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HomeMy WebLinkAbout10-4449 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS No. c~ 1 HIPPENSTEEL TO TRANSFER ~O + y y / 9 ~ N `( 'l ~"` STRUCTURED SETTLEMENT PAYMENT RIGHTS ~ ,~, • ~ d :~ ;~` `~ :~ _ < JOINT PETITION TO TRANSFER _ f - ~TZ~~'-' STRUCTURED SETTLEMENT PAYMENT RIGHTS < ~-; ~~`~'t-~ f... `~ - a~. Petitioners, SENECA ONE, LLC and CURTIS HIPPENSTEEL, hereby ~thbnit the - c~ following Joint Petition to Transfer Structured Settlement Payment Rights pursuant t~, an~'in = compliance with, the Structured Settlement Protection Act, 40 P.S. §§ 4001-4009 ("the Act"), and Pa.R.C.P. 229.2, and in support state as follows: 1. This is a Joint Petition brought by both, SENECA ONE, LLC and CURTIS HIPPENSTEEL, to the extent that both parties have a unified and common interest in effectuating the within proposed transfer pursuant to the Act. 2. Joint Petitioner, SENECA ONE, LLC, is a Limited Liability Company in the business of purchasing periodic payments and therefore a "Transferee" as defined by 40 P.S. § 4002, having a principal place of business at 7920 Norfolk Avenue, Suite 300, Bethesda, Maryland 20814. 3. Joint Petitioner, and "Payee", CURTIS HIPPENSTEEL, is an adult individual whose date of birth is October 2, 1986 and who resides at 425 Croghan Drive Carlisle, Cumberland County, Pennsylvania 17013 4. 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. ~q~., 06 ~r d a-~y s~orfti C!c ~ 3 S~ G ~ ~ ~v~~ yy 5. As the result of a wrongful death lawsuit, Payee is entitled to receive monthly payments of $500.00 beginning on October 2, 2004 and guaranteed for 10 years; a lump sum payment of $118,150.00 payable on October 2, 2008; $118,150.00 payable on October 2, 2011; a lump sum payment of $118,150.00 payable on October 2, 2016; a lump sum payment of $118,150.00 payable on October 2, 2021; and a lump sum payment of $118,150.00 payable on October 2, 2026 which payments are reflected in an excerpt of Payee's annuity contract attached hereto as Exhibit "A". 6. By operation of a Uniform Qualified Assignment, the obligation to make these payments is held by American General Assignment Corporation (the Structured "Settlement Obligor") as defined by 40 P.S. § 4002. American General Assignment Corporation has a service address of 205 East 10th Avenue Amarillo, TX 79101. 7. The obligation was funded through the issuance of an annuity by American General Annuity Insurance Company n/k/a AIG Annuity Insurance Company, (the "Annuity Issuer"). AIG Annuity Insurance Company has a service address of 205 East 10th Avenue Amarillo, TX 79101. 8. On June 16, 2010, Payee executed a "Transfer and Assignment Agreement," (the " Agreement"), a true and correct copy of which is attached hereto as Exhibit "B". The Agreement provides for the assignment of Payee's right and interest in receiving One (1) lump sum payment of $10,000.00 payable on October 2, 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021 to SENECA ONE, LLC (the "Transferee").l ~ Pursuant to Rule 229.2, SENCA ONE, LLC is a Petitioner herein and has attached verification in support thereof. Payee, CURTIS HIPPENSTEEL is a joint petitioner however he is not represented by counsel for the Transferee. Page 2 of 8 7 1 9. The rights to receive the payments described above at paragraph 4, and reflected in Exhibit "A", are exclusive to the Payee, who owns them. He has never pledged, sold, assigned, transferred, or otherwise encumbered the rights to receive these payments. 10. The Transfer Agreement was executed by the Transferee on June 14, 2010. 11. Payee shall retain all right and interest in the remaining payments not assigned. 12. 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 "C". As set forth in further detail in the Affidavit, the purpose of this transaction is to complete home improvements and payoff outstanding debts. 13. Payee is 23 years old, married with one (1) minor child. 14. Payee has been provided, and has acknowledged receipt at least 10 days prior to receipt of the Transfer Agreement, of the "Transfer Disclosure" required by 40 P.S. § 4003 (a)(2), attached and incorporated herein by reference as Exhibit "D". 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 (1) lump sum payment of $10,000.00 payable on October 2, 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021. b. The aggregate amount of the structured settlement payments to be transferred is $96,250.00. 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 $72,911.58. d. The federal discount rate used to determine the discounted present value is 3.4 percent. Page 3 of 8 ~ T e. The gross amount payable to Payee in exchange for the transferred payments is $20,630.66. f. The net amount payable to Payee after deduction of legal fees, costs, expenses and processing fees is $20,630.66. g. The quotient is 28.3%. 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. 15. Based on the net amount that the Payee will receive from this transaction ($20,630.66), 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 24.7% per year. 16. 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 "E". 17. Payee acknowledges that he has been advised to obtain independent professional advice regarding the consequences, implications, and tax effects of the transaction, and has expressly waived such advice as set forth in the "Acknowledgment" attached to this Joint Petition as Exhibit "F" 18. The transfer complies with the requirements of the 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 "G") Page 4 of 8 19. Joint Petitioners, SENECA ONE, LLC and CURTIS HIPPENSTEEL, 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. 20. Payee has seriously contemplated this transaction, and due to his personal circumstances and financial needs, believes that this transfer is in his best interests. 21. 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 Payee's independent determination and professional advice obtained from others, with respect to the advisability and ramifications of the transfer. 22. Pursuant to Cumberland County Local Rule 208.3(a)(2), Payee has had two other matters decided by this Honorable Court, in which previous structured settlement transfers were approved. The first matter was filed at Docket No. 09-3223 (Civil Term), and the final order was filed on June 26, 2009. The second was filed at Docket No. 09-7555, and the final order was entered on December 21, 2009. WHEREFORE, Joint Petitioners, SENECA ONE, LLC and CURTIS HIPPENSTEEL, pray that this Honorable Court grant their Joint Petition to Transfer Structured Settlement Payment Rights. Respectfully submitted, Swartz Ca b L By: Ronald E. Reit Attorney for Joint Petitioner, Seneca One LLC Page 5 of 8 CERTIFICATE OF SERVICE I hereby certify that a true and correct copy of the foregoing JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT~IGHTS was served by certified mail, return-receipt requested, postage pre-paid, on this ~ day of , 2010 on: AIG Annuity Insurance Company f/k/a American General Annuity Insurance Company 205 East 10th Avenue Amarillo, TX 79101 American General Assignment Corporation 205 East 10th Avenue Amarillo, TX 79101 and by regular U.S. mail, postage prepaid to: Simone M. Gremillion, Paralegal Seneca One, LLC 7920 Norfolk Avenue, Suite 300 Bethesda, MD 20814 ("Transferee") Curtis Hippensteel 425 Croghan Drive Carlisle, PA 17013 Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Caleb Hippensteel c/o Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 Swartz a el C By: Ronald E. eitz Attorney for Joint Petitioner, Seneca One LLC VERIFICATION 1, CURTIS I-IIPPF.NS'I'EEE, verify and state that the facts contained in the foregoing 3oint Petition for Approval of a Transfer of Stcvctured Settlement Payment Rights and the exhibits thereto are true and correct to the best of my knowieage, information. and bciie% i [i~ai<c this Verification subject tolls PA. C.S.A. S 440, relating to penalties for uns~vorn falsification to authorities. ~, ,... ~~ C T IP EN. EL Page 7 of 8 VF,RIFICATION I, Rod Boddie, am Corporate Secretary of Seneca One, LLC and I am familiar with the file that Seneca Une, I,LC maintains for CUR7~IS HIPPENSTEEL and I am authorized to make this V"eritication. I ~.