HomeMy WebLinkAbout11-3420Mark Thomas Sophocles, Esq.
MARK THOMAS SOPHOCLES, LLC
PA Supreme Court ID #74998
21 Industrial Blvd., Suite 201
Paoli, PA 19301
Tel: (610) 651-0105
Fax: (610) 651-0106
THONO A R'
N I I APR -4 AM 9: 4
i-'U iBERLA+ND COUNT`{
PENNSYLVANIA
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
PENNSYLVANIA- CIVIL DIVISION
IN RE: AMY L. WRIGHT AKA AMY WRIGHT
PETITION TO TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS
Civil Docket No. 2011-3900 C1 h
PETITION FOR APPROVAL OF
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS
1. This Petition is brought pursuant to the provisions of the Pennsylvania Structured
Settlement Protection Act, 40 P.S. §4001 et seq. and Pa. R.C.P. 229.2.
2. Petitioner and Transferee is Settlement Funding, LLC, 3301 Quantum Boulevard,
Boynton Beach, FL 33426.
3. The Payee, AMY L. WRIGHT AKA AMY WRIGHT (hereinafter "Payee") is an adult
individual of full age and who resides at 407 N Walnut St. Mechanicsburg, PA 17055-3379 in
Cumberland County, Commonwealth of Pennsylvania.
4. The Court has venue pursuant to the Structured Settlement Protection Act, because the
Payee is domiciled in Cumberland County, Pennsylvania.
5. AMY L. WRIGHT AKA AMY WRIGHT suffered personal injuries and as a result is
entitled to payments as follows:
360 monthly payments each in the amount of $1,000.00 commencing on February 1
2006 increasing 2.00% every 12 payments through and including January 1, 2036
then continuing for life thereafter (the Periodic Payments).
6. The Annuity Owner is MetLife Tower Resources Group, Inc., Attn: Angie Placid
d
oit? 9s3? ?d ally
l-01 15 1 yaS
2025 Leestown Road, Suite J, Lexington, KY 40511
7. The Annuity Issuer is Metropolitan Life Insurance Company, Attn: Angie Placid,2025
Leestown Road, Suite J, Lexington, KY 40511
8. On March 25, 2011, AMY L. WRIGHT AKA AMY WRIGHT executed an Absolute
Assignment Agreement (the "Transfer Agreement") a true and correct copy is attached and
incorporated herein as Exhibit "B" that provides for the assignment of the following payments:
8 monthly payments each in the amount of $1,104.08 commencing on June 1,
2011 through and including January 1, 2012 and 112 monthly payments each in
the amount of $1,126.16 commencing on February 1, 2012 increasing 2.00%
every 12 payments through and including May 1, 2021. (the "Assigned
Payments").
9. The Petitioner has provided to the Payee a Disclosure Statement, a true and correct copy
of which is attached hereto as Exhibit C, setting forth, inter alia, the amounts and due dates of the
Structured Settlement Payments to be transferred as set forth in paragraph 8 herein above and in
paragraph A of Exhibit C.
10. The net amount payable to the Payee after deduction of all commissions, fees, costs,
expenses, and charges is $62,102.88 minus any advances made to Payee against the amount
payable to Payee.
11. Based on the net amount that the payee will receive from this transaction $62,102.88
and the amounts and timing of the structured settlement payments that would be assigned,
the payee is, in effect, paying interest at a rate of 20.25% per year.
12. After due consideration, the Payee is satisfied that the transfer is in her best interests for
the reasons set forth in the Affidavit attached hereto as Exhibit D and incorporated herein by
reference.
13. The Payee has received the notice required by 40 P.S. §4003(b) as evidenced by Exhibit
F hereto.
14. The Payee has given the notice required by 40 P.S. §4003(a)(6) as evidenced by Exhibit
G hereto.
15. Attached hereto as Exhibit H is the certification required by Pa. R.C.P.229.2(d)(3)(iii).
16. Payee has been advised to seek independent legal advice including considerations of any
tax ramifications of the transfer.
WHEREFORE, the Petitioner prays this Honorable Court to enter its Initial Order scheduling a
hearing on this Petition.
Respectfully submitted,
Dated: March 31, 2011
MARK THOMAS SOPHOCLES, LLC
VERIFICATION AND CERTIFICATION
I, Mark Sophocles, Esquire as authorized outside counsel for Settlement Funding, LLC
verify that the statements made in this petition are true and correct and to the best of my
knowledge, information and belief, formed after reasonable inquiry, that the transfer will comply
with the requirements of the Act and will not contravene any other applicable federal or state
statute or regulation or the order of any court or administrative authority. 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: March 31, 2011 MARK SOPHOCLES
Mark Thomas Sophocles (PA ID #74998)
MARK THOMAS SOPHOCLES, LLC
21 Industrial Blvd., Suite 201
Paoli, PA 19301
Tel: (610) 651-0105
Fag: (610) 651-0106
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
PENNSYLVANIA- CIVIL DIVISION
IN RE: AMY L. WRIGHT AKA AMY WRIGHT
PETITION TO TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS
Civil Docket No. 2011-
NOTICE OF PROPOSED TRANSFER OF
STRUCTURED SETTLEMENT PAYMENT RIGHTS
Annuity Owner:
MetLife Tower Resources Group, Inc
Attn: Angie Placid
2025 Leestown Road
Suite J
Lexington, KY 40511
Annuity Issuer:
Metropolitan Life Insurance Company
Attn: Angie Placid
2025 Leestown Road
Suite J
Lexington, KY 40511
Petitioner:
