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HomeMy WebLinkAbout05-4708 DUGALIC & LANDAU, LLC Mark A. Landau, Esquire Attorney I.D. No. 90757 634 Ridgewood Rd. Upper Darby, PA 19082 (610) 352-1322 Attorney for Petitioner IN RE: STEPHEN ROWE : CUMBERLAND COUNTY :COURTOFCO~ONPLEAS ,2005 : No. m:; -4/'!{Jf C~J._.j~~ PETITION TO TRANSFER STRUCTURED SETTLEMENT PURSUANT TO 40 P.S. 4000. ET Sl!&.. TO THE HONORABLE JUDGE OF SAID COURT: The Petition of Stephen Rowe, by and through his attorney, Mark A. Landau, Esquire, respectfully represents as follows: 1. Petitioner is Stephen Rowe, an adult individual who resides at 212 3rd St., Apt. I, NewCurnberland, PA 17070. 2. Petitioner is the beneficiary of an annuity owned by New York Life Insurance and Annuity Corporation and issued by New Y or1~ Life Insurance Company. The structured settlement provides payment to the Petitioner as follows: $804 per month for life, guaranteed for 40 years, commencing on 12/21/2010; $10,000.00 due payable on 12/21/2010; $12,500.00 due payable on 12/21/2015; $15,000.00 due payable on 12/21/2020; $20,000.00 due payable on 12/21/2025. 3. Petitioner proposes to enter into a purchase agreement with 321 Henderson Receivables Limited Partnership, its nominees, Successors or assigns, whose address is 40 Morris Avenue, Bryn Mawr, PA 19010, who will purchase Petitioner's structured settlement (1 payment of$12,500.00 on 12/21/2015, and 84 monthly payments of $804.00 each, beginning on 12/21/2016 and ending on 11/21/2023) owned by New York Life Insurance and Annuity Corporation and issued by New York Life Insurance Company for $17,500.00. A copy of the Purchase Agreement is attached hereto, made apart hereof, and designated as "Exhibit A". 4. The Buyer furnished the Petitioner with a Discloslllre Statement pursuant to 40 P.S. 4003 (See "Exhibit A") at least ten (10) days prior to tht: date on which Petitioner first incurred any obligation to the Buyer. The Statute also requires a Petition and Court Order, authorizing the sale and finding the sale is in the best interest of the Petitioner. 5. The Buyer, 321 Henderson Receivables L.P., has served written notice, including its name, address, and tax identification number, to the structured settlement obligor and has served written notice as required by Pennsylvlmia Statute 40 P.S. 4004 upon all interested parties, none of whom have objected to the transfer. True and correct copies of said notices are attached hereto, made apart hereof, and designated as "Exhibit B". 6. The Petitioner's best interest would be served by granting relief requested herein so that Petitioner may be able to purchase a new home. WHEREFORE, Petitioner respectfully request this Honorable Court to approve and authorize the sale of a structured settlement payment stream between New York Life Insurance and Annuity Corporation and (issued by New YOI.k Life Insurance Company) and Stephen Rowe to be sold and transferred to 321 Henderson Receivables Limited Partnership, its nominees, successors or assigns. Date: ~ 1'1 I ~~ , Respectfully submitted, Mark A. (lau, Esq ire Attorney fOI' Petitioner DUGALIC & LANDAU, LLC. BY: Mark Landau, Esquire Attorney J.D. No. 90757 14 Trent Road Wynnewood, PAl 9096 (610) 649-9377 IN RE: STEPHEN ROWE : CUMBERLAND COUNTY : COURT OF COMMON PLEAS ,2005 : No. CERTIFICATE OF SERVICE It is hereby certified that on this _ day of September, 2005, a copy of the Proposed Transfer of Structured Settlement Payment Rights has been mailed by U. S. First Class Certified Mail to the fOllowing: 32 I Henderson Receivables 40 Morris Avenue Bryn Mawr, PA 19010 New York Life Insurance and Annuity COrporation 51 Madison Avenue New York, NY 10010 New York Life Insurance Company 51 Madison Avenue New York, NY 10010 PURCHASE AGREEMENT This is a Purchase Agreement. The date of this Agreement is .200_. Stephen Rowe is the Seiler. 321 Henderson Receivables Limited Partnership. a Nevada Limited Partnership, its successors andlor assigns is the Buyer. In this Agreement, Stephen Rowe is referred to as "You" or "Your" and 321 Henderson Receivables Limited Partnership or its nominee, is referred to as "We", "Us" or "Our". BACKGROUND OF THIS AGREEMENT I. Your or someone on your behalf signed a Settlement Agreement (the "Release" or the "Settlement Agreement"). in connection with the resolution of a personal injury claim. 2. The insurer funded the Payments by buying an annuity contract (the "Annuity") issued by New York Life Insurance Company (the "Annuity Company"). 3. A list of the Payments being sold under this Agreement is attached to this Agreement as Exhibit "A". 