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  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
  • J.G. Wentworth Originations, Llc v. Elijah Mcdonald, Prudential Assigned Settlement Services Corp., Prudential Insurance Company Of AmericaSpecial Proceedings - Other (SSPA) document preview
						
                                

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FILED: ERIE COUNTY CLERK 08/27/2020 01:04 PM INDEX NO. 809474/2020 NYSCEF DOC. NO. 7 RECEIVED NYSCEF: 08/27/2020 EXHIBIT F FILED:: ERIE FILED ERIE COUNTY NYSCEF DOC. NYSCEF COUNTY CLERK DOC. NO. NO. 7 18 CLERK 08/27/2020 12/04/2019 01:04 03:35 W PM RECEIVED RECEIVED NYSCEF: INDEX INDEX NO. 12/04/2019 NYSCEF: 08/27/2020 809921/2019 NO. 809474/2020 At an IAS Term, Part 4, of the Supreme Court of the State of New York, County of Erie, at the Courthouse thereof located at 50 Delaware $* Ave., Buffalo, New York, on the day of November, 2019. L j TJ rembfr SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF ERIE In the Matter of the Petition of J.G. WENTWORTH ORIGINATIONS, LLC, Petitioner and Index No. 809921/2019 ELUAH MCDONALD, PRUDENTIAL ASSIGNED SETTLEMENT SERVICES CORP. and PRUDENTIAL INSURANCE COMPANY OF AMERICA as Interested Parties Pursuant to G.O.L. Sec. 5-1701(f) CONSENT ORDER APPROVING TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS AND NOW, upon consideration of the unopposed Verified Petition (the "Petition") of J.G. Wentworth Originations, LLC ("Wentworth"), seeking approval for the transfer of certain structured settlement payment rights, specifically, annual payment portions of $2,500.00 each (out of total annual payments of $7,500.00 each), beginning September 21, 2020, continuing through and including September 21, 2021, one lump sum payment portion of $5,000.00 (out of a total lump sum payment of $20,000.00) due September 21, 2024, and one lump sum payment portion of $15,576.52 (out of a total lump sum payment of $35,576.52) due September 21, 2028 11/05/2019 Prudential 1579340vl 030701.00032 1 of 7 FILED: F ILED : ERIE ERIE COUNTY COUNTY CLERK CLERK 08/27/2020 12/04/2019 01:04 03:35 PM INDEX INDEX NO. NO. 809474/2020 809921/2019 PNU NYSCEF NYSCEF DOC. DOC. NO. NO. 7 18 RECEIVED RECEIVED NYSCEF: NYSCEF: 08/27/2020 12/04/2019 (the "Assigned Payments") by Elijah McDonald ("Payee") to Wentworth as described in the Petition and in the New York Purchase Contract (the "Purchase between Payee and Agreement") Wentworth (the Assigned Payments and Purchase Agreement between Payee and Wentworth being hereinah referred to as the "Proposed Transfer"), the Court makes the findings following pursuant to the New York Structured Settlerñent Protection N.Y. Gen. Oblig. Act, § 5-1705 (the "New York Transfer Act"): Express Findings Pursuant to the New York Transfer Act 1. The Proposed Transfer complies with the requirements of the New York Transfer Act. 2. The Proposed Transfer is in the best interest of Payee, into account the welfare taking and support of Payee's depciidciits, if any, and whether the Prepósed Transfer, the including discount rate used to determine the gross advance amount and the fees and expenses used to determine the net advance amount, is fair and reasonable 3. Payee has been advised in writing by Wentworth to seek independent professional advice regarding the Proposed Transfer and has either received such advice or knowingly waived such advice in writing. 4. The Prüposed Transfer does not contravene any applicable federal or state statute or the order of any court or other government authority. 5. The Pureliase Agreement is written in plain language and is in compliaiice with N.Y. Gen. Oblig. § 5-702. Other Findings 6. The Court finds that at least 20 days before the scheduled hearing on the Petition, Wentworth filed with the Court and provided to all interested parties, including without limitation Prudential Assigned Settlemmt Services Corperation ("PASSCorp") and The Prudential Insurance Company of America ("Prudential") (sometimes hereinafter "Insurers"), 2 11/05/2019Prudential 1579340v1 030701.00032 2 of 7 FILED: F ILED : ERIE ERIE COUNTY COUNTY CLERK CLERK 08/27/2020 12/04/2019 01:04 03:35 PM INDEX INDEX NO. NO. 809474/2020 809921/2019 PNU NYSCEF NYSCEF DOC. DOC. NO. NO. 7 18 RECEIVED RECEIVED NYSCEF: NYSCEF: 08/27/2020 12/04/2019 notice of the Proposed Transfer, the Petition and all other documstation required the New by York Transfer Act. 7. Pursuant to the New York Transfer Act, at least 10 days before the date on which Payee signed the Purchase Agreement, Wentworth provided Payee a separate