Amy L. Wright a/k/a Amy Wright
407 N Walnut St.
Mechanicsburg, PA 17055-3379
James Wright
407 N. Walnut St.
Mechanicsburg, PA 17055-3379
Transferee:
Settlement Funding, LLC
3301 Quantum Boulevard
Boynton Beach, F133426
Attn: Court Order Group
You are hereby given notice that a petition to transfer structured settlement payment rights has
been filed in the Court of Common Pleas of CUMBERLAND County, Pennsylvania. An Order
has been issued by the court requiring that responses or objections of the transferee, structured
settlement obligor or the annuity issuer, be brought before the court either in writing or in person
at a hearing set for anytime after April 20, 2011 before the Honorable
copy of the Scheduling Order dated
(A
2011, is included with t
notice). 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.
Provided with this notice is a copy of the Petition to Transfer Structured Settlement
Payment Rights, including as attachments thereto a copy of the Transfer Agreement, and a copy
of the Transfer Disclosure Statement required by 40 P.S. § 4003 (2). Pursuant to 40 P.S. § 4003
(6), notice of the transferee's name, address and taxpayer identification number are as follows:
Settlement Funding, LLC
3301 Quantum Boulevard
Boynton Beach, FL 33426
(TIN: 58-2292928)
Dated: March 31, 2011
Respectfully submitted,
MARK THOMAS SOPHOCLES, LLC
MARK THOMAS SOPHOCLES, ESQ.
PA ID # 74998
21 Industrial Blvd., Suite 201
Paoli, PA 19301
610.651.0105
CERTIFICATE OF SERVICE
I, Mark T. Sophocles, hereby certify that a true and correct copy of this Notice of
Proposed Transfer of Structured Settlement Payment Rights, the Petition to Transfer Structured
Settlement Payment Rights and the Transfer Disclosure Statement, and the Order of Court
Scheduling a Hearing Date have been served via Certified Mail Return Receipt Requested,
Federal Express and first-class mail upon the persons and entities, and at the addresses listed
above, this 31 st day of March 2011.
Annuity Owner:
MetLife Tower Resources Group, Inc
Attn: Angie Placid
2025 Leestown Road
Suite J
Lexington, KY 40511
Annuity Issuer:
Metropolitan Life Insurance Company
Attn: Angie Placid
2025 Leestown Road
Suite J
Lexington, KY 40511
Petitioner:
Amy L. Wright a/k/a Amy Wright
407 N Walnut St.
Mechanicsburg, PA 17055-3379
Transferee:
Settlement Funding, LLC
3301 Quantum Boulevard
Boynton Beach, Fl 33426
Attn: Court Order Group
Dated: March 31, 2011
James Wright
407 N. Walnut St.
Mechanicsburg, PA 17055-3379
Respectfully submitted,
MARK THOMAS SOPHOCLES, LLC
MARK THOMAS SOPHOCLES, ESQ.
VERIFICATION
I, KURT MOODY, In-House Counsel of Settlement Funding, LLC d/b/a Peachtree
Settlement Funding, have read the foregoing Petition to Transfer Structured Settlement Payment
Rights, and hereby aver that the statements therein are correct to the best of my personal
knowledge, information and belief.
T statement and verification is made subject to the penalties of 18 Pa. C.S.A. §4904
relating to unsworn falsification to authorities.
DATE: March 31, 2011
KURT MOODY
Backeround on Structured Settlements Generally:
Contrary to popular misconception, structured settlements typically result from a voluntary settlement of
an underlying tort claim. While many believe that structured settlements are typically court approved,
court ordered or otherwise mandated by the court as a form of spendthrift trust, t is simply not true.
Structured settlements are a convenient and cost effective way to settle personal injury claims,
particularly where there is disagreement over the size of the settlement as the perceived value of future
payments is generally higher than their true value. Simply put, structured settlements are a cost effective
way for insurance carriers to settle personal injury claims on favorable terms and are often used for
garden variety cases. In the vast majority of cases they are simply the result of a negotiated settlement
between plaintiff and defendant with no substantive court involvement.
Anti-assignment provisions are often included in structured settlement agreements under the mistaken
belief that they are required to prevent the application of the "constructive receipt" tax doctrine. These
anti-assignment provisions were not included as a form of spendthrift trust nor were they intended as a
restriction on alienation of the right to receive structure settlement payments. Rather they are a result of
an overly cautious reading of several private letter rulings from the early 1980's and a misunderstanding
of the constructive receipt tax doctrine. Any lingering doubts as to whether an anti-assignment provision
is required to prevent constructive receipt were dispelled in 2002 with the passage of 26 USC Section
5891, et seq. which made it clear - by way of a clarification of existing law - that a sale or transfer of
structure payments rights would not alter the tax treatment applicable to the annuitant or annuity issuers.