4. You desire to seil and assign to Us ail of Your rights to receive ail or a portion of the Payments under the Release, as described on Exhibit "A", ail of the other rights You have under the Release and the other rights as described in Section ] (a) below. We desire to purchase ail of Your rights and benefits, on the terms and under the conditions described in this Agreement. You and We agree as foilows: I. Purchase and Sale. a. You now seil. transfer and assign to Us ail of Your rights in the "Assigned Assets" as listed in Exhibit "A". By Our signing this Agreement, We are hereby purchasing and accepting the sale and assignment of ail of the Assigned Assets described above. b. The purchase price is Seventeen Thousand Five Hundred Doilars and 0011 00 Cents ($17,500.00) (the "Purchase Price"). The Purchase Price will be paid to You when both You and We sign this Agreement and We have completed Our internal process. 2. Acknowled!!ment. a. You will agree after Your signing of this Agreement to deliver to Us, addressed as We may require, other notices, instructions or documents, and copies of them, as We think are necessary or proper to carry out this Agreement. b. When You and We sign this Agreement, You wiil also deliver to Us: (I) a letter addressed to the Annuity Company directing that ail payments of the Assigned Assets after Your death shail be sent directly to Us. and (2) a Change of Beneficiary Form changing the beneficiary of the Assigned Assets, after Your death, to "321 Henderson Receivables Limited Partnership", as sole beneficiary [(I) and (2) above are referred to as the Change of Beneficiary Form]. The Change of Beneficiary Form will state that the instructions may never be revoked and that no change may be made in the instructions or <.,k~ Initial: ...... ' . ,;;/- .. @200532] Henderson Receivables Limited Partnership in the payments (including as to the payee or the manner or place of making such payments) without Our prior written consent. You will also, when this Agreement is signed by You and Us, deliver to Us. addressed as We may require, such other notices, instructions or documents, and copies of them, as We think are necessary or proper to carry out this Agreement. c. Before You and We sign this Agreement, You will deliver to Us an acknowledgment of Stephen Rowe, as primary beneficiary of the Assigned Assets. of the terms of this Agreement. Stephen Rowe will agree that they are not entitled to any rights to any of the Assigned Assets. d. You agree to sign all other documents which We may request forever naming Us as the only beneficiary of the Assigned Assets, including but not limited to an agreement to provide in Your Last Will and Testament that all of Your rights to the Assigned Assets were sold to Us (a "Testamentary Agreement"). e. You acknowledge that We advised You to obtain independent professional tax advice to determine whether this transaction will result in any adverse federal and/or state tax consequences. f. You acknowledge that We advised You must obtain independent legal representation prior to executing this Agreement and that We have advised you that We may not refer You to any specific attorney for such purpose. 3. Your ReDresentations and Warranties. You now represent and warrant to Us that: a. You own (and are selling and assigning to Us under this Agreement) all of the Assigned Assets, free and clear of all claims, liens, charges, security interests, encumbrances, and agreements of any nature (other than this Agreement). and when You and We sign this Agreement, no one other than Us shall have any present or future right to the Assigned Assets. b. This Agreement and all of the other documents signed in connection with this Agreement have been properly signed by You, and they represent Your legal, valid and binding obligation, enforceable against You in accordance with their terms. c. The signing and performance of this Agreement by You and the transactions described in this Agreement: i. do not conflict with any other obligations of Yours; ii. will not cause a violation under (or create any right of termination, cancellation or acceleration or similar right under) any contract or agreement by which You or Your assets, including the Release. are bound or may be affected; iil. will not create, or give any party (other than Us) the right to create. any lien, charge, security interest or encumbrance in, to or on any of the Assigned Assets: and lV. will not create a present or future right in any other party to make any claim against You or Y OUf assets, or any of the Assigned Assets. Initial: >/-01 "e .. 2 @2005 321 Henderson Receivables Limited Partnershir ~ InitiaL J . ~ d. You understand the terms and provisions of this Agreement and You have been represented by tax and accounting advisors alld a lawyer in the signing of this Agreement. e. Neither You nor anyone else have to do anything else for (I) the proper signing and performance by You of this Agreement and any transactions intended to be done in this Agreement. or (2) the carrying out by Us of any of Our rights and remedies under this Agreement. No other person has made a claim in any rights in or to the Assigned Assets. f. You have valid reasons for selling Your interest in the Assigned Assets rather than obtaining a loan with the Assigned Assets as collateral. and You agree that the transaction set forth in this Agreement is not a loan or other financing transaction. g. This Agreement is a valid sale. transfer and assignment to Us of the Assigned Assets. h. Your residence and legal address is as described in Paragraph II of this Agreement. During the last years. You have lived at such address. 