Insurance Company. The Structured Settlement Obligor and Annuity
Issuer shall forward the Assigned Payment, when due, to
Settlement Funding, LLC at P.O. Box 116476, Atlanta, GA 30368-
6476 or to such other address as designated by Settlement
Funding, LLC.
(6) the terms of this order shall survive the death of the
payee and shall be binding on the payee's heirs, beneficiaries
and assigns.
(7) the payee shall receive from the transferee the gross
amount of $30,769.19.
BY THE COURT:
J.
on.
a
?V
I N r_
r-..>
U 17