Notwithstanding t, anti-assignment clauses remain a vestige of common practice and are hence present in
many settlement agreements.
The one common failing of structured settlements is that they are relatively inflexible. Once established
they cannot be altered. As a consequence, a secondary market for structured settlements evolved in the
1990's. Because of the significant demand from structured settlement recipients to restructure/refinance
how and when they receive these payments, a secondary market flourished. In 2002, the US Congress,
after hearings before the Ways and Means committee, passed 26 USC Section 5891, et seq. making it
clear that structured settlements could be transferred and that no adverse tax consequence would attach.
As part of providing t clarification, the Congress required that a transfer of structured settlement payment
rights be pursuant to a state transfer statute finding that the transfer was in the best interest of the selling
annuitant. Employees and officers of the petitioner, Settlement Funding, appeared at the congressional
hearing referenced above and worked tirelessly in the late 90's and early 2000's to obtain the passage of
26 USC Section 5891 and to pass state transfer laws around the country. Almost every state now has a
structured settlement statute which provides for unprecedented levels of consumer safeguards prior to an
individual being permitted to sell a structured settlement. T is so notwithstanding the fact that the
decision to accept the structured settlement, as outlined above, is typically the result of a simple
negotiation between plaintiff and defendant and not as consequence of the independent judgment that the
recipient is unable to manage their financial affairs. The structure settlement transfer statutes and the
provisions of 26 USC Section 5891, et seq. make it clear that both federal and state legislators recognized
the need for liquidity in the secondary market for structured settlement payments. Provided that the
transfer statute is adhered to, the court should permit the transfer of the structured settlement payments
provided that such transfer is in the best interest of the payee.
03125/2010 02:36 5307067878 BEIGH NOTARY PAGE 02104
ABSOLUTE ASSIGNMENT AGREEMENT
(THE "AGREEMENT")
1, Amy L. Wright a/k/a Amy Wright, ("Ib, "Me" or "Assignor") residing at 407 N Walnut St., Mechanicsburg, PA
17055-3379 am entitled to 360 monthly payments each in the amount of $1,000.00 commencing on February 1,
2006 increasing 2.00% every 12 payments through and including January 1, 2036 and then continuing for life
thereafter (the "Periodic Payments"), which I am receiving as the result of the settlement of a personal injury claim.
The terms of the settlement are set forth in an agreement dated December 1, 2005 (the "Settlement Agreement").
The Periodic Payments are due to me from MetLife Tower Resources Group, Inc (the "Settlement Obligor"). The
Settlement Agreement provides for the Periodic Payments to be paid to me through an annuity issued by
Metropolitan Life Insurance Company (the "Annuity Issuer°), Annuity Contract Number 88052EPS.
A. I agree to sell to Settlement Funding, L.L.C. ("you" or "Assignee") and its assigns through an assignment, all
of my rights to and interest in the following payments, which I am due to receive under the Settlement Agreement:
8 monthly payments each in the amount of $1,104.08 commencing on June 1, 2011 through
and including January 1, 2012. 112 monthly payments each in the amount of $1,126.16
commencing on February 1, 2012 increasing 2.00% every 12 payments through and including
May 1, 2021 (the "Assigned Payments"); and
In return [or compensation] for selling and assigning to you my rights to receive these payments, you shall pay me
the sum of, $64,302.88 (the "Assignment Price").
B. In order to induce you to proceed with this transaction, I make to you the following unconditional
representations, warranties and promises:
No one other than me has any interest or claim of any kind or nature in, to or under the Assigned
Payments.
2. 1 am not indebted to anyone that would in any way affect either the assignment of the Assigned
Payments referenced above or Assignee's absolute rights to receive the Assigned Payments.
I agree to conduct my affairs so as to ensure that you receive these payments exactly in the
amounts, and exactly at the times stated in paragraph A above.
C. I understand and agree that I will be in breach of this Absolute Assignment Agreement if.
Any of the representations set forth in Paragraphs B (1) and B (2) at any time turn out to be untrue.
2. 1 fail to perform the promise set forth in Paragraph 'B (3) above.
3. Either the Settlement Obligor or the Annuity Issuer refuses or fails to make any one or more of the
Assigned Payments as a result of any act by me, my estate, my representatives, or any of my heirs.
4. 1 fail to promptly forward to you any of the Assigned Payments that might be received by me from
Settlement Obligor or Annuity issuer after the Assignment to you has been completed.
5. 1 fail to fulfill any other obligation of mine under this Agreement.
D. Your obligation to complete this transaction, and to pay me the Assignment Price depends upon
the following conditions being satisfied, unless waived by you.
You shall be satisfied, in your sole reasonable judgement, that there are no claims or interests of any
kind or nature that do or could affect your rights to or interest in the Assigned Payments and/or
03125/2010 02:36 5307067878 BEIGH NOTARY PAGE 03/04
prevent or interfere with your receipt of the Assigned Payments on the dates and in the amounts
described above in Paragraph A, exactly in such amounts and at the times set forth therein.
