Preview
FILED: YATES COUNTY CLERK 09/16/2021 03:31 PM INDEX NO. 2021-5237
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/16/2021
SUPREME COURT
STATE OF NEW YORK COUNTY OF YATES
In the matter of DRB Capital, LLC,
Petitioner
and Index No.
B. Buckle, and Brighthouse Life Insurance
Company,
As Interested Parties
PETITION T_O TRANSFER STRUCTURED
SETTLEMENT PAYMENT RIGHTS
NOW COMES, Petitioner, DRB Capital, LLC ("Transferee"), by and through its
attorney, Donald W. Jensen, Esquire, and petitions this Honorable Court pursuant to N.Y. Gen.
Oblig. §5-1701, et seq., for Court approval to transfer structured settlement payments rights, and
in support thereof avers the following:
1. The Payee, as defined by §5-1701(h), is B. Buckle ("Payee"), a competent adult
individual residing in Yates County, New York. The Payee has certified that they are a
resident and domiciliary of the State of New York, that they have provided complete and
correct information to the Petitioner concerning the state of residence, that they have not
falsified any of the information thereto related, and that have not relocated for the
they
purpose of entering into the Transfer Agreement with Petitioner.
2. The Payee has the following dependents as defined by §5-1701(b):
None
3. It is averred upon information and belief that the Payee is not treatment for
undergoing
any physical injuries and does not suffer from mental issues or problems.
any
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4. The Transferee, as defined by §5-1701(t), is DRB Capital, LLC, with offices located at
1625 S. Congress Ave, Suite 200, Delray Beach, FL 33445.
5. The Payee is the beneficiary of annuity payments pursuant to a structured settlement
agreement, which is owned and issued Brighthouse Life Insurance Company,
annuity by
interested parties as defined by §5-1701(f).
6. Upon information and belief, the settlement for Payee provides for a series of deferred
payments under a structured settlement as defined §5-1701(1) and 26 U.S.C.
by
§5891(c)(1).
7. Upon information and belief, the structured settlement was the subject of a "qualified
assignment"
pursuant to Internal Revenue Code §104 and 130, 26 U.S.C. §104 and 130,
in which the annuity issuer assumed the liabilities to make the payments provided for
under the stated terms of the structured settlement.
8. The Payee has entered into an Absolute Sale and Security Agreement ("Transfer
Agreement") with Transferee, its successors and/or assigns for the transfer of part of
Payee's structured settlement, specifically 12 monthly payments of $748.87 commencing
on or about October 2032 and on or about September and 147 life-
31, ending 30, 2033,
contingent monthly payments of 748.87 on or about October 31, 2033 and
commencing
ending on or about December 31, 2045 and in return the Payee shall receive
compensation from the Transferee totaling $16,292.82. (See the Transfer Agreement
attached hereto and made a part hereof as Exhibit "A").
9. The Payee shall retain all right and interest in payments that are not assigned.
any
Pursuant to CPLR §2217(b), based upon information and belief, the Payee has engaged
in previous applications for the transfer of structured settlement payment rights filed to
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Steuben Supreme Court Index No. 90948(Approved) and Ontario County
County
Supreme Court Index No. 110292(Approved).
10. Not less than ten (10) days prior to the date on which Payee signed the Transfer
Statement pursuant to §5-
Agreement, the Transferee provided Payee with a Disclosure
1703 (See Disclosure attached hereto and made a part hereof as Exhibit "B").
11. §5-1703 requires the Transferee to provide a Disclosure Statement ten (10) days prior to
the effectiveness of the Agreement. Per the Agreement between the parties, the Transfer
Agreement becomes effective and entered into as of the date such period expires, and the
Payee does not incur obligation with respect to the Transfer Agreement or the
any
transfer contemplated hereby until after such period has expired.
12. The Transferee will serve written notice to the structured settlement obligor and annuity
issuer, Brighthouse Life Insurance Company, as well as serving all interested parties
pursuant to §5-1705(c) at least 20 days prior to the time at which this petition is noticed
to be heard.