~erify and state that the facts contained in the foregoing Joint Petition for :lppro~-a1 of a "I~ransfer of Structtu-ed Settlement Payment Rights by CIRTIS HIPPENSTLEL and the e;~l~ibits thereto are true and correct to the best of my knowledge, information and belief. I make this Verification subject to 18 PA. C.S.A. ~ 4944, relating to penalties for unsworn )alsification to authorities, Roy ~o~~>ir Page 8 oL 8 I T IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS No. HIPPENSTEEL TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS : FINAL ORDER On this day of , 2010, it is ordered that the Joint 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, Seneca One, 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 (1) lump sum payment of $10,000.00 payable on October 2, 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021, to SENECA ONE, LLC. (5) the Settlement Obligor is American General Assignment Corporation, and the Annuity Issuer is American General Annuity Insurance Company n/k/a AIG Annuity Insurance Company. Annuity Issuer shall forward the Assigned Payments to Seneca One, LLC, when due, to 7920 Norfolk Ave., Suite 300, Bethesda, MD 20814 or to such other address as designated by Seneca One, 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 net amount of $20,630.66. BY THE COURT: J. ___ _~I ,~, ~~~-av1.L:+~~~'~i~i As~eriesaG~rr~t~lacsi~ ~~~~ ~ 7~ >:aa tilde Awe ANi~SUI1'Y - T~ ~iltat . r~ t+~o SING~.E P~t3CN~~7M Il~DTAZ`E ~-h13~R3I'I'7it POi,ICY WE WILL PAX income payments as descn'bed is the Payment Schedule ~ page 3 af'this amtuity P~Y• Tha date of the first ~e payment, the.arciount of each ~~ mid ~Y gttarantires afar to be paid are also shown on ttte Payment Schedule. All payer and benefits will be payable subject to the tams of this annuity. The consideration f+~ this annuity policy is the application and the payment in advance of a single premium payment. Sndt single prrtssium payatent must be paid on ar before delivery of this anntuty policy. Restd this policy carefully. Tbls anaaity policy txplaia~ how the atsnnity warp, and is a legal PatliY between the owner and A,merlcan General Annuity Insurance Camgaay. RIGHT TO CANCEL: If. after reading the policy the owner is not satisfied for any reason, rttttm the polity to u4 or arty agent authorized by us within tan days after receiving it. Wt c~nli refund any prtrtitums paid ate the policy will then be void. This is a STNGLB PREMIUM L~DIA'I'E AZ~NUITY. Tncarne payments are payable as stated is the Payment Schedule until all payments guararetced under this policy have been paid.'. Guarantees tntder !Iris policy are shown in the Payment Schedule. SIGNED AT THE HOhriE OFFICE ON THE DATE OF I&SUE. ..s..- c:..,~.~ SECRETARY PRE5R3E'l~iT Far 3nformarion, S:rvice, or to makc a Complaint " Contact your Servicing Age.7t en the 5rrncturec2 Settie:recnt Departm:nt; Aensriean Genera! Annuity Insurareee Company ~~ ~~~L7~+~~~ ?OS Fast 14th Avenue ~d~~ ~•7 Atra~illa, Texas 79101-3545 SI1tiGLE PREMII3Af IiVitiIEI3IATE ANNUITY P{3LICY THIS ANNUITY I5 Nt3N-PARTICIPATING -- DIVIIJENDS AR£ NflT PAYABLE A112(SSA}-99 r r------ AMERICAN ~~r ' ` 5TRUCT`URED BETRFMENT ..G xv~ Afi1NUttY APPUCATlflN ~.. ~. Last ~ tVBddle AJVNUCFA~'1 via Garcia 3~e FAYiB:: ~ iR3.t3ge Str' Carlin ~e FA p1.3 ~ 1 86 57 ~32 ? 3 ~ f 9 - { 8 - 359 Estate +at G~urtis Ise Davia Pdetery Behr SSN Z, Nsnx Last ~ tie PAY'Ef: Addra~ Bid t;Sly Std ~p tbde S+pc i~t,~l Soc3atsecr~-i Oa~6rae7etepha+e: Primary ~1 Seaor~dary ite~5vrahip dOtNt ANNtMAti'f t ' Sffi6e TpCt~de PAYEE, iF AMY: Snx i?ateai` i+hanber wsBaANa: 4. ~rieaa Getiexa2 Assignceettt Corpozatian ~~35-1?23821 t3ilVt'tER OF ~ ~ ~ AIVNtIflY- 9i0i ? mari7.io TR Z0 ant 10th A A ilia Owaaris: O lnd~iduel Q x} to Tmsties PEA!! APPL~iED FWt At0} ;3~tiE>s # PAYS . The sanrn tff S5t~1 fl0 tnatthy i~eginr~tg Oaf 2, Zfl04 ivr t0 years, t~ttairs , The hemp sum payr:~tt of 3118,150 vn October 2, 20013. . The swtt payment of Si i t3,150 on October 2, 2011, The sure pa3yrnent of 5118.3.28 on October 2, 2028. Amamt paid w31s ~ S1. oQ v~aabte Cartsnleratian O t2tecity edd~artet s~ b attached. w+d the erssrdy aPA~ k>< or bs surged tar aay sz~6ng ~ i CrArs-rdly in thEs ar ~r ottr~ Corrrpmry/1 a Yas a Mo ds ~ tears ~ e>rllises t dairrt oontair+in0 Jb~ p~n who ;~h went to r ~~ hi h ~ an ira c w and betel f that ~ shall be pert ot`~ at jis~ed tsy >be l~pi~On is aside ~h ihr h~owledas~sM t ort thin ~ ~ d state to wtdCh the t>wrrer resides st the arsadt is sa~ ~ t the ~ ~ y s ~ ~ a~ tk r,e ai eppicaGon~s~ w ~1 ~ t Sgrsed St Attteziaan Gene al Assigrunent: Corp. ~ x Y3zAG ~, ! ~ ~ ~~~ ~K ~ ~ si~eet~t " .bra ~. __-_ 7920 Norfolk Avenue, Suite 300 • Bethesda • MD • 20814 800-215-2632 • (Fax) 866-419- 0153 TRANSFER AND ASSIGNMENT AGREEMENT This Transfer and Assignment Agreement (this "Agreement"), dated and effective as of June 25, 2010, is being entered into by and between Curtis Nippensteel ("Seller") who currently resides at 425 Croghan Dr, Carlisle, PA 17013-1713 and Seneca One, LLC, a Maryland limited liability company having its principal place of business at 7920 Norfolk Avenue, Suite 300, Bethesda, MD 20814 (hereinafter referred to as "Purchaser"). NOW THEREFORE, for valuable consideration, the receipt of which is hereby acknowledged, the parties agree: At some time in the past, Seller or Seller's predecessor in interest, entered into an agreement in connection with the settlement of a lawsuit or other claim (the "Settlement Agreement"). Seller has told Purchaser that Seller is entitled to receive certain payments due under the Settlement Agreement (hereinafter referred to as the "Settlement Payments"). An entity (the "Settlement Obligor") agreed to make the payments that are due to Seller under the Settlement Agreement. The Settlement Obligor purchased and/or caused to be issued annuity policy no. (the "Annuity"} by American General Life Insurance Company (the "Annuity Issuer"). Pursuant to the terms of the Annuity, the Settlement Payments are to be made to Seller on a fixed schedule. Seller has agreed to assign to Purchaser, Seller's right to receive certain Settlement Payments in exchange for the Purchase Price described below. A. Purchase and Sale. Subject to the terms and conditions herein provided, Purchaser agrees to pay Seller the sum of $20,630.66 "Purchase Price"), and Seller hereby sells and assigns to Purchaser, or its assignee, Seller's right, title and interest in and to One (1) payment in the amount of $10,000 due on or about October 2, 2011; One (1) payment in the amount of $35,750.00 due on or about October 2, 2016; One (1}payment in the amount of $50,500.00 due on or about October 2, 2021. (the "Assigned Payments"). B. Conditions to be Satisfied Prior to Closing. The following must occur prior to Purchaser paying Seller the Purchase Price: (1) Purchaser 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 Purchaser's rights to or interest in the Assigned Payments and/or Purchaser's or its assign's ability to receive the Assigned Payments in their entirety on the dates set forth herein; (2) Purchaser receives anon-appealable court order that (a) directs the Settlement Obligor and Annuity Issuer to make the Assigned Payments to Purchaser, or its assigns; and (b) makes all findings required by applicable state and federal law (the "Court Order"); and (3) the company making the Settlement Payments has acknowledged receipt of the Court Order. Upon completion of the foregoing events, the Purchase Price will be paid to the Seller (the "Closing"). C. Right to Assign. Purchaser may elect to assign this Agreement and/or its right, title, and interest under this Agreement in the Assigned Payments to a third party purchaser (an "Assignee") and may effect such assignment by requesting that the aforesaid Court Order name such Assignee as the recipient of the Assigned Payments. The obligations and rights of Purchaser may be further assigned or otherwise transferred by Purchaser, provided that any assignee is bound by the terms and conditions hereof. The obligations and rights of Seller under this Agreement may not be assigned or otherwise transferred. D. Representations and Warranties of Seller. Seller represents and warrants as follows: (1 }Seller has full power and authority to enter into this Agreement and assign the Assigned Payments to Purchaser; (2) No other person, firm or corporation claims a lien, right, title or interest of any kind in the Assigned Payments; (3) Seller has no lawsuits pending or threatened against Seller and Seller is not subject to any outstanding judgment, levy, claim or offset; (4) Seller has paid all federal, state and local taxes due through and including the date hereof and Seller is not subject to any outstanding tax liens; (5) Seller is not indebted for any child support arrearage or child support lien; (6) Seller has not filed for bankruptcy and does not intend to file for bankruptcy; (7} Seller has reviewed and understands the terms and effects of this Agreement and Seller is competent to enter into this Agreement; (8) Seller has entered into this Agreement under Seller's own free will without undue influence or duress and Seller is not entering into this Agreement under the influence of drugs or alcohol; {9) Purchaser has disclosed to Seller and Seller understands that Purchaser is a wholly owned subsidiary of Seneca One Finance, Inc.; (10) Seller is entering into this Agreement to sell the Assigned Payments to Purchaser, and with respect to the sale of the Assigned Payments to Purchaser, Purchaser has satisfied all its obligations with respect to any guarantee or other promotional offer; and (11) All information contained in the Application for Sale of Structured Settlement