2. You have received a final non-appealable court order and/or a signed acknowledgment from
Settlement Obligor and Annuity Issuer (collectively referred to as the "Order"), which you, in your
sole judgement, consider sufficient to recognize, authorize, and provide for the transfer by
assignment of the Assigned Payments (which may continue to be made out to my name) to you,
Assignee, and to insure that the Periodic Payments due on or after the day of the Order will be
forwarded directly to you.
3. Assignee shall have received final financing approval from applicable funding source(s).
E. Security Interest. You and I intend this Agreement to create a security interest in the rights to and interest
in the Assigned Payments which I am assigning to you under this Transfer Agreement as "General Intangibles" to
the extent permitted under that version of Article 9 of the Uniform Commercial Code (governing Secured
Transactions) that is in effect in 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 by me to you and the
performance of my obligations under Paragraph B above. I authorize you to direct any account debtor or obligor on
an instrument, including, without limitation, Settlement Obligor or Annuity Issuer, to make periodic payments directly
to you and as contemplated by the Uniform Commercial Code. You (Assignee) are authorized to file a UCC-1
Financing Statement to perfect your rights and the security interest intended to be created under this Agreement.
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.
0. 1 hereby grant to you 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. I understand and intend that by doing so, I am giving to you all
of the power and right I currently have under the Settlement Agreement with respect to the Assigned Payments, to
endorse checks, drafts or other instruments, to alter, edit and change payment instructions and/or beneficiary
designations, and/or to perform any other act in my name that, in your sole judgement as my Attorney-in-Fact, you
feel is necessary or expedient for you 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. Payments Received by the Party Other Than the Party Intended to Receive the Payments.
1. If, prior to the completion of the transfer provided for in this Agreement, I receive any of the Assigned
Payments or any portion thereof, I understand and agree an equal amount shall be deducted from
the Assignment Price, and the Assignment Price shall be reduced in the same amount as these
payments, and that the terms of this Agreement regarding the payments to be assigned, shall be
treated as amended to reflect for the adjusted amount.
In the event you receive or otherwise come into possession of any of the Periodic Payment(s) or
portion(s) of such a payment or payments that are not included in the payments being absolutely
assigned to you, you agree to forward such amount(s) to me at the address set forth above within
seven (7) days of receipt of such amount(s).
1. You shall be entitled to, and are authorized by me to discharge any liens or adverse claims against me
or any of the Assigned Payments, whether or not such adverse claims are disclosed, and you are further authorized
by me, provided you provide me with prior written notice, to pay any and all amounts necessary or, if the
Assignment Price has been deposited into an escrow account, to instruct the escrow agent to pay any and all
amounts necessary to discharge such liens or other adverse claims. I understand and agree that any such amounts
that you pay are payments you are making on my behalf and shall be charged against and reduce what I actually
receive out of the proceeds of the Assignment Price. Adverse claims may include disclosed amounts to be
deducted by you from the Assignment Price to pay you, as servicer for Peachtree Finance Company, LLC, to enable
me to obtain Peachtree Finance Company, LLC's release of its encumbrance on a portion of the Assigned
Payments relating to a prior transfer transaction(s) that occurred before the enactment of any statute ("Transfer Act")
03/25/2010 02:36 5307067878 BEIGH NOTARY PAGE 04/04
regulating such transfers. I understand and acknowledge that the law now in effect requires that such encumbrance
be released in order to complete the transfer that is the subject of this Agreement.
J. 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
K. All disclosure statements I receive from you in connection with this transaction are to be considered as
incorporated into, and form part of the terms of this Agreement and shall be read as if the contents of the disclosure
statements were set forth in full in the body of this agreement.
L. 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, 1 hereby request Assignee to pay me a portion of the Assignment Price as soon as
possible after the court order is granted and authorize Assignee to hold in escrow an amount it deems necessary or
advisable from the Assignment Price (the "Escrow Amount°) until all conditions precedent have been satisfied,
including, without limitation, the receipt by Assignee of the Settlement Obligor and the Annuity issuer's
acknowledgment of the terms of the court order in writing and their agreement to honor and comply with same. At
such time or earlier as Assignee may determine, I understand that Assignee will send the Escrow Amount to me
minus any Assigned Payments that the Annuity Issuer and/or Settlement Obligor sent to me while the Settlement
Obligor and the Annuity Issuer were processing the court order.
M . I have the right to cancel this transfer agreement, without penalty or further obligation, within the first three
business days after the date the agreement is signed, by providing you with written notice within the three (3) day
period, as provided for in the next paragraph.
N. All notices, demands, and other communications required or permitted under this transfer agreement must
be made in writing, and delivered by hand, by United States Post Office, Certified Mail, Return Receipt Requested,
or by overnight delivery service, to you or me as the recipient at the address set forth in the beginning of this
Agreement, and must be evidenced by a receipt showing time, date of delivery and the person receiving the
delivery,
In witness whereof I hereunto set my hand.