1. No representation or warranty of Yours in this Agreement or in any of the documents delivered in connection with this Agreement or in any agreement required by this Agreement, is inaccurate or contains any untrue or misleading statement. J. The signing by You of this Agreement will not violate any other promise or agreement you have made with anyone else. You understand that any and all restrictions on the assignability of the Scheduled Payments were included in the Release andlor Annuity at Your request, for Y Ollr benefit and not for the benefit of any other person. These restrictions, if any, were included by You as a precautionary measure to make sure You were allowed favorable tax treatment under the Internal Revenue Code. You understand that by entering into this Agreement, you may be giving up this favorable tax treatment. You understand that any income earned by You on any investment or use of the Purchase Price may be taxable to You. You may have to pay more in taxes as a result of this Agreement, For Our benefit and the benefit of Our assigns or successors, You agree to WAIVE AND RELEASE all of Your rights in, to, or uoder, such restrictions on aSSignability, if any. k. You have not before the date of this Agreement, sold or assigned Your right to the Assigned Assets or any part of the Assigned Assets. You do not owe any money to Y OUT present or former Spouse for support maintenance or similar obligations, nor do You owe any money to any of Your children or guardians of Your children. The Assigned Assets are not subject to any community property or similar marital rights of any persoo. .. 3 @2005321 Hender:;;on Receivables Limited Partnershir Injtjal, 5#./!.. I. Your right to the Assigned Assets is not affected by any mortgage, pledge, lien, charge, security interest, encumbrance, restriction or adverse claim of any nature. You uuderstand that any violation of any of Your representations in this agreement will result in an act of fraud by You which could result in You being held responsible for damages iu favor of Us, with money to be paid by You to Us. m. You are not in violation of any obligations concerning child-care. alimony or Support. n. You now give up forever all Your rights in any agreement that says that You cannot assign or sell Your rights in the Assigned Assets to Us. You have not requested and You do not expect to receive from Us, a Form 1099 or any other documentation which could make the transaction described by this Agreement taxable to You in any way. You further understand that We have not given to You any advice about any of Y OUf taxes in this transaction. You have relied on Your own professional advisors concerning taxes. o. As of the date of this Agreement, You are oflegal age in the state noted as Your address in Section I I of this Agreement, mentally sane, and of a sound mind. You have never been convicted of a felony or any other crime involving dishonesty. p. You are very familiar with Your financial affalirs and condition. With that full understanding, You certify that (I) on the date We pay You the Purchase Price and You sell to Us the Assigned Assets, the fair value of Your assets are and will be greater than all of Your debts: (2) You presently intend to pay all of Your creditors when such payments are due: and (3) You have not intentionally hidden the fact from any creditor of Yours that You have entered into this Agreement and the other documents referred to in this Agreement. q. You do not intend to file for bankruptcy and there are no lawsuits or other efforts by any of Your creditors to put You into bankruptcy or to take the Assigned Assets. T. The Purchase Price is not Your only or most important Source of income and You do not have any mental or physical problems that would prevent You from having a paying job. s. You promise to us that no broker, finder, or other person other than those persons named in the broker statement signed by you in connection with this Agreement was involved in or important in arranging the purchase transaction in this Agreement. No other person has a right to any fee, payment. commission, or other compensation because of this Agreement. t. You agree that We have not forced You to give to Us copies of any confidential documents. You agree that We told You that We only needed to see those documents which described the Assigned Assets so we could buy from You the Assigned Assets. You agree that We do