Payments is true and correct. If any of these statements becomes untrue prior to the Closing (as defined herein), Seller agrees to notify Purchaser in writing immediately. Seller hereby authorizes Purchaser or its agents or assigns to conduct such credit and other searches as may be necessary in order to confirm the foregoing with the understanding that all such reports and searches will be kept strictly confidential, but may be used by Purchaser, its subsidiaries, affiliates and/or its assigns as necessary to complete the intent of this Agreement. E. This Is Not a Loan. Purchaser and Seller acknowledge and agree that the sale and transfer herein contemplated constitute a sale of the Assigned Payments, and not a loan, conveying good title thereto free and clear of any liens and encumbrances from the Seller to Purchaser. In connection with the rights granted to Purchaser hereunder, Seller hereby grants a security interest in, all of Seller's right, title and interest in and right to receive all of the Assigned Payments to Purchaser, or its assigns, to the extent such grant is permitted under applicable law. In addition, Seller authorizes Purchaser, its subsidiaries, affiliates and/or its assigns to make all filings and to take all other actions that Purchaser and/or its assigns, in its discretion, deems necessary or properto complete the transactions contemplated hereby and to perfect the safe of the Assigned Payments including, without limitation, filing a UCC-1 against the Assigned Payments. F. Events of Default. Seller understands that the following events shall be deemed to a default by Seller under this Agreement: (a} Seller's death; (b) Seller's insolvency or the appointment of a custodian, trustee, liquidator or receiver for Seller or Seller's assets; (c) an assignment for the benefit of Seller's creditors or the filing of a petition under bankruptcy, inso-vency or debtor's relief laws by or against Seller; (d) failure by the Settlement Obligor or Annuity Issuer to make any one or more of the Assigned Payments as a result of any act by Seller, Seller's estate or any of Seller's heirs; (e) Seller's failure to comply with any term or condition set forth in this Agreement; or (f) a representation or warranty made by Seller turns out to be materially false. G. Beneficiaries. Seller acknowledges that Purchaser, or its assigns, is entitled to receive the Assigned Payments - to the exclusion of any beneficiary, heir executor, representative or dependent of Seller -even if Seller is no longer living at the time when the payments come due. Seller shall execute and deliver a separate writing which designates Seller's estate as the beneficiary of the Assigned Payments and shall execute and sign any document, agreement, waiver, beneficiary change, or other document to reflect, evidence, 2 and confirm that Purchaser, or its assigns shall be entitled to receive the Assigned Payments to the exclusion of Seller andlor Seller's heirs, beneficiaries, representatives, dependents, and executors. In the event Seller's death occurs during the course of this transaction, this Agreement is and shall be deemed a "Testamentary Agreement" in which Seller agrees, for all time, to name Purchaser, or its assigns, as the party that will inherit the Assigned Payments. Seller cannot and will not amend, modify, alter or otherwise change the beneficiary designation or this Testamentary Agreement without Purchaser's express prior written consent. H. Adjustment of Purchase Price: Advances: Satisfaction of Judgments. Seller acknowledges and agrees that the Purchase Price may be adjusted, if necessary, by subtracting an amount equal to the sum of (i) all Assigned Payments received by Seller after the date of this Agreement and prior to the Closing; plus (ii) any payments and advances made to Seller or made on behalf of Seller to a third parry at or prior to the Closing. Any advances and payments to third parties by Purchaser shall be made, if at all, in Purchaser's sole and absolute discretion. In the event that any charges, encumbrances, judgments (including, without limitation, any pledges or assignments} liens or other claims against the Seller or the Assigned Payments should arise or be disclosed, then Seller may be required to satisfy these obligations at Closing. Seller agrees that any disbursements required for these satisfactions shall be paid from the Purchase Price prior to any disbursement to Seller. In the event Purchaser elects to disburse some or all of the Purchase Price prior to obtaining all reports identifying charges, encumbrances, judgments, liens or other claims, Seller hereby agrees that Purchaser, or its assignees, may hold back from the disbursement two (2) times the total of such charges, encumbrances, judgments, liens or other claims as reasonably estimated by Purchaser. In such event, Seller will execute any and all documentation reasonably requested by Purchaser to identify the amounts to be withheld and consent to such withholding. I. Waiver of Restrictions on Assignability. Seller acknowledges that Seller's Settlement Agreement may have been entered into prior to the enactment of the Pennsylvania Structured Settlement Protection Act (the "Pennsylvania Transfer Statute"). Accordingly, Seller's Settlement Agreement may contain a provision or provisions restricting or purporting to restrict Seller's right to assign. Seller, on behalf of Seller, and Seller's heirs, beneficiaries, executors, administrators, successors, and legal representatives, hereby waives and releases any such restriction. Furthermore, Seller agrees and covenants that Seller shall not raise, assert or claim any such rights or restrictions against Purchaser in the future. J. Continuing Cooperation. Upon Seller's execution of this Agreement, Purchaser and Seller shall cooperate in commencing a legal action with the appropriate court seeking the court approval required by the Pennsylvania Transfer Statute. Seller agrees to cooperate in taking all actions to facilitate the consummation of the transaction contemplated under this Agreement, including appearing in the contemplated court action as a party thereto. Seller agrees to execute and deliver at any time any additional instruments and documents promptly and to do any acts or things as may be necessary or expedient to effectuate the terms and conditions of this Agreement, including obtaining, providing and filing any court documents necessary to obtain a Court Order approving the assignment contemplated by this Agreement. Seller hereby authorizes Purchaser to correct any typographical errors or to make any ministerial revisions to this Agreement and to any other supporting documents signed by Seller if such revisions are necessary to effectuate the terms and conditions of this Agreement. Seller also agrees to notify Purchaser in writing of any delay in performance or changes to the Assigned Payments, and to famish to Purchaser all information received by Seller regarding the Assigned Payments. Y ~ ~' K. Governing Law; Venue. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Pennsylvania .Disputes under this Agreement, including any claim that the Seller breached this Agreement, shall be determined in and under the laws of the State of Pennsylvania .Any action to enforce any right by either party under this Agreement shall be commenced in Pennsylvania . L. Holdback. Purchaser, or its assigns, shall, in its discretion, withhold an amount from the Purchase Price equal to the amount of the payments to be paid within six months of the Closing, or the amount of the first assigned lump sum payment, until such time as the first payment is received by Purchaser or its assigns. Within five business days after receipt of the first payment, Purchaser, or its assigns, shall release any funds withheld from the Purchase Price to Seller. Purchaser, or its assigns, shall have the right to retain funds sufficient to cover any payments not received. M. General Provisions. (1) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same Agreement; (2) The section headings contained in this Agreement are for reference only and shall not affect in any way the meaning or interpretation of this Agreement; (3) In the event an action is commenced in any forum to enforce the rights of a party to this Agreement, then the prevailing party in such action shall be entitled to all reasonable attorney's fees and costs incurred to the extent permitted by law; (4) This Agreement may be amended or modified, and performance of any covenant or agreement herein contained may be waived or modified only by an instrument signed by the parties hereto. The waiver or modification by a party of performance or of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent or other performance or breach thereof; (5} This Agreement constitutes the entire agreement and understanding of the parties with respect to the mafters and transactions contemplated hereby and supersedes any and all