-&COE P 6MVe
Amy L. ght a a my W9111
r
STATE OF (? !
COUNTY OR CITY OF 1) ft RA
On the <Lb day of MalirtAA , in the year before me, the undersigned, personally
appeared Amy L. Wright, 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/shetthey
executed the same in his/her/their capachy(tes), 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.
My Commission expires on AiNY &Z", 17,E w_....
Accepted,
Settlement Fundin
Title:
Date. . qsJ j
Notary
NOTARIAL SEAL
STEPHANIE 6EIGH
Notary Public
E, PENNS60RO T41tP.. CUMBERLAND COUNTY
My Commission Expires Nov 18, 2012
PENNSYLVANIA TRANSFER DI§CLOSURE
Payee: Amy L. Wright alk/a Amy Wright; resident of: PA
A. Amounts and due dates of the structured settlement payments to
be transferred: 8 monthly payments each in the amount of
$1,104.08 commencing on June 1, 2011 through and including
January 1, 2012. 112 monthly payments each in the amount of
$1,126.16 commencing on February 1, 2012 increasing 2.00%
every 12 payments through and Including May 1, 2021.
8. Aggregate amount of such payments: $146,039.37
C. (1) Discounted present value of such payments: $124,908.93
(2) The discount rate used in determining such discounted present
value: 3.00 percent as of March 16, 2011.
D. Gross amount payable to the Payee in exchange for such
payments: $64,302.88
E. Itemized listing of all brokers' commissions, service charges,
application or processing fees, closing costs, filing or
administrative charges, legal fees, notary fees and other
commissions, fees, costs, expenses and charges payable by the
Payee or deductible from the gross amount otherwise payable to
the Payee: Legal Fees: $2,000.00; Processing Fee: $200.00
F. Net amount payable to Payee after deduction of all commissions,
fees, costs, expenses and charges described above: $62,102.88
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: 49.72°x6
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:
Metropolitan Life Insurance Company - $750.00
Payee acknowledges receipt of, and acknowledges to have read and
understood, the above disclosure statement and information required to
be disclosed by Payee's applicable state statute(s).
Initials:
By signing below you are confirming that you received a copy of this
disclosure at least 10 days prior to executing your transfer agreement.
Amy Wright al Amy Wright
Date
NOTICE (PA)
Payee: Amy L. Wright a/k/a Amy Wright
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.
Amy . Wright a/ Amy Wright
Date
ACKNOWLEDGEMENT (PA)
Payee: Amy L. Wright a/k/a Amy Wright
(Please initial of the following statement)
1 have received independent legal advice regarding the implications of
the transfer, including considerations of the tax ramifications of the
transfer.
(Initials)
Amy T. Wright a Amy Wright
Date
MAR-27-2011 10:17 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P,28
DELAWARE TRANSFER DISCLOSURE
Payee: Amy L. Wright a/kla Amy Wright; resident of: PA
A. Amounts and due dates of the structured settlement payments to
be transferred: 8 monthly payments each in the amount of
$1,104.08 commencing on June 1, 2011 through and including
January 1, 2012. 112 monthly payments each in the amount of
$1,126.16 commencing on February 1, 2012 Increasing 2.00%
every 12 payments through and including May 1, 2021.
B. Aggregate amount of such payments: $146,039.37
C. Discounted present value of the payments: $124,908.93;
determined by applying the most recently published (discount)
rate of 3.00% as of March 16, 2011.
D. Gross amount payable to the Payee in exchange for such
payments: $64,302.88
E. Itemized listing of all brokers' commissions, service charges,
application fees, processing fees, closing costs, filing fees,
administrative fees, legal fees, notary fees and other commissions,
fees, costs, expenses and charges payable by the Payee or
deductible from the gross amount otherwise payable to the Payee:
Legal Fees: $2,000.00; Processing Fee; $200.00
F. Net amount payable to Payee after deduction of all commissions,
fees, costs, expenses and charges described above: $62,102.88
minus any advances made to the Payee or on Payee's behalf, or
claims satisfied, against the amount payable to Payee.
G. Quotient (expressed as a percentage) obtained by dividing the net
payment amount by the discounted present value of the payments:
49.72%
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:
Metropolitan Life Insurance Company - $750.00
MAR-27-2011 10:17 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.29
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 statutes).
Initials: A
By signing below you are confirming that you received a copy of this
disclosure at least 10 days prior to executing your transfer agreement.
Amy right a/k/ Amy Wright
Date
MAR-27-2011 10:17 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.30
NEW YORK TRANSFER DISCLOSURE
Payee: Amy L. Wright a/k/a Amy Wright; resident of: PA
A. Amounts and due dates of the structured settlement payments to
be transferred: 8 monthly payments each in the amount of
$1,104.08 commencing on June 1, 2011 through and including
January 1, 2012. 112 monthly payments each in the amount of
$1,126.16 commencing on February 1, 2012 increasing 2.00%
every 12 payments through and including May 1, 2021.