not intend to tell any other party about what is included in those documents. You understand that if We do so. it will only be for the sole purpose of buying the Assigned Assets. -- 4 @2005 321 Henderson Receivables Limited Partnership u. You understand that it usually takes six to eight weeks to complete this process, but that it could take longer. You understand that we have to obtain court approval of this transfer. YOU UNDE:RSTAND THAT, DUE TO OCCASIONAL DELAYS, WE WILL ESCROW THE AMOUNT EQUAL 1'10 THE NEXT TWO MONTHLY PAYMENTS DUE TO YOU FROM THE ANNUITY COMPANY TO INSURE THAT WE RECEIVE ALL OF THE PAYMENTS THAT WE PURCHASE. YOU UNDJ~RSTAND THAT WE MAY EITHER PAY OR ESCROW FUNDS TO SATISFY ANY JUDGMENTS, TAX LIENS OR CHILD SUPPORT AGAINST YOU OR THE ASSIGNED ASSETS AND DEDUCT THOSE AMOUNTS FROM THE PURCHASE PRICE. YOU UNDERSTAND THAT WE WILL DEDUCT FROM THE PURCHASE PRICE ANY AMOUNTS OF PAYMENTS RECEIVED BY YOU PRIOR TO FUNDING, IF SUCH AMOUNTS ARE NOT COVERED BY THE ESCROWED FUNDS. 4. You promise Us that: a. You will not, and will not allow any other party (except Us or Our assignee, if applicable) to take funds away from the Assigned Assets. You will not do anything else to affect the Assigned Assets. You will not say You still own the Assigned Assets. You will not do anything or allow anyone else to do anything that could in any way interfere with or lessen Our rights in the Assigned Assets. b. You will not do anything that will. or could in the future, violate the Release. or any of the agreements reqUired to be executed by this Agreement. You also agree to cooperate with Us to help Us to obtain all of the rights that We are buying from You in this Agreement and in the Release. c. You will give to Us at least thirty (30) days "Titten notice of Your intention to move Y OUf residence or change Y OUT legal address from the address in Paragraph II of this Agreement. d. You will not make any change in Your instructions to the Annuity Company regarding payments to be made to You. Initial: _~~ .. 5 @200532] Henderson Receivables Limited Partnership e. You understand that the Annuity and the Release may say that You agree not to sell Your rights to the Assigned Assets. f. You agree to continue to cooperate with Us. This includes Your obligation to immediately deliver to Us any checks, funds or other form of Payment received after the date of this Agreement by You or anyone other than Us. If any Payment is ever denied, delayed, or withheld from Us, as determined by Us in our reasonable discretion, directly Df indirectly on account of any act or omission by You or any person acting for You, then You shall be in default under this Agreement (and an Event of Default under ~8 shall be deemed to have Occurred). Immediately upon such default, and without any further notice to Y au, You will pay to Us the following amounts: (i) the full, dollar value of all remaining Assigned Assets as they become due after the date of the default: All of the remedies specified under this section shall be cumulative with all of the remedies for default pursuant to 58. g. If You learn before or after the signing of this Agreement of the threat or actual beginning of any lawsuit or proceeding that has anything to do with Our rights under this Agreement or the Assigned Assets, then You will immediately notify Us of that and You will give Us copies of all notices and other writings relating to it promptly after You receive them. h. If You receive any notice relating to any supposedly unpaid claim affecting the Annuity or the Assigned Assets or to any other claim against the Annuity or the Assigned Assets, then You will promptly notify Us and will promptly give Us copies of all notices and other writings relating to it received by You promptly after You receive them. 5. RIGHT TO CANCELLATION. YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR FURTHER OBLIGATION WITHIN TWENTY-ONE DAYS FROM THE DATE YOU RECEIVE PAYMENT FROM 321 HENDERSON. In order for the cancellation to be effective, You must mail a notice of cancellation by registered or certified U.S. mail, postmarked within twenty-one (21) days of receipt of the Purchase Price to Us. c/o Vice President of Operations at 2215-B, Suite 5, Renaissance Drive, Las Vegas, NV 89119. Furthermore, in order for Your notice of cancellation to be effective, Your registered or certified U.S. mail package to us must include a bank or certified check for the full Purchase Price that We paid You under this Purchase Agreement. Any failure to comply with the above procedure shaH be a waiver of Your right to cancel this transaction. 