prior agreements and understandings with respect thereto. No representations have been made, or relied upon, by either party except those set forth in this Agreement; (6) Except for notice pursuant to section P, notice shall be deemed to have been duly given three (3) business days after having been mailed by certified or registered mail, return receipt requested, or upon delivery if delivered by a nationally recognized overnight delivery service, such as Federal Express. All notices shall be mailed to the addresses set forth at the beginning of this Agreement. All notices mailed to Purchaser shall be sent to the attention of the Processing Group; (7) Seller acknowledges and agrees that the obligations under this Agreement shall be binding upon Seller, Seller's heirs, personal representatives, transferees, successors, estate and assigns; and (8} If any provision of this Agreement is found to be invalid or unenforceable, the validity or enforceability of any other provision of this Agreement shall not be affected thereby. IV. Special Irrevocable Durable Power of Attorney. Seller hereby grants Purchaser, or its assigns, a Special Irrevocable Durable Power of Attorney with full power of substitution, to actin Seller's name, place and stead regarding the Assigned Payments, including, without limitation, the authority to negotiate, endorse and execute checks, drafts and other instruments in Seller's name, the power to alter, edit and change payment instructions andlor beneficiary designations and any other act it deems necessary to obtain all the benefits of the bargain contemplated by this Agreement. This durable power of attorney shall be coupled with an interest, and shall survive Seller's death, disability, incompetence or incapacity. Seller declares this durable power of attorney to be irrevocable and renounces all right to revoke it or appoint any other person to perform the acts referred to in this provision. O. Independent Advice. Purchaser advises Seller to seek independent professional advice regarding the transaction contemplated by this Agreement. Seller .~ (i) has had the opportunity to receive legal, tax, financial, accounting and/or business or personal advice regarding the transaction contemplated by this Agreement from Seller's own legal, tax, financial accounting and/or other advisors and has either received such advice or has knowingly and voluntarily waived and declined the opportunity to seek such advice; (ii) Seller has not received any financial, accounting, tax, legal, business, or other advice from the Purchaser; (iii) Seller has not relied on any representations or statements made by Purchaser, Purchaser's agents or attorneys in connection with this transaction of the tax consequences hereof and (iv) Seller has relied solely upon the advice of Seller's own financial, tax, legal, business and other advisors in entering into this Agreement. Seller further acknowledges that Seller is fully aware of the economic consequences of the transaction contemplated by this Agreement. This is an important financial transaction and Seller should consult with his/her own advisors regarding said transaction. P. Servicing Arrangement. In the event Seller is selling less than the entire amount of any individual Settlement Payment, the Settlement Obligor, the Annuity Issuer or the Court may require, or it may otherwise be necessary or convenient, that Purchaser, or its assigns, receive the entire Settlement Payment and assume the obligation to remit any unassigned portion of such Settlement Payment to Seller. Should such a situation arise, Seller authorizes and directs Purchaser, or its assigns, to receive the entirety of each Settlement Payment affected, and remit the unassigned portion of each such Settlement Payment to Seller (the "Servicing Arrangement"). Seller acknowledges, understands and agrees that (1) the Servicing Arrangement may reduce the financability or assignability of the unassigned portion of any affected Settlement Payment; (2) Purchaser has paid Seller fair and adequate consideration for the Assigned Payments, including the negative impact, if any, that the Servicing Arrangement may have upon the financability or future assignability of the unassigned portions of Settlement Payments of which the Assigned Payments are a part; (3) it shall be Seller's sole and exclusive responsibility to notify Purchaser, or its assigns, by written notice, of the address to which the unassigned portion of the Settlement Payments is to be fon+varded; (4) with respect to any unassigned portion of any Settlement Payment affected by the Servicing Arrangement, Purchaser's, or its assign's, obligations and liability under the Servicing Arrangement shall be satisfied upon deposit of a check in the amount of the unassigned portion of such Settlement Payment in the United States Mail, UPS, FedEx or similar overnight delivery service, postage or fee prepaid, addressed to the last known address for Seller; and (5) the Servicing Arrangement will result in a delay in Seller's receipt of the unassigned portion of the Settlement Payments affected by the Servicing Arrangement. [Signatures and Acknowledgment on Following Page] r a v i~ WITNESS ~V~i~~E~F. the cartir=s have caused #h;s :~craesne~t t;, ~e execu#e~ ~y iher dt:Ey a>,,thcrized represe^ta#ives effective as c the ~~#e ~:st ses tc.~h ago;'e. Sri ` ~_~~. .. ~ ;~,.~f / (SAL; C~~,~,u; ~i ,ip, en..te T°,e foregcl~g ,=,free^,e~t, ar:~,s{~acL;fi:,~~N the ScErCi;~': ;-rt~~oc~b;o C~:r~u~e Y~Toveyr o Attor-~ey in ,d~'rpVl Sf Jf~ ~.~ YJBS GL ~)~;0:'I~IeQ ~C~d aP.fare rnG t"SiS ~ r~GS~ 7~ JEI ~', L~{'~i.1i ~~~ ~:.}i 4i,7 ~)~~'~:r: sf:: ~~ ~~~v is personally ~r?cv.~n tc me or has rroduced ~, C _.~. !t~~;~e of ~~e=:#fc~iso;;; ~s ident,;ficatior, and who cic #ake an oati~. COMMONWEALTH OF PENNSYLVANIk `~"~P 024'"@)~~'~ ~~ Notarial Seal ! ;j;%""~ Usa A Secy. Notary Public City Of Herrisbury, Dauphin County "": ` "'~'"' ) I My Commiss7on Expires July 2a, 20t ~ ~----''~~, Member, Pennsylvania Associatign of Ngtarles ~ ,.,~ ~,,~ I~.`y Car~missoc: Exp~r ~s: %,~.{'~ ~ j J R C ~>~;;'~ R;~' J ~ ~ Seneca e. 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S'ult; ,!a ~.~ ~?SS:'i <3!21i'1;.~.].i C':`'~~1C ;"r:]i:iilT:'.Ci Si.#tit.'.iT].',Ttt it:i) " N::fj . ~ C tiff: T]Ct l':=f(t:~ Se:,'~': ?l1r :n'eresrs: ~ tl?iut:ti C? `<SC :1(.)I?b"y1!"?L•i~C~%:?~(?, '~~ ,~~ ` ~ •°.t t'S r~ ~1i)m~.~t7^iC ,~];.):,•~~eir~,7.s_ ~< <•~•e. as €o i.•a~, o~ ~e,~; :~f ~'Ci;l S•C('i. T~1' (.T'F]ll$lCi `~A iii ';' F' ? ^ ? ~ ~:5:., is ~~~ i7 1 ~. 'GC. C t.F :' CG?>a, c ::Ci?JiG}?'C, . ~:E.eaTt':` `~ L' tlc~']1U` :it~!':l' C-rCt?1:7?"r.1'i~ :I`1C: <lt7iC?i1 t 7TESi:1i3~' ^v'>z.'(`C:: ~::,1(, ~rC`.~11.f1i' `13~iC?il.~•.i {I'.S''.',C 11 ~. F~ .~ ,.X411 i:~ iLrC~ f3{~:1 .?~-C. ~i;t 1, i,1(~; .. . ~ .. .. ~ r u t ~' 2f1'~d~h € 34,~~3 j ;C,"i'S 't}lui Iil~ ):~li~.i:?L~ ~5 ;?l:lC~Z if3 :~liS _."`'i:i~~'11cti: iE'il~ c~t.C.~ C4:•':•'CG'•.. i LZ ~,L'r~l,tlll ii't :~ tiji Si; Si[tt~~':vi vi:; mµ ~ : 'v ~ F, t ~ :ts ~e. ~t:-e cie Puri Cf to t_ pe~:.!::es c~: ~r..~;.~.~<i~til.2 E'c'.f^rf:':1i~ ti? 11,'?S~S'OT71 '~a:~;'f?~~,:Lt:il ... ~~[Lli}i0;i;'9~.j. i l i;_ ~ ~~~ ~~ .: .. ,_.. ...,..v..:„, ®ISCLOSURE STATEMENT This Disclosure Statement is being provided by Seneca One, LLC ("Purchaser") to Curtis Hippensteel ("Seller") in connection with Seller's agreement to transfer and assign to Purchaser certain structured settlement payment rights due to Seller. This Disclosure Statement is being provided pursuant to Pennsylvania law. 1. Schedule of Payments Transferred: Seller is transferring all of Seller's right, title and interest in the following payments to Purchaser: One (1) payment in the amount of $10,000 due on or about October ?_, 2011; One (1) payment in the amount of $35,750.00 due on or about October 2, 2016; One (1) payment in the amount of $50,500.00 due on or about October 2, 2021. 2. Aacaregate Amount of Payments Transferred: $96,250.00 3. Gross Amount to Seller: $20,630.66 ~, 4. Transfer Expenses: Seller will be responsible for the following commissions, fees, expenses, and charges in connection wi#h the closing of this transaction: None $0.00 5. Net Amount to Seller: $20,630.66 Seller understands that Seller will receive the Net Advance Amount less (i) any advances made to Seller or on Seller's behalf by Purchaser; and (ii) any amounts necessary to satisfy any outstanding liens, judgments, and credit-based obligations, pursuant to the terms of the transfer agreement. 6. ®iscounted Present Value of the Transferred Payments: The calculation of current value of the transferred structured settlement payments is $72,911.58 using the applicable federal rate of 3.400%. 7. uotient: $20,630.66 _ $72,911.58 = 28.300% Net Amount Payable divided by the Present i=air IVlarket Value 8. Penalty in the Event of Breach of Contract: The amount of any penalty or liquidated damages, payable to Purchaser by Seller in the event the transfer agreement is breached by Seller shall be ZERO dollars ($0.00). '~ 4 ' 9. Independent Professional Advice: You are advised to seek independent professional advice regarding the transfer. 