B. Aggregate amount of the structured settlement payments to be
transferred: $146,039.37
C. The discounted present value of the payments to be transferred:
$124,908.93. This is the calculation of current value of the
transferred structured settlement payments under federal
standards for valuing annuities determined by applying the most
recently published (discount) rate of 3.00% as of March 16, 2011.
D. The price quote from the original annuity issuer or, if such price
quote is not readily available from the original annuity issuer, then
a price quote from two other annuity issuers that reflects the
current cost of purchasing a comparable annuity for the aggregate
amount of payments to be transferred; $121,501.95 and
$127,706.61.
E. Gross advance amount: $04,302.88 and the annual discount rate,
compounded monthly, used to determine the gross advance
amount: 19.19%.
F. Itemized listing of all commissions, fees, costs, expenses
and charges payable by the payee or deductible from the gross
amount otherwise payable to the payee and the total amount of
such fees: Legal Fees: $2,000.00; Processing Fee: $200.00
G. Net advance amount: $62,102.88; The net cash payment you
receive in this transaction from the buyer was determined by
applying the specified discount rate to the amount of future
payments received by the buyer, less the total amount of
commissions, fees, costs, expenses and charges payable by you.
H. Amount of any penalties or liquidated damages payable by the
payee in the event of any breach of the transfer agreement by the
payee: NONE
MAR-27-2011 10:18 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.31
1. Payee has the right to cancel the transfer agreement, without
penalty or further obligation, not later than the third business day
after the date the agreement is signed by the payee.
J. Payee is
attorney
advisor
transfer.
and Is n
LLC. H
transfer occurs or does not occur.
K. Date Prepared and Mailed: March 16, 2011.
L. 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:
Metropolitan Life Insurance Company - $750.00
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: 4Z 4-J -
By signing below you are confirming that you received a copy of this
disclosure at least 10 days prior to executing your transfer agreement.
C
Amy L Aright a/k/a my Wright
advised to seek independent professional advice from an
certified public accountant, actuary or other professional
regarding the legal, tax and financial implications of the
An independent professional advisor is engaged by you
of affiiiated with or compensated by Settlement Funding,
is or her compensation is not affected by whether the
Date
MAR-27-2011 10:11 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.5
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
PETITION OF SETTLEMENT }
FUNDING LLC d/b/a PEACLITREE )
SETTLEMENT FUNDING TO ) No,
TRANSFER STRUCTURED
SETTLEMENT PAYMENT RIGHTS )
Payee's Affidavit in Support of
Petition to Transfer Structured Settlement Rights
1, Amy L. Wright a/k/a Amy Wright, the payee, verify that the statements below are true
and correct:
1. Payee's name, address and age: Amy L. Wright a/k/a Amy Wright residing at 407 N
Walnut St. Mechanicsburg, PA 17055-3374 and I am 41 years old.
2. Marital Status;
Never Married; _X_Married; Separated; Divorced
if married or separated, name of spouse: James Wright.
3. Minor children and other dependents: N/A
Names, ages, and places of residence:
4. Income:
(a) Payee's monthly income and sources: I am not currently employed and actively
searching for proper employment. In June 2021,1 will receive monthly structured
settlement payments of $1,345.87 increasing 2% annually guaranteed through
January 2036 then continuing for my lifetime.
MAR-27-2011 10:11 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.6
If presently married. spouse's monthly income and sources: My husband is
employed as a Supervisor at Harrisburg International Airport earning $3,100.00 per
month.
5. Child support, alimony or alimony pendente lite:
Obligation to pay: Yes -X_ No
If ycs, state the amount of the obligation, to whom payable, and whether there are
arrearages:
6. Previous transfers:
Have you previously filed a petition to transfer payment rights under the structured
settlement that is the subject of this petition? , Yes _X_ No
If yes, for each petition that you filed,
(a) if the transfer was submitted for court approval, list the court, the case caption and
case number, and state whether the court approved or disapproved the transfer:
(b) If the transfer was approved,
(i) State the name of the transferee and identify (listing due dates and
payment amount(s), the payments involved in the transfer:
(ii) State the amount of money and the manner in which the money was used:
(b) Have you ever transferred payments without court approval? NO If so, please
explain:
MAR-27-2011 10:11 FROM:WILLIAM TAYLOR
7.
8.
Reasons for transfer:
7177899955 TO:ieOO6007161 P.7
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: We have been renting for years and no longer want to throw our money away
each month on rent and would like to take advantage of the low real estate prices now.
We will be buying a two bedroom townhouse/condominium in the Mechanicsburg area in
the $90,000.00 to $100,000.00 price range. We will use $40,000.00 that I will receive
from this transaction as a substantial down payment on a home. This will allow us to
keep the monthly mortgage payments and our closing costs very low. We are also in
need of a new vehicle. We currently own a 1985 Grand Marquis that is broken down and
not worth fixing. Accordingly, I will use an additional $12,000.00 for the outright
purchase of a dependable pre-owned Ford or Honda. By purchasing the vehicle in full, I
will eliminate the need to obtain a loan and will avoid having to make monthly payments
and paying interest on such a loan. I will also use an additional $5,000.00 to pay off
outstanding medical bills owed to Holy Spirit Hospital. The remaining $5,000.00 that 1
will receive from this transaction will be used to help me pay additional therapy I need as
a result of losing our daughter. A sale of a lesser amount of the structured settlement will
not allow me to accomplish these goals.