6. Your Further Promises. You agree that, from time to time, at Your expense, You will promptly sign and give to Us any and all documents to help Us realize aUf rights and benefits under this Agreement. This promise includes signing, filing or allowing Us to file financing or continuation statements, or amendments or assignments of those documents. You permit Us or others acting for Us to sign our name and/or your name and file without Your signature such financing statements, if that is permitted in Your state of residence. When You sign this Agreement. You will also sign and deliver to Us a "Special Irrevocable Power of Attorney" You must retain the services of an attorney and deliver an opinion of Your attorney about the sale of Assigned Assets to Us, in a form acceptable to Us. Initial: 5 #-tC. .'" 6 @2005 32] Henderson Receivables Limited Partnership 7. Continuation of Representatious, Warranties and Covenants. All of Your representations, warranties and promises made in this Agreement wiII continue to be relied on by Us after this Agreement is signed. 8. Event of Default. Your failure to comply with any term of this Agreement or Your breach of any of Your representations in this Agreement will mean that You will be in default. We refer to this as an "Event of Default." If there is an Event of Default, We have the right to sue You in court to make You perform Your promises or to get money from You. Your failure to comply with any material terms of this Agreement will be a default. In Paragraph 4 (c) You agree to give US at least thirty (30) days written notice after Your move to a new residence or change of Your legal address from the address in Paragraph II of this Agreement. If we are purchasing from You certain lump sum payments, We will contact you at least 3 months before the scheduled payment is due to determine if the address change We have effected with the annuity company is in place and to determine if Your legal address has remained the same. IT We canuot contact you because You have changed Your legal address or moved Your residence and failed to notify Us, We will consider such failure to notify Us to be an EVENT OF DEFAULT and We will exercise all of our legal rights under this Agreement, OUR RIGHT TO PROCEED AGAINST YOU UNDER THIS AGREEMENT SHALL BE SOLELY LIMITED TO WHEN YOU HA VE COMMITTED AN EVENT OF DEFAULT, WE SHALL NOT HAVE THE RIGHT TO SUE YOU IF OR BECAUSE THE ANNUITY COMPANY IS NOT ABLE TO MAKE PAYMENTS BECAUSE IT IS NOT FINANCIALLY ABLE TO DO SO. 9. ControllinQ Law. This Agreement shall be governed, construed and enforced in accordance with the internal laws of the State of Pennsylvania without regard for the conflicts of law rules thereof or elsewhere. (For Court Orders or Notice Transfers obtained in the following jurisdictions: AK, AR, AZ. CA, CO, CT, DE, FL, GA, lA, ID, IL, IN. KS, KY, LA, MA. MD, ME, MI, MN. MO, MS, MT. NC, NE, NJ. NM, NV. OH OK, OR. RI, SC, SD, TN, TX, UT, VA, WA and WV the laws of those jurisdictions shall be applied in the event of a dispute regarding the transfeL) Your domicile is the proper place of venue to bring any action arising out of a breach of this Agreement. 10. Resoonsibilitv for this AQreement. This Agreement will hold responsible Your heirs, executors, successors and assigns and will benefit Our representatives, successors, beneficiaries and pennitted assigns. Nothing in this Agreement is intended to give anyone other than You or Us or each of OUf successors or assigns any benefits. II. Notices. All notices and other communications under this Agreement will be in writing and will be made by delivery by means by which the sender obtains a receipt of delivery from the carrier (including without limitation, certified mail return receipt requested or overnight courier services), addressed to the party to whom a request or demand is to be made. Such demand or notice or request shall be deemed given on the date which is one business day after the date sent by overnight mail or three days after the date sent by certified mail. The addresses of the parties are as follows: If to You: Stephen Rowe 212 3rd street, apt I new cumberland, PA 17070 In;t;al, f'/I/-':' -- 7 @200532J Henden;on Receivables Limited Partnership If to Us: 32 I Henderson Receivables Limited Partnership 2215.B Renaissance Drive Suite 5 Las Vegas. NV 89119 Attention: Vice President - Operations 12. Past Actions. Anything either You or We did or said before this Agreement was signed will not affect Your or Our rights under this Agreement in any way. 13. Exnenses. Except as otherwise affirmatively set forth in this Agreement, You and We agree that we will each pay OUf respective costs and expenses in connection with the carrying out of this Agreement. 14. Headinl!s. The section and subsection headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 15. Counteroarts, One or more originals of this Agreement may be signed with Your or Our signature. When put together they will make one agreement and the Agreement will be considered signed by all parties that need to sign. A facsimile signature will be considered an original. 