Disclosure Statement, in bold type at least 14 points in size, stating: (a) The amounts and due dates of the structured nettlement payinents to be transferred; (b) The aggregate amount of the payments; (c) The discounted present value of the payments to be transferred, identified as the "calculation of current value of the transferred structured settlement payments under federal annuities," standards for valuing and the amount of the Applicable Federal Rate used in calculating the discounted present value; (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 aññüity issuers that reflects the current cost of purchasing a coraparnble annuity for the aggregate amount of payments to be transferred; (e) The gross advance amount and the annual discóüñt rate, compounded monthly, used to determine such figure; (f) An itemized listing of all commissions, fees, costs, expenses and charges payable by Payee or deductible from the gross arñount otherwise payable to Payee and the total ametmt of such fees; (g) The net advance amount including the statement: "The net cash payment you receive in this transaction from the buyer was deterinined by applying the specified discount rate 3 1 1/05/2019 Prudential 1579340v1 03070 L00032 3 of 7 INDEX INDEX NO. NO. 80 9921/2 019 809474/2020 FILED: |FILED : ERIE COUNTY ERIE COUNTY CLERK CLERK 12/04/2019 08/27/2020 03:35 01:04 PM PM NYSCEF DOC. NYSCEF DOC. NO. NO. 18 7 RECEIVED NYSCEF: 12/04/2019 RECEIVED NYSCEF: 08/27/2020 to the amomt of future payments received by the buyer, less the total amount of commissions, fees, costs, expenses and charges payable by you"; (h) The amount of any pelties or liquidated damages payable by Payee in the event of any breach of the Purchase Agreement by Payee; and (i) A statcmcñt that Payee has the right to cancel the Purchase Agreement, without persilty or further obligation, not later than the third business day afiter the date the Purchase Agreement is signed by Payee. 8. The Court finds that pursuant to the New York Transfer Act, venue and jurisdiction are proper in this Court because Payee resides in Erie County, New York. 9. Pursuant to 26 U.S.C. § 5891, the Proposed Transfer does not contravene any federal or state statute or the order of any court or responsible administrative authority, and is in the best interest of Payee, taking into acecüilt the welfare and support of Payee's dependents, if any. Based upon the foregoing findings, IT IS HEREBY ORDERED that: A. Pursuant to the New York Transfer Act, the Proposed Transfer is APPROVED. Regardless of the named beneficiary of record on file with Prudential under annuity contract number SGQ000017071, Wentworth shall be entitled to receive the Assigned Payments even in the event of Payee's death, and Payee understands Payee is giving up Payee's rights, and the rights of Payee's heirs, successors and/or beneficiaries to the Assigned Payiñeñts. B. Prudential shall forward the Assigned Payments, together with the Previously parties' Assigned Payments, in the manner set forth in the Stipulation ("Stipulation"), within LLC" seven days of the date due, by check made payable to "J.G. Wentworth Originations, at P.O. Box 83364, Woburn, MA 01813-3364 (the "Designated Address"). 4 11/05/2019Prudential 1579340v1 030701.00032 4 of 7 IND EX NO INDEX NO. 09921/2019 . 8809474/2020 FILED: |FILED: ERIE COUNTY ERIE COUNTY CLERK CLERK 12/04/2019 08/27/2020 03:35 01:04 PNU PM NYSCEF DOC. NYSCEF DOC. NO. NO. 18 7 RECEIVED NYSCEF: 12/04/2019 RECEIVED NYSCEF: 08/27/2020 C. Wentworth is authorized to make subsequent assignments or transfers of the Assigned Payments (a "Reassigñment") except that, regardless of any such Reassigr-cñt, the Assigned Payments will still be made by Prudential to Wentworth at the Designated Address only, regardless of any Reassignment. However, if for reasons beyond the control of Wentworth, or due to Wentworth being merged with or acquired by another individual or entity, or for traditional address change purposes the Designated Address is no longer valid (i.e., if Wentworth moves or for other reasons the Designated Address is no longer a valid address for Wentworth to receive payments), Prudential will make the Assigned Payments to a new address and Wentworth shall pay Prudential (by check made payable to "The Prudential Insurance Company of America") a redirection fee (the "Redirection Fee") in the amount of $100.00. Notwithsta.nding the foregoing, the Stipulation will remain binding and fully enforceable against Wentworth (and any successor by merger or acquisition) and Payee. D. All remaining