Payment of debts:
If you seek the transfer in order to pay debts, list each debt, including the name of the
creditor and the amount presently owed:
Debt Creditor Amount Owed
Medical Dills Holy Spirit Hospital $5,000.00
MAR-27-2011 10:11 FROM:WILLIAM TAYLOR 7177899955 T0:18006007161
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.
P.8
AIR Amya Wright a/k/ my Wright
MAR-27-2011 10:12 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161 P.11
SWORN STATEMENT OF DEPENDENT(S)
Amy L. Wright a/k/a Amy Wright, (hereinafter '1' or "Me') states as follows,
1. 1 am over the age of 18 and am of sound and disposing mind.
2. 1 reside at 407 N Walnut St., Mechanicsburg, PA 17055-3379 and I am the spouse of James Wright.
3. 1 am aware that my spouse is classified as my "dependent" pursuant to Delaware Structured Settlement
'transfer Act and that a court reviewing the proposed transfer that I would like to have occur with
Settlement Funding, LLC must find that the transfer is in my spouse's best interests as a dependent.
4. 1 state that 1, as a spouse, am aware that I am proposing to transfer 8 monthly payments each in the
amount of $1,104.08 commencing on June 1, 2011 through and including January 1, 2012. 112
monthly payments each in the amount of $1,126.16 commencing on February 1, 2012 increasing
2.00% every 12 payments through and including May 1. 2021 to Settlement Funding, LLC or its assigns
in exchange for a lump sum in the amount of $64,302.88.
5. 1 state that such proposed transfer is in the best interest of my spouse because the money would greatly
help our family. As the spouse of James Wright, I request that the court approve the transfer of
structured settlement payment rights as proposed in the Absolute Assignment Agreement before the
court.
Dated this
,9 Z
- day of 20[1,.
Amy L. Wrr t, as spouse o Ames Wright
$TATE OF RQ41ma CC. COUNTY OR CITY OF -?
On the 97 day of / AIWJV , in the yeap;?2-/r before me, the undersigned,
personally appeared Amy L Wright, 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 hismer/their capacky(ies), and that by his/her/their signature(s) on
the instrument, the individuals or th upon behalf of which the individual(s) acted, executed the
instrum NOTARIAL SEAL
VALUAM A TAYLOR
Notary Public
ESPRIINC TWP, PERRY COUNTY IBM&
mission ExDints Jan 27, 2014 N
My Commission expires on
MAR-27-2011 10:16 FROM:WILLIAM TAYLOR 7177899955 TO:18006007161
DEPENDENTS OF
AMY L. WRIGHT
``Dencndentx" in(;ludl Your six)ow and minor children and all other family members and g1her
persons ter whom y_ou are legally obligated to provide surniort., including alimony
I have dependent(s) as listed below: `
Amy 'L.. right a/k!a Amy rig
k
Date,
Names Rel¦tionshl DOB Age
James Wright Spouse 12/04/1968 42
P.22
MAR-27-2011 10:14 FROM:WILLIAM TAYLOR
Marcn 16, 2011
MetLlfe Tower Resources Group, Inc
2025 Leestown Road
Lexington, KY 40511
Re: Annuity Contract No, 88062CPS
Claimant: Amy L. Wright
SS#: XXX-XX-7038
Dear Sirs'
7177899955 TO:18006007161 P.17
Please change your records to show the Estate of Amy L. Wright as the beneficiary after my death under the
above-captioned settlement agreement and annuity contract. Kindly confirm that you have made this
modification to your records by signing in the space provided below and mailing to: Settlement Funding, LLC,
3301 Quantum Boulevard, Boynton Beach, FL 33426-8622.
Regards,
c
Amy L. right a/k/a Am rig
STATE OF S G?c1i?9
COUNTY OR CITY OF r?
On the day of in the years f/ before me, the undersigned,
personally appeared Amy I_ Wright, 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, end 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
NOTARIAL SEAL,
W!"IAM R TAYLOR
Notary Public
SPRING TWP., PERRY COUNTY
My Commission Expires Jan 27, 2011
My Commission expires on --A PM Z
N
Meti-ife Tower Resources Group, Inc
By: i7ated:
MAR-27-2011 10:14 FROM:WILLIAM TAYLOR
March 16, 2011
Metropolitan Life Insurance Company
2026 Leestown Road
Lexington, KY 40511
Re: Annuity Contract No. 88062EPS
Claimant: Amy L. Wright
SS#: XXX-XX-7038
Deer Sirs:
7177899955 TO:18006007161 P.1e
Please change your records to show the Estate of Amy L. Wright as the beneficiary after my death udder the
above-captioned settlement agreement and annuity contract. Kindly confirm that you have made this
modification to your records by signing in the space provided below and mailing to: Settlement Funding, LLC,
3341 Quantum Boulevard, Boynton Beach, FL 33426-8622.
Regards,
Amy L. fight a/k/a Amy V#Ight
STATE OF
COUNTY OR CITY OF
On the day of MAtlz , in the yeaP ? before me, the undersigned,
personally appeared Amy L. Wright, 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/shenhey executed the same in his/herAheir capaclty(les), and that by his/herAhelr signature(s) on
the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the
instrument.