10. Acknowledgment of ®isclosure Statement: Seller acknowledges that this disclosure statement was provided at least ten days prior to becoming obligated under a transfer agreement. [Signature on Following Page) ~, i, Curtis @~i~per~steei = eekr~o~ie~€~e ~~ ~~rr~irr~t that i h~~e reed this ~isclc~s~are ~~~terr~et~t ~~~ u~~erst~€~d ~~ tr~~s~etia~r~ ~~d beiieve that the terms v~ the tre~s~~ti~ ire t~ir ~~€~ teas®r~~b~e er~d~t th tr ~~ti~~ is i~ ~y best i,~terest. ~~is 1~' P steed ~ ~. IMP~~~'~~~' ~~~i~E: ~~~ ~r~ str~~gi~ ~r~~~ t~ ~t~r~s~it kith ~~ ~ttc~r~~~ ~h® ~~~ ~~i~is~ ~~~ ~~ the p~t~€~ti~i t~z ~~~s~q~~~~~s ~~ this tr~~s~~tie~s~. ,~r'' ~~v ..~ r.,. ur~~s ~ Est ~i ~~ ,~ ~rd I gr gg A{ ~+~y y~&p q ~~yy ss ,~1~r.~Al1~~~R..~~~tYi~€Y~ ~~ ~~'V~~,~Sw~~idEt~,~i~ ~dkJ~FL~r~ (, %L'ri5 "i1p~2f1SiSC~ , Ce=ie' UilCq~i i~'di Cef:B?n ~'t3rSfi$~' 2> µ mss=~r;n~ent ,a~ree:ref~* ~3c~f~ cr} f3i' cc}30U'~ .une 2~, ~C1 ~ t~(he "~ra~s=pf A~feement"} herebtf ac~;~cvb~[e~~e, eos:firf?~, ar~~ 2~?aa €hatjSe~eca ~~e. ~._G has awise~ me, in ~~riting, ~te seek ~^~apen~an ~;•=uesssara acv?ems ~f<o~ ar a~ofr:~u, earl ~e~ pubic aCCVil~ti:11~. 2C1i7~'y, or v'hwr 1CG~15E'.~ 3~`'+.~~Se" f$C~o?'CjI:Z~ `•?":~ tr8nS8C:30r ~BSCifi~ef~ ?FI ~'° Tra~isfer Ag~ser:^ert. (a..xrorrl2cigs :hat ~Ch~cx one and snsert nan7P. a~~ress anu t.,iepi~Cr., .tum~e. ofi a~tti~er, ifi aap':icabe;: j hat,~a rF:re{tvg~ Si1C' ~fCf~55lGn8± 2u~1%~ aiG"~' GEBcS~' i37CiU~.'~. SatBiY;v°f:~ Sigi?8~~ lfi? v`i SB,' ~1 wi)it'C:+~fi~ f~-il~.i~12c~,• ~_ 1 ":~v? krlC:N1'3vIL' c nd 'Ji1~i,t%~r~'IiV v~ClCar.'u '"v' `C Sped: c~:'Y pfG~e5SiC"1u~~ aGVtCe f~~~r©I,"~ i, fiansaciior; vdith ~eneCG ~^P, ~L4 1, ~f .-~ -'" .~ ~~ i i i i i i I i I I ~fS ~cppe^$~@E * 4 , IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS No. HIPPENSTEEL TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS CERTIFICATION OF COUNSEL Ronald E. Reitz, attorney for Seneca One, LLC, hereby sets forth the following: 1. I, Ronald E. Reitz, am counsel of record in this matter for Seneca One, LLC. 2. Based on materials provided to me by Seneca One, LLC, and upon reasonable investigation and inquiry, 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. i Ronald E. Reitz ,y ~ ,~' JUL 0 ~ 2010 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS No, /O _ ~yyq G~~,- `~ -~~,~ HIPPENSTEEL TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS INITIAL ORDER OF COURT On this ~~ay of , 2010, it is ordered that a hearing on this Petition to ~01~~ Transfer Structured Settlement Payment Rights will be held on ~ , in M- Courtroom ~_ at ;O ~ 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. ~ ~~,a ld F. ~~ `~ z, ~~p . O BY THE COURT: - _, J. n ~' ~- c= ~, •. T!'-'~~.. piles #-y ~~ C? W ~'', c` r,. ,,,- __ -„ i -. s s. _-i; c= C) .-~ ~ ~Py ~a.'~~ 7/,3/,~ ,~~ ' r 1 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS HIPPENSTEEL TO TRANSFER No. 10-4449 Civil Term STRUCTURED SETTLEMENT PAYMENT RIGHTS NOTICE OF HEARING ON JOINT PETITION•TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS To: American General Assignment Corporation 205 East 10th Ave. Amarillo, TX 79101 ("Settlement Obligor") Western National Life Insurance Company f/k/a AIG Annuity Insurance Company 205 East 10th Ave. Amarillo, TX 79101 ("Annuity Issuer") Simone M. Gremillion, Seneca One, LLC 7920 Norfolk Avenue, Bethesda, MD 20814 ("Transferee") Paralegal Suite 300 Curtis Hippensteel 425 Croghan Drive Carlisle, PA 17013 ("Payee") Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Caleb Hippensteel c/o Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 C7 0 ~; c~ ~ _ ,, ~ ~ ! ' ' ~ ~ t _ -tr ,~ ,-- ~` =< r.°° ~ • a Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 You are hereby given notice that Seneca One, LLC and Curtis Hippensteel have filed a joint petition to transfer structured settlement payment rights. A hearing in this matter has been scheduled on Thursday, August 26, 2010 at 9:00 a.m. before Hon. M. L. Ebert, Jr., Courtroom 2, Cumberland County Courthouse, One Courthouse Square, Carlisle, PA 17013. A copy of the Initial Order of Court is attached hereto as Exhibit "A". 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. Pursuant to 40 P.S. ~4003(a)(6), the Transferee's name, address, and taxpayer identification are: Seneca One, LLC 7920 Norfolk Avenue, Suite 300 Bethesda, MD 20814 Taxpay I.D. No.: 20-0426098. - i o Y~~- ~~ Seneca One, LLC Date c/o Ronald E. Reitz Swartz Campbell LLC 600 Grant Street 4750 U.S. Steel Tower Pittsburgh, PA 15219 (412) 232-9800 JUL~ 0~~ 2010 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION 1N RE: JOINT PETITION OF SENECA ONE, LLC AND CURTIS No: f p . y yyq cU-.---°~ -t~~ HIPPENSTEEL TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS ,:1 INITIAL ORDER OF COURT On this ~~ay of , 2010, it is ordered that a hearing on this Petition to ~~Z1J/~ Transfer Structured Settlement Payment Rights will be held on in ~- Courtroom oZ at ;O ~ 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. ' P C~ ~ lµ, ~,~ ; G _ t's~ {~-~ C;, ~~ .."' W C.~ c t .. .Z ~ =~ ~ ~ r'C~ Ct CERTIFICATE OF SERVICE I hereby certify that a true and correct copy of this NOTICE OF HEARING ON JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS has been served by certified ~il, return-receipt requested, postage pre-paid, on this ~ day of July, 2010, on: American General Assignment Corporation 205 East 10th Avenue Amarillo, TX 79101 ("Settlement Obligor") Western National Life Insurance Company f/k/a AIG Annuity Insurance Company 205 East 10th Avenue Amarillo, TX 79101 ("Annuity Issuer") and by regular U.S. mail, postage prepaid to: Simone M. Gremillion, Paralegal Seneca One, LLC 7920 Norfolk Avenue, Suite 300 Bethesda, MD 20814 ("Transferee") Curtis Hippensteel 425 Croghan Drive Carlisle, PA 17013 Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Caleb Hippensteel c/o Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 Swartz p LLC By: onald itz Attorney for Transferee AUG 2 6 2010 2 IN TIIE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: JOINT PETITION OF SENECA CIVIL DIVISION ONE, LLC AND CURTIS HIPPENSTEEL TO TRANSFER No. 10-4449 Civil Term STRUCTURED SETTLEMENT PAYMENT RIGHTS ORDER OF COURT AND NOW, this ?&"Iay of 4f"140 10, it is hereby ORDERED, ADJUDGED and DECREED that the hearing in this matter is rescheduled for*. 2010 at _' -50 m. Transferee shall serve notice on all parties. BY THE COURT: m f r? Honorable M. L. Ebert, J . C: r'v !Dm 3° IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: AMENDED JOINT PETITION OF SETTLEMENT FUNDING, LLC J/b/a PEACHTREE SETTLEMENT FUNDING, CIVIL DIVISION No. 10-4449 Civil Term And CURTIS HIPPENSTEEL, TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS AMENDED JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS C. Joint Petitioners, Settlement Funding, LLC d/b/a Peachtree Settlement Funding, and CURTIS I TIPPENSTEEL. hereby submit the following Amended Joint Petition to Transfer Structured Settlement Payment Rights pursuant to, and in compliance with, the Structured Settlement Protection Act, 40 P.S. §§ 4001-4009 ("the Act"), and Pa.R.C.P. 229.2, and in support state as follows: This matter involves a proposed transfer of structured settlement payment rights by Curtis Hippensteel, the Payee herein. Mr. Hippensteel is a joint petitioner in the original petition filed with this Court on or about July 6, 2010, involving him and Transferee, Seneca One. LLC. 2. The within Amended Joint Petition is filed for the purpose of changing the Transferee from Seneca One, LLC, to Settlement Funding, LLC d/b/a Peachtree Settlement Funding. following Mr. Hippensteel's execution of new contract documents with Settlement Funding, LLC. The previous Transferee, Seneca One, LLC, will assist in facilitating the transaction in the capacity of a broker, only. i 3. Joint Petitioner and "Transferee" 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. 4. Joint Petitioner, and "Payee", CURTIS HIPPENSTEEL, is an adult individual whose date of birth is October 2, 1986 and who resides at 425 Croghan Drive Carlisle. Cumberland County, Pennsylvania 17013. 5. 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. 6. As the result of a wrongful death lawsuit, Payee is entitled to receive 120 monthly payments of $500.00 beginning on October 2, 2004 and guaranteed for 10 years; a lwnp sum payment of $118,150.00 payable on October 2, 2008; $118,150.00 payable on October 2. 2011; a lump sum payment of $118,150.00 payable on October 2, 2016; a lump sum payment of $118,150.00 payable on October 2, 2021; and a lump sum payment of $118,150.00 payable on October 2, 2026, which payments are reflected in the "Settlement Agreement Affidavit" attached hereto as Exhibit "A". 