structured settlement payments (and/or portions thereof) due to Payee, if any, that are not the subject of the Proposed Transfer, and not previously assigned, shall be made payable to Payee and will be forwarded by Prudential, as they become due, to Payee's last known address or any payment address designated by Payee, subject to the consent of Insurers. E. Wentworth shall defend, indemnify, and hold harmless Insurers and their respective directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, past and present, from and against any and all attorneys' liability, including but not limited to costs and reasonable fees, for any and all claims asserted by any person or entity, including but not limited to any claims asserted by any person 5 I 1/05/2019 Prudential 1579340v1 030701.00032 5 of 7 FILED: FILED : ERIE ERIE COUNTY COUNTY CLERK CLERK 08/27/2020 12/04/2019 01:04 03:35 PM PM| INDEX INDEX NO. 809474/2020 NO. 809921/2019 NYSCEF NYSCEF DOC. DOC. NO. NO. 7 18 RECEIVED RECEIVED NYSCEF: 08/27/2020 NYSCEF: 12/04/2019 or entity not a party hereto claiining an interest in the Assigned Payments, and and all other any claims made in connection with, related to, or arising out of the Purchase the Agreement, Proposed Insurers' Transfer, the Assigned Payments, any Reassignment, or compliance with the Stipulation or this Order, except with respect to claims by Wentworth against Insurers to enforce Insurers' obligations to Wentworth under the Stipulation or this Order. To the extent Wentworth fails to honor this indemnification and defense obligation, Insurers in addition to all other may, remedies afforded by law, satisfy the same by withholding to their own credit the Assigned Payments. parties' F. Insurers lack of opposition to this matter, or their or the other stipulation hereto or compliance herewith, shall not constitute evidence in this or any matter, and is not intended to constitute evidence in this or any matter, that: (i) paymcñts under a structured settlement contract or annuity or related contracts "anti-assigiiinent" "anti-encumbrance" can be assigned or that or provisicils in structured settlement contracts, annuities or related contracts are not valid and enforceable; or (ii) other transactions entered into by Wentworth and its customers constitute valid sales and/or secured transactions; or (iii) Insurers have waived any right in colisection with any other litigation or claims; or (iv) Wentworth has waived any right other than as expressly set forth in the Stipulation and/or this Order. G. Wentworth and Payee, for themselves and for their respective directors, shareholders, officers, agents, employees, servants, successors. heirs, beneficiaries, contingent beneficiaries, executors, trustees, admin-istrators, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, heirs, beneficiaries, contingent beneficiaries, executors, trustees, admis:±rators, and assigns, past and present (the "Releascrs"), hereby remise, rclcasc and forever £=h=ge 6 11/05/2019 Prudential 1579340v1 030701.00032 6 of 7 FILED: FILED : ERIE ERIE COUNTY COUNTY CLERK CLERK 08/27/2020 12/04/2019 01:04 03:35 PM PM| INDEX INDEX NO. 809474/2020 NO. 809921/2019 NYSCEF NYSCEF DOC. DOC. NO. 7 NO. 18 RECEIVED RECEIVED NYSCEF: 08/27/2020 NYSCEF: 12/04/2019 Insurers and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the "Insurer Releasees"), of and from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, settlements, damages, claims, and demands whatsoever, in law or in equity, in connection with, related to, or arising out of any claim or allegation that was or could have been asserted in connection with, related to, or arising out of the Purchase Agreement, the Assigned Payments, the Proposed Transfer, or the Stipulation, which against each other or the Insurer Releasees, the Releasors have or had from the beginning of the world through the date of this Order, except for claims of Releasors Releasees' against the Insurer Releasees to enforce the Insurer obligations to Releasors, if any, under the Stipulation or this Order. H. In consideration for the Assigned Payments, Payee shall receive from Wentworth t((, a40. N. the net sum of U A,ana no Order" I. This Order is a "Qualified within the meaning of 26 U.S.C. § 5891. 402 AND IT IS SO ORDERED this day of December, 2019. ORDEREd ENTER: €xpe nchh,res 0 4 (4 DEC 2019 hdrawals and / 0 f gtme , Hon. Mark A. Montour, J.S.C. c sad Mta«cu1 Shah equ e oÔunzetten rem+hts Ccert bche th œf tywk LB i †kr OROCRED hd n Case (Ind Lu 20na/s) Q fewmn O Obcsm(o)maths 11/05/2019Prudentiall579340vl030701.00032 7 of 7