13. The Payee has been advised in writing and has acknowledged their right to seek
independent professional advice in accordance with §5-1702(e) and has knowingly
waived such advice in writing and based upon their level of financial sophistication, Payee
understands the legal and financial implications of the transfer. (See Payee's Waiver of
Independent Professional Advice attached hereto and made a part hereof as Exhibit "C").
14. The Transfer complies with the statutory requirements of the New York Structured
Settlement Protection Act, N.Y. Gen. Oblig. §5-1701etseq., and 26 U.S.C. § 5891, and
does not contravene any applicable statute or the order of any Court or other government
authority.
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15. As required by §5-1706(b), the best interests of the Payee will be served by allowing the
transfer of part of the structured settlements due Payee so that they will be afforded the
opportunity to pay for the funeral costs for his deceased wife and purchase a tombstone.
(See Payee's Declaration attached hereto and made a part hereof as Exhibit "D").
16. The transfer of a portion of Payee's structured settlement payment rights is fair and
reasonable given the Payee's unique circumstances and their continued ability to
financially support themselves with their income as well as the current financial
existing
market.
WHEREFORE, the Petitioner respectfully requests this Honorable Court approve the
transfer of the structured settlement payments of B. Buckle 12 monthly payments of
specifically
$748.87 commencing on or about October 31, 2032 and on or about September 30,
ending
2033, and 147 life-contingent payments of 748.87 on or about October 31,
monthly commencing
2033 and ending on or about December 31, 2045 to DRB Capital, LLC, it successors and/or
assigns in accord with N.Y. Gen. Oblig. §5-1701, et seg.
Respectfully submitted,
Date Donald W. Jen n, Esquire
Counsel for Petitioner
Reg. # 2050185
44 Court Street, Ste. 1217
Brooklyn, NY 11201
Phone: (570) 344-8723
E-mail: JensenandJensen@aol.com
The undersigned, as counsel for Petitioner, admitted to practice before the courts of New York,
does hereby subscribe and affirm based upon information and under the penalties of
belief,
perjury, that the averments contained in the Petition to Transfer Structured Settlement Payment
Rights are true and correct.
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Preview
FILED: YATES COUNTY CLERK 09/16/2021 03:31 PM INDEX NO. 2021-5237 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/16/2021 SUPREME COURT STATE OF NEW YORK COUNTY OF YATES In the matter of DRB Capital, LLC, Petitioner and Index No. B. Buckle, and Brighthouse Life Insurance Company, As Interested Parties PETITION T_O TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS NOW COMES, Petitioner, DRB Capital, LLC ("Transferee"), by and through its attorney, Donald W. Jensen, Esquire, and petitions this Honorable Court pursuant to N.Y. Gen. Oblig. §5-1701, et seq., for Court approval to transfer structured settlement payments rights, and in support thereof avers the following: 1. The Payee, as defined by §5-1701(h), is B. Buckle ("Payee"), a competent adult individual residing in Yates County, New York. The Payee has certified that they are a resident and domiciliary of the State of New York, that they have provided complete and correct information to the Petitioner concerning the state of residence, that they have not falsified any of the information thereto related, and that have not relocated for the they purpose of entering into the Transfer Agreement with Petitioner. 2. The Payee has the following dependents as defined by §5-1701(b): None 3. It is averred upon information and belief that the Payee is not treatment for undergoing any physical injuries and does not suffer from mental issues or problems. any 1 of 4 FILED: YATES COUNTY CLERK 09/16/2021 03:31 PM INDEX NO. 2021-5237 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/16/2021 4. The Transferee, as defined by §5-1701(t), is DRB Capital, LLC, with offices located at 1625 S. Congress Ave, Suite 200, Delray Beach, FL 33445. 5. The Payee is the beneficiary of annuity payments pursuant to a structured settlement agreement, which is owned and issued Brighthouse Life Insurance Company, annuity by interested parties as defined by §5-1701(f). 6. Upon information and belief, the settlement for Payee provides for a series of deferred payments under a structured settlement as defined §5-1701(1) and 26 U.S.C. by §5891(c)(1). 7. Upon information and belief, the structured settlement was the subject of a "qualified assignment" pursuant to Internal Revenue Code §104 and 130, 26 U.S.C. §104 and 130, in which the annuity issuer assumed the liabilities to make the payments provided for under the stated terms of the structured settlement. 