My Commission expires on
7/
Metropolitan Life Insurance Company
By: Dated:
NOTARIAL SEAL
WILLIAM R TAYLOR
Notary Public
SPRING To.. PERRY COuNTY
COmmisolon Expires Jon 27, 2014
peachtree
E7TIEWENT FU DIN(
Notice to Annuity Issuer and Structured Settlement Obligor
MetLife Tower Resources Group, Inc
2025 Leestown Road Suite J
Lexington, KY 40511
(OBLIGOR)
Metropolitan Life Insurance Company
2025 Leestown Road Suite J
Lexington, KY 40511
(ISSUER)
RE: Transfer of structured settlement rights by Amy Wright
Annuity Contract #: 88052EPS
DOB: 8/13/1969
Payments to be Transferred: 8 monthly payments each in the amount of
$1,104.08 commencing on June 1, 2011 through and including January 1, 2012.
112 monthly payments each in the amount of $1,126.16 commencing on February
1, 2012 increasing 2.00% every 12 payments through and including May 1, 2021.
This letter shall serve as formal notice to you, as required by DE ST TI 10 §6601(6) of Amy
Wright's pending transfer of certain structured settlement payment rights.
Pursuant to DE ST TI 10 §6601(6), the transferee's name and address is:
Name: Settlement Funding, LLC
Address: 3301 Quantum Boulevard
Boynton Beach, FL 33426
Taxpayer I.D.: 58-2292928
Any other statutory requirements that may apply to this transaction will also be followed.
3301 Quantum Boulevard • Boynton Beach, FL 33426
Phone: (561) 962-3900 • Fax: (561) 962-7217
peachtree
EtTLEMENT FUNDING
Notice to Annuity Issuer and Structured Settlement Obligor
MetLife Tower Resources Group, Inc
2025 Leestown Road Suite J
Lexington, KY 40511
(OBLIGOR)
Metropolitan Life Insurance Company
2025 Leestown Road Suite J
Lexington, KY 40511
(ISSUER)
RE: Transfer of structured settlement rights by Amy Wright
Annuity Contract #: 88052EPS
DOB: 8/13/1969
Payments to be Transferred: 8 monthly payments each in the amount of
$1,104.08 commencing on June 1, 2011 through and including January 1, 2012.
112 monthly payments each in the amount of $1,126.16 commencing on February
1, 2012 increasing 2.00% every 12 payments through and including May 1, 2021.
This letter shall serve as formal notice to you, as required by PA ST 40 PS §4003(a)(6) of
Amy Wright's pending transfer of certain structured settlement payment rights.
Pursuant to PA ST 40 PS §4003(a)(6), the transferee's name and address is:
Name: Settlement Funding, LLC
Address: 3301 Quantum Boulevard
Boynton Beach, FL 33426
Taxpayer I.D.: 58-2292928
Any other statutory requirements that may apply to this transaction will also be followed.
3301 Quantum Boulevard • Boynton Beach, FL 33426
Phone: (561) 962-3900 - Fax: (561) 962-7217
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
PENNSYLVANIA- CIVIL DIVISION
IN RE: AMY L. WRIGHT AKA AMY WRIGHT
PETITION TO TRANSFER OF STRUCTURED SETTLEMENT PAYMENT *
H*
_
ter-
Civil Docket No
2011- 34a D N
`
.
1
PRAECIPE FOR ENTRY OF APPEARANCE c,
3:0
=
C) -ni
= c
' ..Q fir=;
7-
TO THE PROTHONOTARY: w
:
Kindly enter my appearance on behalf of Settlement Funding, LLC in the above matter.
Respectfully submitted,
MARK THOMAS SOPHOCLES, LLC
Dated: March 31, 2011
MARK THOMAS SOPHOCLES, ESQ.
PA ID # 74998
21 Industrial Blvd., Suite 201
Paoli, PA 19301
610.651.0105
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY
PENNSYLVANIA- CIVIL DIVISION
IN RE: AMY L. WRIGHT AKA AMY WRIGHT
PETITION TO TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS
Civil Docket No. 2011- 349D
PRAECIPE FOR HEARING terra -v r-r
p C
x-
TO THE PROTHONOTARY: ,?
=` n7
=C:)
Kindly submit the following matter for hearing on the Petition to Transfer S46$ire j, C) y
Settlement Payment Rights which is being filed this 31sT d ay of March 2011.
Oral argument is requested.
Respectfully submitted,
Dated: March 31, 2011
MARK THOMAS SOPHOCLES, LLC
MARK THOMAS SOPHOCL1 S, ESQ.
PA ID # 74998
21 Industrial Blvd., Suite 201
Paoli, PA 19301
610.651.0105