On June 14, 2024 a
Exhibit,Appendix
was filed
involving a dispute between
Assured Management Corporation,
and
Alberto Rodriguez,
American Home Assurance Company,
The United States Life Insurance Company In The City Of New York,
for Special Proceedings - Other (Sale/Transfer)
in the District Court of Kings County.
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FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024
EXHIBIT
"C"
FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024
DATERECEIVED: May 20, 2024
DISCLOSUREPURSUANTTOSECTION5-1703
OFTHEGENERALOBLIGATIONLAWSŒFNEWYORK
COMES
NOW,the Transferee, GENEXCAPITAL CORPORATION,which
pursuant 5-1703 of the General Obligation Laws of NewYork as
to Section
amended, hereby offers the following disclosure as required under the
provisions of that section in connection with the above-captioned matter:
(A) The amounts and due dates of the structured settlement payments to be
transferred are:
142 life contingent monthly payments in the amount of $4,095.80 with 3
percent increases on March 20 which will become due and payable to you
commencing March 20, 2049 through and including December 20, 2060;
(B) The aggregate amount of these payments is $686,193.42;
(C) The discounted present value of the payments, based upon the calculation
of current value of the transferred structured settlement payments under
Federal standards for valuing annuities based on the rate of 5.4 percent is
$130,923.25;
(D) The price quote from two other annuity issuers that reflects the current
cost of purchasing a comparable annuity for the aggregated amount of
payments to be transferred is $112,500.00 and $113,000.00;
(E) The gross amount payable to Transferor, Alberto Rodriguez, in exchange
for such payments is $6,000.00;
(F) The gross advance amount payable to Transferor, Alberto
Rodriguez, is
$6,000.00 and the annual discount rate, compounded monthly, used to
determine such figure is 15.8 percent;
(G) The estimated fees and costs to be charged to Transferor, Alberto
Rodriguez, with respect to this Transfer are:
1 of 2
FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024
NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024
Brokers Fee: $ .00
Attorney Fees: $ .00
Filing Fees: $ .00
Postage: $ .00
Copies: $ .00
TOTAL $ .00
(H) The net advance amount payable to Transferor, Alberto Rodriguez,
following deduction of the aforementioned fees and expenses is $6,000.00;
The payment you receive in this transaction from the buyer was
determined by applying the specified discount amount of
rate to the
future payments received by the buyer, less the total amount of
commissions, fees, costs, expenses and charges payable by you;
(I) The amount of any penalty and the aggregate amount of any liquidated
damages (including penalties) payable by Transferor, Alberto Rodriguez,
in the event of your breach of the transfer agreement are:
(1) Attorney's Fees: $ .00
(2) Recission Fee: $ .00
(3) Liquidated Damages: $ .00
TOTAL: $ .00
(J) You have the right and are strongly advised to seek independent
professional advice regarding this transaction.
I have received and reviewed a copy of the foregoing Disclosure Statement. I
agree with its terms, and my endorsement of this Statement reflects my
understanding and acceptance of its Provisions. I am aware that I have three
(3) business days from the date of entering the Transfer Agreement to change
my mind about this transaction and if I wish to terminate the transaction
without penalty I may do so within this said three (3) business day period by
providing written notice to Buyer.
Alberto Rodriguez
2 of 2
Document Filed Date
June 14, 2024
Case Filing Date
June 14, 2024
Category
Special Proceedings - Other (Sale/Transfer)
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FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024 NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024 EXHIBIT "C" FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024 NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024 DATERECEIVED: May 20, 2024 DISCLOSUREPURSUANTTOSECTION5-1703 OFTHEGENERALOBLIGATIONLAWSŒFNEWYORK COMES NOW,the Transferee, GENEXCAPITAL CORPORATION,which pursuant 5-1703 of the General Obligation Laws of NewYork as to Section amended, hereby offers the following disclosure as required under the provisions of that section in connection with the above-captioned matter: (A) The amounts and due dates of the structured settlement payments to be transferred are: 142 life contingent monthly payments in the amount of $4,095.80 with 3 percent increases on March 20 which will become due and payable to you commencing March 20, 2049 through and including December 20, 2060; (B) The aggregate amount of these payments is $686,193.42; (C) The discounted present value of the payments, based upon the calculation of current value of the transferred structured settlement payments under Federal standards for valuing annuities based on the rate of 5.4 percent is $130,923.25; (D) The price quote from two other annuity issuers that reflects the current cost of purchasing a comparable annuity for the aggregated amount of payments to be transferred is $112,500.00 and $113,000.00; (E) The gross amount payable to Transferor, Alberto Rodriguez, in exchange for such payments is $6,000.00; (F) The gross advance amount payable to Transferor, Alberto Rodriguez, is $6,000.00 and the annual discount rate, compounded monthly, used to determine such figure is 15.8 percent; (G) The estimated fees and costs to be charged to Transferor, Alberto Rodriguez, with respect to this Transfer are: 1 of 2 FILED: KINGS COUNTY CLERK 06/14/2024 10:38 AM INDEX NO. 516513/2024 NYSCEF DOC. NO. 5 RECEIVED NYSCEF: 06/14/2024 Brokers Fee: $ .00 Attorney Fees: $ .00 Filing Fees: $ .00 Postage: $ .00 Copies: $ .00 TOTAL $ .00 (H) The net advance amount payable to Transferor, Alberto Rodriguez, following deduction of the aforementioned fees and expenses is $6,000.00; The payment you receive in this transaction from the buyer was determined by applying the specified discount amount of rate to the future payments received by the buyer, less the total amount of commissions, fees, costs, expenses and charges payable by you; (I) The amount of any penalty and the aggregate amount of any liquidated damages (including penalties) payable by Transferor, Alberto Rodriguez, in the event of your breach of the transfer agreement are: (1) Attorney's Fees: $ .00 (2) Recission Fee: $ .00 (3) Liquidated Damages: $ .00 TOTAL: $ .00 (J) You have the right and are strongly advised to seek independent professional advice regarding this transaction. I have received and reviewed a copy of the foregoing Disclosure Statement. I agree with its terms, and my endorsement of this Statement reflects my understanding and acceptance of its Provisions. I am aware that I have three (3) business days from the date of entering the Transfer Agreement to change my mind about this transaction and if I wish to terminate the transaction without penalty I may do so within this said three (3) business day period by providing written notice to Buyer. Alberto Rodriguez 2 of 2