8. The Payee has entered into an Absolute Sale and Security Agreement ("Transfer Agreement") with Transferee, its successors and/or assigns for the transfer of part of Payee's structured settlement, specifically 12 monthly payments of $748.87 commencing on or about October 2032 and on or about September and 147 life- 31, ending 30, 2033, contingent monthly payments of 748.87 on or about October 31, 2033 and commencing ending on or about December 31, 2045 and in return the Payee shall receive compensation from the Transferee totaling $16,292.82. (See the Transfer Agreement attached hereto and made a part hereof as Exhibit "A"). 9. The Payee shall retain all right and interest in payments that are not assigned. any Pursuant to CPLR §2217(b), based upon information and belief, the Payee has engaged in previous applications for the transfer of structured settlement payment rights filed to 2 of 4 FILED: YATES COUNTY CLERK 09/16/2021 03:31 PM INDEX NO. 2021-5237 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/16/2021 Steuben Supreme Court Index No. 90948(Approved) and Ontario County County Supreme Court Index No. 110292(Approved). 10. Not less than ten (10) days prior to the date on which Payee signed the Transfer Statement pursuant to §5- Agreement, the Transferee provided Payee with a Disclosure 1703 (See Disclosure attached hereto and made a part hereof as Exhibit "B"). 11. §5-1703 requires the Transferee to provide a Disclosure Statement ten (10) days prior to the effectiveness of the Agreement. Per the Agreement between the parties, the Transfer Agreement becomes effective and entered into as of the date such period expires, and the Payee does not incur obligation with respect to the Transfer Agreement or the any transfer contemplated hereby until after such period has expired. 12. The Transferee will serve written notice to the structured settlement obligor and annuity issuer, Brighthouse Life Insurance Company, as well as serving all interested parties pursuant to §5-1705(c) at least 20 days prior to the time at which this petition is noticed to be heard. 13. The Payee has been advised in writing and has acknowledged their right to seek independent professional advice in accordance with §5-1702(e) and has knowingly waived such advice in writing and based upon their level of financial sophistication, Payee understands the legal and financial implications of the transfer. (See Payee's Waiver of Independent Professional Advice attached hereto and made a part hereof as Exhibit "C"). 14. The Transfer complies with the statutory requirements of the New York Structured Settlement Protection Act, N.Y. Gen. Oblig. §5-1701etseq., and 26 U.S.C. § 5891, and does not contravene any applicable statute or the order of any Court or other government authority. 3 of 4 FILED: YATES COUNTY CLERK 09/16/2021 03:31 PM INDEX NO. 2021-5237 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/16/2021 15. As required by §5-1706(b), the best interests of the Payee will be served by allowing the transfer of part of the structured settlements due Payee so that they will be afforded the opportunity to pay for the funeral costs for his deceased wife and purchase a tombstone. (See Payee's Declaration attached hereto and made a part hereof as Exhibit "D"). 16. The transfer of a portion of Payee's structured settlement payment rights is fair and reasonable given the Payee's unique circumstances and their continued ability to financially support themselves with their income as well as the current financial existing market. WHEREFORE, the Petitioner respectfully requests this Honorable Court approve the transfer of the structured settlement payments of B. Buckle 12 monthly payments of specifically $748.87 commencing on or about October 31, 2032 and on or about September 30, ending 2033, and 147 life-contingent payments of 748.87 on or about October 31, monthly commencing 2033 and ending on or about December 31, 2045 to DRB Capital, LLC, it successors and/or assigns in accord with N.Y. Gen. Oblig. §5-1701, et seg. Respectfully submitted, Date Donald W. Jen n, Esquire Counsel for Petitioner Reg. # 2050185 44 Court Street, Ste. 1217 Brooklyn, NY 11201 Phone: (570) 344-8723 E-mail: JensenandJensen@aol.com The undersigned, as counsel for Petitioner, admitted to practice before the courts of New York, does hereby subscribe and affirm based upon information and under the penalties of belief, perjury, that the averments contained in the Petition to Transfer Structured Settlement Payment Rights are true and correct. 4 of 4