7. By operation of a Uniform Qualified Assignment, the obligation to make these payments is held by American General Assignment Corporation (the Structured "Settlement Obligor") as defined by 40 P.S. § 4002. American General Assignment Corporation has a service address of 205 East 10th Avenue Amarillo, TX 79101. ' The new contract is nearly identical to the Seneca One transaction reflected in the original petition, with the exception ol'minor differences in the quotient, and discounted present value. Page 2 of 6 8. The obligation was funded through the issuance of an annuity by Western National Life Insurance Company f%k/a AIG Annuity Insurance Company, (the "Annuity Issuer'). Western National Life Insurance Company f/k/a AIG Annuity Insurance Company has a service address of 205 East 10th Avenue, Amarillo, TX 79101. 9. On August 1, 2010, Payee executed an "Absolute Assignment Agreement," (the " Agreement"), a true and correct copy of which is attached hereto as Exhibit "B". The Agreement provides for the assignment of Payee's right and interest in receiving One (1) 1 ump sum payment of $10,000.00 payable on October 2. 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021 to Settlement Funding, LLC (the "Transferee") 10 The rights to receive the payments described above at paragraph 6, and reflected in Exhibit ``A", are exclusive to the Payee, who owns them. He has never pledged, sold, assigned, transferred, or otherwise encumbered the rights to receive these payments. 11. The Transfer Agreement was executed by the Transferee on August 1, 2010. I 2. Payee shall retain all right and interest in the remaining payments not assigned. 13. Payee has completed the "Payee's Affidavit in Support of Petition" required by Rule 229.x2. a copy of which is attached hereto as Exhibit "C". As set forth in further detail in the Affidavit, the purpose of this transaction is to complete home improvements and payoff outstanding debts. 14. Payee is 23 years old, married with one (1) minor child. 15. Payee has been provided, and has acknowledged receipt at least 10 days prior to receipt of the Transfer Agreement, of the "Transfer Disclosure" required by 40 P.S. § 4003 Page 3 of 6 (a)(2). attached and incorporated herein by reference as Exhibit ``D". 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 (1) lump sum payment of $10,000.00 payable on October 2, 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021. b. The aggregate amount of the structured settlement payments to be transferred is $96,250.00. 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 $74,031.47. d. The federal discount rate used to determine the discounted present value is 3.2 percent. e. The gross amount payable to Payee in exchange for the transferred payments is $20,630.66. L The net amount payable to Payee after deduction of legal fees, costs, expenses and processing fees is $20,630.66. g. The quotient is 27.87%. 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. 16. Based on the net amount that the Payee will receive from this transaction ($20,630.66), 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 24.27'% per year. 17. Payee has been provided, and has acknowledged receipt. at least 10 days prior to receipt of the 1"ransfer Agreement, of the written "Notice" in bold print 12-point type as Page 4 o* 6 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 "E". 18. Payee acknowledges that he has been advised to obtain independent legal advice regarding the consequences, implications, and tax effects of the transaction, and has expressly waived such advice as set forth in the "Acknowledgment" attached to this Joint Petition as Exhibit -F- 19. The transfer complies with the requirements of the 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 "G") 20. Joint Petitioners, Settlement Funding, L,LC and CURTIS HIPPENSTEEL, 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. 21. Payee has seriously contemplated this transaction, and due to his personal circumstances and financial needs, believes that this transfer is in his best interests. 22. 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 Payee's independent determination and professional advice obtained from others, with respect to the advisability and ramifications of the transfer. 2 Pursuant to Cumberland County Local Rule 208.3(a)(2), Payee has had two other matters decided by this Honorable Court, in which previous structured settlement Page 5 of 6 transfers were approved. The first matter was filed at Docket No. 09-3223 (Civil Term), and the final order was filed on June 26, 2009. The second was filed at Docket No. 09-7555, and the final order was entered on December 21, 2009. WHEREFORE, Joint Petitioners, Settlement Funding, LLC d/b/a Peachtree Settlement Funding, and CURTIS HIPPENSTEEL, pray that this Honorable Court grant their Joint Petition to Transfer Structured Settlement Payment Rights. By: Respectfull,yIsubmitted, Swartz. CaCtlhN/CUA Ronald E. Reik. Swartz Campbell LLC 4750 U.S. Steel Tower 600 Grant St. Pittsburgh, PA 15219 Page 6 of 6 CERTIFICATE OF SERVICE 1 hereby certify that a true and correct copy of the foregoing AMENDED JOINT PI 'FITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS was served by certified mail, return-receipt requested, postage pre-paid. on this day of September. 2010 on: American General Assignment Corporation 205 East 10th Avenue Amarillo, TX 79101 ("Settlement Obligor'') Western National Life Insurance Company Fk/a AIG Annuity Insurance Company 205 East 10th Avenue Amarillo, TX 79101 ("Payee") and by regular U.S. mail, postage prepaid to: Simone M. Gremillion, Paralegal Seneca One, LLC 7920 Norfolk Avenue. Suite 300 Bethesda, MD 20814 ("Transferee") Curtis Hippensteel 425 Croghan Drive Carlisle, PA 17013 Dana Hippensteel 425 Croghan Drive Carlisle. PA 17013 Caleb Hippensteel c/o Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 Swartz a L By: - - - Ronald E. Reitz Attorney for Joint Petitioner/Transferee, Settlement Funding, LLC r VERIFICATION I, 1<:urt Moody, In-House Counsel for Settlement Funding, LLC d/b/a Peachtree Settlement Funding, have read the foregoing Amended Joint 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. Da : September 3, 2010 Kurt Moody, Esq. IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: AMENDED JOINT PETITION OF SETTLEMENT FUNDING, LLC d/b/a PEACHTREE SETTLEMENT No. 10-4449 Civil Term FUNDING, And CURTIS HIPPENSTEEL, TO TRANSFER STRUCTURED SETTLEMENT PAYMENT Rl(il iTS FINAL ORDER On this day of , 2010, it is ordered that the Amended Joint 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 (1) lump sum payment of $10,000.00 payable on October 2, 2011; One (1) lump sum payment of $35.750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021. to Settlement Funding, LLC. (5) the Settlement Obligor is American General Assignment. Corporation, and the Annuity Issuer is Western National Life Insurance Company fWa AIG Annuity Insurance Company. Annuity Issuer shall forward the Assigned Payments to Settlement Funding, LLC, when due. to P.O. Box 1 16476, 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 net amount of $20,630.66. BY THE COURT: J. SETTLEMENT AGREEMENT AFFIDAVIT I, Curtis L. Hippensteel a/k/a Curtis Lee Davis alkla Curtis Davis, being duly sworn according to law upon my oath depose and say: 1. My current address is: 425 Croghan Dr, Carlisle, PA 17013-1713, 2. My social security number is: 057787369 3. The annuity policy number 404,599 which is owned by American General Assignment Corporation, and is issued by Western National Life Insurance Company flk/a AIG Annuity Insurance Company authorizes me to receive the following payments. 120 monthly payments each in the amount of $500.00 commencing on October 2, 2004 through and including September 2, 2014. Lump sum payments as follows. $118,150.00 due on October 2, 2011; $118,150.00 due on October 2, 2016; $118,150.00 due on October 2, 2021; and $118,903.26 due on October 2, 2026. 4. 1 am assigning the following payments to Settlement Funding, [-.L.C.: Lump sum payments as follows: $10,000.00 due on or about October 2, 2011; $35,750.00 due on or about October 2, 2016; and $50,500.00 due on or about October 2, 2021. 5. 1 am entitled to these payments, under policy number 404,599, pursuant to a tort action and they are not a result of a Worker's, Compensation claim. 6. The owner, American General Assignment.Corporation of the above referenced policy has not responded to my request for a copy of the Release and Settlement. 7. 1 am not in possession of a copy of the Release and Settlement Agreement. 