16. Assilmment, We and anyone to whom We assign this Agreement may assign Our right, title and interest in and to this Agreement, the Annuity and the Assigned Assets without Your approval. You and We agree that if there is an assignment by Us to someone else, We shall not be responsible to You. You must look only to the person or company that We assign this Agreement to for any payment (for example, of the Purchase Price) and performance of this Agreement. When asked by Us or any assignee, You will sign and deliver any such documents as We may require to perform this transaction, as assigned. Initial: 5/(/( -- 8 @2005 32] Hender~on Receivables Limited Partnership 17. Your SDouse. You and Your Spouse are fully aWare of Your rights in the Assigned Assets. You and Your spouse fully give up those rights. You and Your spouse understand that by selling the Assigned Assets to Us, You and Your Spouse are not receiving the same amount of money as You would if You waited for all of the scheduled Payments of the Assigned Assets but. rather, are receiving a disCounted value in return for receipt of the Purchase Price immediately. You and Your spouse have valid reasons for selling the Assigned Assets. You and Your spouse fully understand the terms of the Purchase Agreement and understand that the sale of the Assigned Assets is final. You also understand that Your spouse gives up any property right he or she may have in the Assigned Assets that Your Spouse could claim because of Y OUf marriage. 18. Entire Al!reement. This Agreement and the Exhibits and other documents You signed make up the entire understanding and agreement between You and Us about this Agreement. This Agreement replaces all prior agreements, whether written or oral, about this Agreement. This Agreement may not be changed unless in a writing signed by You and Us. ' 19. Limitation of LiabUitv of Buver. You understand that Our liability to You under this Agreement is strictly limited to the requirement to pay the Purchase Price and under no circumstances will We be responsible for consequential damages. 20. Court ADDrovaI. You understand that court approval is required for this transfer. Yau agree to cooperate with us to obtain such court approval. 21. Exhibits, Attached to this Purchase Agreement are the following Exhibits: Exhibit "A" List of What Payments We are Buying. Intending to be legally bound, You and We have signed this Agreement as of the date at the top of the first page of this Agreement. 321 HENDERSON RECEIVABLES LIMITED PARTNERSHIP ~IGN HERE I ~" .... Sworn to and snbs~bed ~::?~h:t:;;oos- Notary NG7,G,RI.';l SiOAl MICHAEL R. CARANCi. N\llary Publil Lemoyn~ Bore. CtJIOOe!land COtmt, Mv Cnmmission Exolnl,', J~nf 9 @2005 32] Henderson Receivables Limited Partnership Exhihit A We are hereby purchasing from You under the Annuity: A) 1 payment of $1 2,500.00 on 12121/2015 B) 84 Monthly payments of $804.00 each, beginning on 12/2112016 and ending on 11/2112023 ~:~. Stephen Rowe '--- <3IGN HERE I STATE OF'" E NNS~L:~~N~. COUNTY (~~YMBERLAI~L.i On this~-day of4<<57;" 200.S,before me, the above signed personally appeared before me, personally known to . - ~ ;, ~,,"n'" '" ,.. .,'" ;-_m' ~'""'.'''"' . _ ,..,.. ,,~.., " ~ " ~ .:7.c.c'-;;, Notary NOTARiAl SEAl MICHAEL R CARANCI. Notal)! pubnc lemoyne Bora. Cumberland CounIy , ^~" Commission Expinls June 15, 2005 . SCHEDULE 1 DISCLOSURE STA TEMEJ:fi PLEASE BE ADVISED THAT THE PROPOSED TRANSACTION IS A SALE, NOT A LOAN, AND THAT YOU WILL BE SELLING ALL RIGHTS AND TITLE TO THE ASSIGNED ASSETS ONCE THIS TRANSACTION IS CONSUMMATED. PLEASE BE ADVISED THAT YOU MAY BE SUBJECT TO ADVERSE FEDERAL AND STATE INCOME TAX CONSEQUENCES AS A RESULT OF THE PROJ>OSED TRANSACTION. YOU SHOULD CONSULT YOUR OWN COUNSEL, ACCOUNTANT, OR FINANCIAL ADVISOR REGARDING ANY I~EDERAL OR STATE INCOME TAX CONSEQUENCES ARISING FROM THE PROPOSED TRANSFER. YOUR PURCHASE PRICE WAS DERIVED ASSUMING A DISCOUNT RA TE SIGNIFICANTLY HIGHER THAN THE PlUME INTEREST RATES CHARGED BY COMMERCIAL BANKS, THEREFORE, WE URGE YOU TO EXPLORE ALL FINANCIAL OPTIONS. WE WILL PURCHASE FROM YOU A) 1 payment of $12,500.00 on 12/21/2015 B) 84 Monthly payments of $804.00 each, beginning on 12/21/2016 and ending on 11/21/2023 THE AGGREGATE AMOUNT OF THE PURCHASED PAYMENTS IS $80,036.00. THE DISCOUNTED PRESENT VALUE OF THE AGGREGATE PA YMENTS AT 4.80% IS $41,642.82. THE DISCOUNTED PRESENT VALUE IS THE CALCULATION OF THE CURRENT VALUE OF THE TRANSFERRED STRUCTURED SETTLEMENT PAYMENTS UNDER FEDERAL STANDARDS FOR V ALVING ANNUITIES. THE GROSS AMOUNT PAYABLE TO SELLER IS $17,500.00. THE FOLLOWING EXPENSES ARE INCURRED BY THE SELLER (YOU) AND WILL BE DEDUCTED FROM THE PURCHASE PRICE: COMPLIANCE AND ADMINISTRATIVE FEE: $0.00 THE NET AMOUNT PAYABLE TO THE SELLER(YOU) IS $17,500.00. NO OTHER EXPENSES ARE INCURRED BY YOU. SCHEDULE 1. PAGE 2: THE DISCOUNTED PRESENT VALUE OF PAYMENTS SHALL BE CALCULATED AS FOLLOWS: THE APPLlCAB1LE FEDERAL RATE USED IN CALCULA TlNG THE DISCOUNTED PRESENT VALUE IS 