9b/sT 39vd PGCTHZLTL 99:t0 800Z/To/le 8. I HEREBY CERTIFY THAT THE FOREGOING STATEMENTS MADE BY ME ARE TRUE. I AM AWARE THAT IF ANY OF THE FOREGOING STATEMENTS MADg BY ME ARE FALSE, I AM SUBJECTTO PUNISHMENT. Curt L. Hippensteel al a Curtis Lee avis alk/a Curtis Davis STATE OF 6 COUNTY OR CITY OF C( Qum On the day of. , in -the year -4c;,, before me, the undersigned, personally appeared Cu L. Hippensteel, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. -? i N ary My Commission expires on COMMONWEAL. rh OF ; NN$YLVANIA Notarial Sea! Usa A $aay, Notary Public CAY Of HOMbuxg, bauphin CWnry i My COm17 Mion E)irm My 24, 2091 ; Member. PennE.OwwiR Astne;l?rlan of Nitarles EV1.191 39yd dIHJ 3f1-i3 VSCI-C7Z_Jz 95:TO 89©Z/Z8/10 ABSOLUTE ASSIGNMENT AGREEMENT (THE "AGREEMENT") July 31, 2010 I, Curtis L. Hippensteel a/k/a Curtis Lee Davis a/kla Curtis Davis, ("I", "Me" or "Assignor") residing at 425 Croghan Dr Carlisle, PA 17013-1713 am entitled to 120 monthly payments each in the amount of $500.00 commencing on October 2, 2004 through and including September 2, 2014. Lump sum payments as follows: $118,150.00 due on October 2, 2011; $118,150.00 due on October 2, 2016; $118,150.00 due on October 2, 2021; and $118,903.26 due on October 2, 2026. (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 dated March 26, 2001 (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 Western National Life Insurance Company flk/a AIG Annuity Insurance Company (the "Annuity Issuer") bearing annuity contract number 404,599. 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: Lump sum payments as follows: $10,000.00 due on or about October 2, 2011; $35,750.00 due on or about October 2, 2016 and $50,500.00 due on or about October 2, 2021 (the "Assigned Payments"); and in consideration for tNs assignment, Assignee shall pay to me the sum of., $20,630.66 (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. I 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 3. Assignee shall have received final financing approval from applicable funding source(s). EX IT CV/60 3n 7d dI b56IZ8Zt"?L y? ?0 800Z/Z0/Z0 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 performance of my obligations under Paragraph 8 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 identity 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 oreach 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 Attorney-in-Fact 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 Eb;'b0 ??Hd dIHJ 3n-is V9CTZ8ZLT1' 95:Z0 800Z/T0/Z0 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 re(.elpt of such amount(s). L 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 orjf 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. T 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 deerns 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 d in par! materia herewith. In witness whereof I hereunto set my hand. - A X A ?r?-.??c.?s Cu is L ippens el a/k a urtis Lee Davis a/k/a Curtis Davis STATE OF L COUNTY OR CITY OF On the day of in the year before me, the undersigned, personally appeared Curtis L. Hippensteel, person Ily 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 capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(:) acted, exece•)nstrument, Notary My Commission expires on PLEASE DO NOT SIGN THIS 90CUMENT UNTIL 07/3112010 Accepted Settlement Funding, I.I.C. Title: Date: COMMONWEALTH O!= PENNSYLVANIA NObriai Sri Lisa A. Seay, Notary Public QY Of Harrisburg, Oau^ County MY Corrrndsdan ErOres July 24, 209 7 Member, Penn sylvanl? AssnC RUon .ar n?ocar+ee ct7/SLR 39Hd dIHO 3n-is VSETZUL'" L 95:T0 800Z/T0/T0 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, Curtis L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis, the payee, verify that the statements below are true and correct: 1. Payee's name, address and age: Curtis L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis residing at 425 Croghan Drive, Carlisle, PA 17013-1713 and I am 23 years old. 2. !Marital Status: Never Married; X Married, Separated; Divorced If married or separated, name of spouse: Dana Hippensteel. 3. Minor children and other dependents: Names, ages, and places of residence: Caleb Greenaway, age 57 and he lives with me at the above address. 4. Incoule: (a) Payee's monthly income and sources: I work as a machine operator for Land O'Lakes where I eam $2,500.00 per month. I will also continue to receive structured settlement payments of $500.00 per month through September 2. 2014. In addition, I will receive lump sum payments of $40,000.00 due on October 2, 2011, $4,250.00 8b/9k 39Vd d EK:1 b98TZM-TZ 9S:TO 8903/T9/TO due on October 2, 2016, $19,500.00 due on October 2, 2021 and $118,903.26 due on October 2, 2026. If presently married, spouse's monthly income and sources: My wife, Dana Hippensteel, is a stay-at-home mother. 5. Child support, alimony or alimony pendente lite: 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? X_ Yes 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: In the Court of Common Tease of Cumberland County, Pennsylvania, In Re: Petition of Settlement Funding, LLC d/b/a Peachtree Settlement Funding to Transfer Structured Settlement Payment Rights (Payee, Curtis L. Hippensteel), Civil Term, No. 093223. The Court approved this transfer. In the Court of Common Please of Cumberland County, Pennsylvania, In Re: Petition of Settlement Funding, LLC d/b/a Peachtree Settlement Funding to Transfer Structured Settlement Payment Rights (Payee, Curtis (,. Hippensteel), Civil Term, No. 097555, The Court approved this transfer. £b/L0 3J7d dIHJ 3n-is pscTZBZLTL 9G:T0 8907,/T0/10 (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: The transfbree was Settlement Funding, LLC and the payments involved were lump sum payments of $43,150.00 due on or about October 2, 2011 and $43,150.00 due on or about October 2, 2016. The transferee was Settlement Funding, LLC and the payments involved were lump sum payments of $25,000.00 due on or about October 2, 201, $35,000.00 due on or about October 2, 2016 and $48,150.00 due on or about October 2, 2021. (ii) State the amount of money and the manmer in which the money was used: For the first transfer, I received $36,394.00, which I used to buy a car for my wife and to repay a personal loan. Por the second transfer, I received $27,508.00, which I used to buy a new car, make house improvements and fund an emergency savings account. (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 intend to use the proceeds to make house upgrades and pay down debt. i first plan to use $6,000.00 of the proceeds to make house renovations. Then, in order to get a handle on my finances, I will use the remaining proceeds of $14,885.00 to pay off the below-listed debts. The sale of a lesser amount will not be enough to accomplish the above goals. 8b/80 3r)Vj JIHJ 3n-is GSETZEZZTL 95:T0 800Z/T0/T0 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: Debi; Creditor Amount: Owed loan Credit card Credit card Credit card Credit card :Bank of America - Bank of America WFNN - Chase Bank Lowes $8,000.00 ?}$ ,400,00 _ $1,100.00 _ S7S.0U __ 310.0U_ _ _ EV/60 39yd dIHJ 3rrns VSELZM- TL 9S:Le aeOZ/tie/ie 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: 1 Curtis L. i pensteel aWa Curtis Lee Davis aWa Curtis Davis CV/OT 397d dIHO 3ma PSETZEZLTL 9S:T0 8002/T0/10 PENNSYLVANIA TRANSFER DISCLOSURE Payee: Curtis L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis; resident of: PA A. Amounts and due dates of the structured settlement payments to be transferred: Lump sum payments as follows: $10,000.00 due on or about October 2, 2011; $35,750.00 due on or about October 2, 2016; and $50,500.00 due on or about October 2, 2021. B. Aggregate amount of such payments:. $96,250.00 C. (1) Discounted present value of such payments: $74,031.47 (2) The discount rate used in determining such discounted present value: 3.20 percent as of June 17, 2010. D. Gross amount payable to the Payee in exchange for such payments: $20,630.66 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: WAIVED; Processing Fee: WAIVED F. Net amount payable to Payee after deduction of all commissions, fees, costs, expenses and charges described above: $20,630.66 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: 27.87% 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 1. 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: Western National Life Insurance Company f/k/a AIG Annuity Insurance Company - $50000 1 U HIBIT Sti/ TE 3r'"? ? psi t???c c? ?? ? ie 89flZf tifl/Tfl 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: * c c? By signing below you are confirming that you' received a copy of this disclosure at least 10 days prior to executing your transfer agreement. r Date urtis L. Mippenst el a/k/a Curtis Lee Davis alk/a Curtis Davis 9.b!Z9 39hd dIHO 3(lig bSEiZEZLI:L 95:ti8 8©0Z/Z0/Z0 NOTICE (PA1 Payee: Curtis L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis 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. i urti L. Hippens el a/k/a Curtis Lee Davis a/k/a Curtis Davis Date Eb/8E 39vd EXHIBIT -f- b58TZ8ZLI1-L 9S:T0 8002/T9/TB ACKNOWLEDGEMENT (PA) Payee: Curtis L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis (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) urt" L. Hippensteel a/k/a Curtis Lee Davis a/k/a Curtis Davis ?-? A-*- C A., Date Isrr E ocH b9ETZE3LTG 95:T0 800Z/T0/T0 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: AMENDED JOINT PETITION OF SETTLEMENT FUNDING, LLC d/b/a PEACHTREE SETTLEMENT FUNDING, CIVIL DIVISION No. 10-4449 Civil Term And CURTIS HIPPENSTEEL, TO TRANSFER STRUCTURED SF-1TLEMENT PAYMENT RIGHTS 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, LLC d/b/a Peachtree Settlement Funding, and upon reasonable investigation and inquiry, 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 anv 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. 9-- -- RonalkE...z D TN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNT`', PENNSYLVANIA IN RE: AMENDED JOINT PETITION OF SETTLEMENT FUNDING, LLC d/b/a PEACHTREE SETTLEMENT FUNDING, And CURTIS HIPPENSTEEL, TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS No. 1.0-4-449 Civil 'Srrrf `n K [nM ?:n ril C? : -y SUPPLEMENTAL NOTICE OF HEARING ON AMENDED JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS To: A-merican General Assignment Corporation 20`, East 10th Ave. Amarillo, TX 79101 ("Settlement Obligor") Western National Life Insurance Company f/k/a AIG Annuity Insurance Company 20'> East 10th Ave. Amarillo, TX 79101 ("Annuity Issuer") Simone M. Gremillion, Seneca One, LLC 7920 Norfolk Avenue, Bethesda. MD 20814 ("Transferee") Curtis Hippensteel 42`, Croghan Drive Carlisle, PA 17013 ("Payee") Dana Hippensteel 42-'-1 Croghan Drive Carlisle, PA 17013 Caleb Hippensteel c/o Dana Hippensteel 42' Croghan Drive Car: isle, PA 17013 Paralegal Suite 300 7 Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 You are hereby given notice that Settlement Funding, LLC d/b/a Peachtree Settlement Funding and Curtis Hippensteel have filed an Amended Joint Petition to Transfer Structured Settlement Payment Rights. A hearing in this matter ,:as been scheduled on Thursday, September 30, at 1:30 p.m. before Hon. M. L. Ebert, Jr., Courtroom 2, Cumberland County Courthouse, One Courthouse Square, Carlisle, PA 17013. A copy of the Order of Court is attached as Exhibit "A".1 Yo'a are entitled to support, oppose or otherwise respond to the payee's petition, either in person or by counsel, by ti- 1_ ing ,aritt.en comments with the court prior to the hearing or by attending the hearing. Pursuant to 40 P. S. §4003 (a) (6) , the Transferee' s name, address, and taxpayer identification are: Seneca One, LLC 7920 Norfolk Avenue, Suite 300 Bethesda, MD 20814 Taxpayer I.D. No.: 20-0426098. /0 Date Seneca One, LLC c/o Ronald E. Reitz Swartz Campbell LLC 600 Grant Street 4750 U.S. Steel Tower Pittsburgh, PA 15219 (412) 232-9800 'The Order reflects the original Transferee party, Seneca One, LLC, rather than Settlement Funding, LLC d/b/a Peachtree Settlement Funding. © AUG 2 6 20 10 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: JOINT PETITION OF SENECA CIVIL DIVISION ONE,, LLC AND CURTIS HIPPENSTEEL TO TRANSFER No. 10-4449 Civil Term STRUCTURED SETTLEMENT PAYMENT RIGHTS ORDER OF COURT AND NOW, this j&%ay of 41010, it is hereby ORDERED, ADJUDGED and DECREED that the hearing in this matter is rescheduled for . 2010 at Transferee shall serve notice on all parties. - BY THE COURT: cn.m m ,? z rn rn v ,x> ? l Honorable M. L. Ebert, J . 5,zC F73 M W < ---- 7T CERTIFICATE OF SERVICE I hereby certify that a true and correct copy of this SUPPLEMENTAL NOTICE OF HEARING ON AMENDED JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS has been served by certif' d mail, return-receipt requested, postage pre-paid, on this day of September, 2010, on: American General Assignment Corporation 205 East 10th Avenue Amarillo, TX 79101 ("Settlement Obligor") Western National Life Insurance Company f/k/a AIG Annuity Insurance Company 205 East 10th Avenue Amarillo, TX 79101 ("Annuity Issuer") and by regular U.S. mail, postage prepaid to: Simone M. Gremillion, Paralegal Seneca One, LLC 7920 Norfolk Avenue, Suite 300 Bethesda, MD 20814 ("Transferee") Curtis Hippensteel 425 Croghan Drive Carlisle, PA 17013 Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Caleb Hippensteel c/o Dana Hippensteel 425 Croghan Drive Carlisle, PA 17013 Brandon Hippensteel 121 Spur Road Carlisle, PA 17013 Swa By. Attorney for Transferee IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA IN RE: Transfer of Structured C j Settlement Payment Rights to r® ° Settlement Funding, LLC r -'rr r-rj + CIVIL ACTION w M CI NO. 10-4449 ........................................................................................ ........................................................................................ ................. .............. .... ri*.. FINAL ORDER OF COURT AND NOW, this 30th day of September, 2010, after hearing, it is ordered that the Amended Joint Petition to Transfer Structured Settlement Payment Rights is granted as described herein. The Court specifically finds that: 1. Curtis L. Hippensteel a/k/a Curtis Hippensteel a/k/a Curtis Lee Davis (hereinafter, "Payee") has established that the transfer is in his best interests and the best interests of his dependents, taking into account the welfare and support of his dependents, if any. 2. The transfer will not contravene any applicable 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 (P.S. § 400 et seq. or the "Pennsylvania Act"), including Sections 3(a)(2), 3(a)(4), 3(a)(5) and 3(a)(6) and this Order is a "Qualified Order" pursuant to 26 U.S.C. § 5891, et seq. 4. The payments that are to be transferred (the "Assigned Payments") are designated as follows: One (1) lump sum payment of $10,000,00 payable on October 2, 2011; One (1) lump sum payment of $35,750.00 payable on October 2, 2016; and One (1) lump sum payment of $50,500.00 payable on October 2, 2021. 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, Settlement Funding, LLC, the gross amount of $20,630.66. Now, based upon the foregoing findings, it is hereby: ORDERED that the transfer of the Assigned Payments is approved; and it is further hereby ORDERED that the Annuity Issuer, Western National Life Insurance Company f/k/a AIG Annuity Insurance Company, successor to American General Annuity Insurance Company f/k/a Western National Life Insurance Company ("WNL") and the Annuity Owner, American General Assignment Corporation ("AGAC"), shall send the Assigned Payments to Settlement Funding, LLC at P.O. Box 116476, Atlanta, Georgia, 30368-6476. It is further hereby ORDERED that the Assigned Payments that are being transferred and assigned to Settlement Funding, LLC ("Settlement Funding") by way of this Final Order constitute only a portion of the periodic payments due and owing from October 2, 2011 through and including October 2, 2021 (the "Term"). AGAC and/or WNL are not required to divide or split the payments due and owing during the Term (the "Term Payments"). Therefore, Settlement Funding, LLC, Seneca One, LLC (the Previous Transferee), and the Payee have agreed to, and the Court hereby approves, a payment servicing arrangement relative to said payments. IT IS THEREFORE ORDERED that AGAC and/or WNL shall pay and remit to Settlement Funding, LLC and Settlement Funding, LLC shall receive from AGAC and/or WNL, 100% of each structured settlement/annuity payment due and owing by WNL and AGAC during the Term. Settlement Funding, LLC shall retain the portion of each Term Payment it receives during the Term that represents an Assigned Payment and any previously assigned payment(s) and shall promptly pay and remit to the Payee the remaining un-assigned portion of each Term Payment, if any. IT IS FURTHER ORDERED that WNL and AGAC shall discharge their obligation to make the Term Payments in question by paying and directing the payments to Settlement Funding, LLC and by doing so WNL and AGAC shall not have any liability to the Payee for the Assigned Payments. This Order is entered without prejudice to the rights of WNL and AGAC and the Court makes no finding regarding the enforceability of any anti-assignment provisions contained in the annuity contracts or related documents. This Final Order in no way modifies or negates the ownership or control over the Annuity by WNL and/or AGAC. IT IS FURTHER ORDERED that Settlement Funding, LLC, Seneca One, LLC and their respective affiliates and successors in interest, shall defend, indemnify and hold harmless WNL and AGAC and their successors and assigns, parents, affiliates, and subsidiaries, from and against any and all liability from all claims in connection with, related to, or in any way arising out of the issuance of the Assigned Payments to Settlement Funding, LLC whether such claims are brought by the Payee (including the Payee's heirs, beneficiaries, and/or executors), by any individual or entity to which Settlement Funding, LLC subsequently assigns or transfers the Assigned Payments, or any portion thereof, or by any other individual or entity. IT IS FURTHER ORDERED that this Order shall be read in conjunction with prior order(s) of this or any other court transferring payments to Settlement Funding, LLC and the payments transferred herein shall be in addition to payments transferred pursuant to any such prior order(s). BY THE COURT: band d e f?13