4.80%. THE EFFECTIVE ANNUAL DISCOUNT RATE FOR THIS TRANSACTION IS 11.70%. THE CASH PAYMENT YOU RECEIVE IN THIS TRANSACTION FROM US WAS DETERMINED BY APPLYING THE SPECIFIED EFFECTIVE ANNUAL DISCOUNT RATE, COMPOUNDED MONTHLY, TO THE TOTAL AMOUNT OF FUTURE PAYMENTS TO BE RECEIVED BY US, LESS THE TOTAL AMOUNT OF COMMISSIONS, FEES, COSTS, EXPENSES AND CHARGES PAYABLE BY YOU. THE NET AMOUNT THAT YOU WILL RECEIVE FROM US IN EXCHANGE FOR YOUR FUTURE STRUCTURED SETTLEMENT PA YMENTS REPRESENTS 42.00% OF THE ESTIMATED CURRENT VALUE OF THE PAYMENTS BASED UPON THE DISCOUNTED VALUE USING THE APPLICABLE FEDERAL RATE. THE QUOTIENT OBTAINED BY DIVIDING THE NET PAYMENT BY THE DISCOUNTED PRESENT VALUE IS 42.00%. BASED ON THE NET AMOUNT THAT YOU WILL RECEIVE FROM US AND THE AMOUNTS AND TIMING OF THE STRUCTURED_ SETTLEMENT PAYMENTS THAT YOU ARE TURNING OVER TO US, YOU WILL, IN EFFECT, BE PAYING INTEREST TO US AT A RATE OF 11.70% PER YEAR. THE NET AMOUNT PAID TO YOU (THE PAYEE) BY US (THE TRANSFEREE) REPRESENTS AN ESTIMATE OF THE FAIR MARKET VALUE OF THE FUTURE PERIODIC PAYMENTS TRANSFERRED UNDER THE STRUCUTRED SETTLEMENT AGREEMENT. SCHEDULE 1. PAGE 3 NOTICE OF CANCELLATION RIGHTS: YOU MAY CANCEL TIDS TRANSACTION AT ANY TIME PRIOR TO 5:00 P.M. OF THE TWENTY-FIRST DAY FOLLOWING THE LATER OF THE EXECUTION OF THE PURCHASE AGREEMENT, OR THE DATE THE PAYEE BECOMES OBLIGATED UNDER THE PURCHASE AGREEMENT WITHOUT PENALTY OR FURTHER OBLIGATION. THIS CANCELLATION RIGHT CANNOT BE WAIVED IN ANY MANNER. TO CANCEL, YOU MUST PROVIDE WRITTEN NOTICE TO THE TRANSFEREE. WRITTEN NOTICE SHOULD BE MAILED OR DELIVERED TO THE ADDRESS BELOW BY 5:00 P.M. OF (THE TWENTY-FIRST DAY FOLLOWING THE TRANSACTION). IT IS BEST TO MAIL IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF THE SIGNED FORM AND YOUR POST OFFICE RECEIPT. ADDRESS TO WIDCH CANCELLATION IS TO BE RETURNED: 321 HENDERSON RECEIVABLES LIMITED PARTNERSHIP 2215-B RENAISSANCE DRIVE SUITE 5 LAS VEGAS, NV 89119 ATTENTION: VICE PRESIDENT - OPERATIONS IMPORTANT NOTICE: YOU ARE STRONGLY URGED TO CONSULT WITH AN ATTORNEY WHO CAN ADVISE YOU OF' THE POTENTIAL TAX CONSEQUENCES OF THIS TRANSACTION. SCHEDULE 1. PAGE 4 PLEASE BE ADVISED THERE ARE NO PENALTIES OR LIQUIDATED DAMAGES PAYABLE BY YOU IN THE EVENT OF ANY BREACH OF THE TRANSFER AGREEMENT BY YOU. THERE ARE NO BROKERS COMMISSIONS, SERVICE CHARGES, APPLICA TION FEES, PROCESSING FEES, CLOSING COSTS, FILING ][?EES, ADMINISTRA TlVE FEES, LEGAL FEES, NOTARY FEES AND OTHER COMMISSIONS, FEES, COSTS, EXPENSES AND CHARGES PA Y ABLE BY YOU OR DEDUCTED FROM GROSS AMOUNT OTHERWISE PA YABLE TO YOU OTHER THAN THE COMPLIANCE AND ADMINISTRA TIVE FEE. IF YOU BELIEVE YOU WERE TREATED UNFAIRLY OR WERE MISLED AS TO THE NATURE OF THE OBLIGA TIONS YOU ASSUMED UPON ENTERING INTO TIDS AGREEMENT, YOU SHOULD REPORT THOSE CIRCUMSTANCES TO YOU LOCAL DISTRICT ATTORNEY OR THE OFFICE OF THE ATTORNEY GENERAL. THE EFFECTIVE DATE OF THE TRANSFER AGREEMENT SHALL BE DEEMED TO BE THE DATE THAT THE AGREEMENT WAS SIGNED BY THE YOU (PAYEE). PLEASE BE ADVISED THAT PA YMENT TO YOU ])URSUANT TO THE TRANSFER AGREEMENT IS CONTINGENT UPON COURT APPROVAL OF THE TRANSFER AGREEMENT. PLEASE BE ADVISED THAT PAYMENT TO YOU WILL BE DELAYED UP TO 30 DAYS OR MORE IN ORDER FOR THE COURT TO REVIEW AND APPROVE THE TRANSFER AGREEMENT. BY SIGNING BELOW YOU ARE CONFIRMING RECEIPT OF THIS DISCLOSURE A l' LEAST 10 DAYS PRIOR TO REC.EIPT OF THIS CONTRACT. ~--- . . ~,&;-~ Stephen Rowe <:3IGN HERE I EXHIBIT "B" 321 HENDERSON RECEIVABLES LIMITED PARTNERSHIP September 2, 2005 New York Life Insurance Company 51 Madison Avenue New York, NY IOOIO Attn: Legal Department/Structured Settlements New York Life Insurance And Annuity Corporation 51 Madison Avenue New York, NY 10010 Attn: Legal Department/Structured Settlements RE: Notice of Sale/Assignment of Payment Rights Your Contract #: FP208313 Payee: Stephen Rowe SS #: 589-22-5278 Dear Insurer: Please be advised that 321 Henderson Receivables Limited Partnership and/or its successors and assigns, have entered into a transaction with the above-referenced annuitant who is seeking to transfer certain of hislher rights to the payments scheduled to be received under the above- referenced annuity policy. We are currently seeking court approval pursuant to the applicable structured settlement transfer statute. Pursuant to the statute, please note the following information about the Purchaser: 321 Henderson Receivables Limited Partnership 40 Morris Ave Bryn Mawr PA 19010 Tax 10 #88-0513164 PLEASE NOTE: No payments under this annuity should be held unti.l the courts have entered a final order and we have forwarded this order to you. Very truly yours, By: President 2215-B RENAISSANCE DRIVE. suite 5. LAS VEGAS, NV 89119 PHONE: 800-454-9368. FAX: (215) 567-7525. E-MAIL: JGWi1l!]GWFUNDING.COM WEB SITE: WWW.]GWFUNDING.COM p .(Q (") ....., c) ~ c;::-;) U( ~~'; C,"'J -" \ <-" S"-n 1 "" . (,/) U\ 1"11 f1'r:: -'0 - In -011- I -rJ"-j - 'S D \..0 I )C) 6"- -~ ' lft -::J , ~ ~ ~i~~~;:; 0) ...1 .> ~ .'- f" ~~ 1- -< ..0 DUGALIC & LANDAU, LLC BY: Mark Landau, Esquire Attorney l.D. No. 90757 634 Ridgewood Rd. Upper Darby, PA 19082 (610) 352-1322 IN RE: STEPHEN ROWE : CUMBERLAND COUNTY : COURT OF COMMON PLEAS ,2005 : No. y;- '/1()~ RULE AND NOW, this 1 ~.tk day of ~ ,2005, upon consideration of Petition to Transfer Structured Settlement Pursuant to Structured Settlement Protection Act, 40 P.S. 4000, Et. Seq., a Rule is hereby issued upon New York Life Insurance and Annuity Corporation and New York Life Insurance Company to show cause why said Petition should not be granted. RULE RETURNABLE FOR HEARING the I qiA- day of O~'i'1- 2005 at U :jD v. .m. in Courtroom No. d in the Cumberland County Courthouse. q~/1r{)s ~ ~ / 10 r:J ii! C::S SGJZ :l:"U I'.. ':::u ! ~ '", DUGALIC & LANDAU, LLC. Mark A. Landau, Esquire Attorney J.D. No. 90757 634 Ridgewood Rd. Upper Darby, PA 19082 (610) 352-1322 Rr-crl"-~ o-p ~ c." ~_... 1 l" ""00- .... , I... ....... ~ PJ.,{\ .... ..,. .. U If" ~ Attorney for Petitioner IN RE: STEPHEN ROWE : CUMBERLAND COUNTY : COURT OF COMMON PLEAS ,2005 .l.f1cl {!~ulLIER-~ : No. ()!; AND NOW, this :' q day of On..fL, 2605, the Court having considered the Petition of Stephen Rowe for the transfer of structured settlement payment right pursuant to 40 P.S. 4001, et seq. And the interested parties to this action as defined by 40 P.S. 4002 are as follows: 1. The Payee: Stephen Rowe 212 3rd St., Apt. I New Cumberland, PA 17070 2. Annuity Policy Owner: New York Life Insurance and Annuity Corporation 51 Madison Avenue New York, NY 10010 3. Annuity Policy Issuer: New York Life Insurance Company 51 Madison Avenue New York, NY 10010 4. Transferee: 321 Henderson Receivables 40 Morris Avenue Bryn Mawr, PA 19010 The Court, upon such Petition hereby makes the following findings: I. The transfer sought to be approved complies with the requirements of the Structured Settlement Protection Act, 40 P.S. 4000, et seq. and will not contravene any other applicable law; 2. Not less than ten (10) days prior to the date on which Petitioner first incurred any obligation with respect to the transferee, 321 Henderson Receivables has provided to Stephen Rowe a disclosure statement as required by Pennsylvania Statute 40 P.S. 4003 (a)(2); 3. The transfer does not contravene any Federal or State statute or the Order of any court or responsible administrative authority; 4. The best interest of Stephen Rowe would be served by granting the relief requested herein so that Stephen Rowe may be able to purchase a new home; 5. 321 Henderson Receivables has served written notice, including its name, address, and tax identification number, to the structured settlement obligor and has served written notice as required by Pennsylvania Statute 40 P.S. 4004 upon all interested parties, none of whom have objected to the transfer. Based on the foregoing findings, it is hereby ORDERED that the transfer of structured settlement payment rights, as described in the purchase agreement filed with the application in this matter, is hereby APPROVED, and no party to this proceeding shall hereafter refuse to honor this approved transfer. New York Life Insurance and Annuity Corporation and New York Life Insurance Company are hereby AUTHORIZED to remit I payment of$12,500.00 on 12/21/2015, and 84 monthly payments of $804.00 each, beginning on 12/21/2016 and ending on 11/21/2023, to: 321 Henderson Receivables L.P. P.O. Box 7780-4244 Philadelphia, PA 19182-4244 This Order is entered without prejudice to New York Life Insurance and Annuity Corporation and New York Life Insurance Company and the Court makes no finding regarding the enforceability of any non-assignment provision(s) contained in the original settlement agreement or related documents. This Order in no way modifi~ or ;.- negates the ownership or control ofthe underlying contract with New York;n-e // / ,/ Insurance and Annuity Corporation and New York Life Insurance . "any. :/ --- ~ "'-iI --< "" c:..-' C~ c-:? ~n <;,.^-.:'". ,~ :":;:J c:~ -- , -n \JJ . , , _. -- . . ~:; C~) :~J - - -u g ..... t ~/IJ .... .......... .0 -.f' 6- ")~ c- J~ i::J 'f-- "'-<' f r DUGALlC & LANDAU, LLC. BY: Mark Landau, Esquire Attorney l.D. No. 90757 14 Trent Road Wynnewood, PA 19096 (610) 649-9377 IN RE: STEPHEN ROWE : CUMBERLAND COUNTY : COURT OF COMMON PLEAS ,2005 : No. 6S"' --170 t CERTIFICATE OF SERVICE It is hereby certified that on this _ day of October, 2005, a copy of the Proposed Transfer of Structured Settlement Payment Rights has been mailed by U. S. First Class Certified Mail to the following: 321 Henderson Receivables 40 Morris Avenue Bryn Mawr, PA 19010 New York Life Insurance and Annuity Corporation 51 Madison Avenue New York, NY 10010 New York Life Insurance Company 51 Madison Avenue New York, NY 10010 , ~ ~TI:~ <':"'-1 Cl (' :-. -I \~) ~1'1 :;:! i'l IJ'.J (~;) '-'"'