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  • In the Matter of G7 Crescenta, LLC, Transferee and TransferorOther Civil document preview
  • In the Matter of G7 Crescenta, LLC, Transferee and TransferorOther Civil document preview
  • In the Matter of G7 Crescenta, LLC, Transferee and TransferorOther Civil document preview
  • In the Matter of G7 Crescenta, LLC, Transferee and TransferorOther Civil document preview
						
                                

Preview

Filed 12/16/2019 12:59 PM Beverley McGrew Walker District Clerk Fort Bend County, Texas Salena Jasso 1 CAUSE NO. 19-DCV-268091 2 IN THE MATTER OF § IN THE DISTRICT COURT 3 § § 4 G7 CRESCENTA, LLC § § 5 Transferee § § 6 and § § 7 § § 400th District 8 § Transferor § FORT BEND COUNTY, TEXAS 9 10 11 NOTICE OF DECLARATION OF AND STATUTORILY EXECUTED 12 TRANSFER AGREEMENT 13 14 TO THE DISTRICT COURT IN THE ABOVE CAPTIONED CASE 15 PLEASE TAKE NOTICE that attached hereto is a true and correct copy of a 16 Declaration of as Exhibit "A" and a statutorily executed Agreement to 17 Transfer Structured Settlement Payment Rights as Exhibit "B". 18 19 Dated: December 16, 2019 G7 CRESCENTA, LLC 20 2626 Foothill Blvd., Ste. 200 21 La Crescenta, CA 91214-3574 Telephone No.: (800) 449-6311 22 Facsimile No.: (800) 922-6312 23 24 By: ______________________________ Christopher R. Milton 25 Texas State Bar No.: 24064192 chris@csfcap.com 26 Attorney for Petitioner 27 28 NOTICE OF DECLARATION OF AND STATUTORILY EXECUTED TRANSFER AGREEMENT 1 Exhibit A DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA DECLARATION OF IN SUPPORT OF PETITIONER'S PETITION FOR APPROVAL FOR TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS I, , am over the age of eighteen. I have personal knowledge of all facts stated in this Declaration, and if called as a witness, I could and would competently testify as follows: 1. I am the Respondent in this action. This Declaration is made in support of Petitioner's Petition for Approval for Transfer of Structured Settlement Payment rights by and between myself, and G7 Crescenta, LLC. 2. That I have agreed to sell my interest to certain structured settlement payment rights under an annuity contract to Petitioner, G7 Crescenta, LLC. Those certain annuity payments due and owing to me are set forth in the Agreement to Transfer Structured Settlement Payment Rights, and attached to the Petition; 3. That I believe it is in my best interest to enter into the transaction contemplated in the Agreement to Transfer Structured Settlement Payment Rights. The original structured settlement entered into by me was intended as compensation for a personal injury claim. In I was involved in cement truck accident. The accident caused a neck injury that required placing metal plates in my neck. There are no longer any reoccurring medical problems related to the original injury and as such no continuing need to provide for future medical expenses. 4. I am . I am my wife’s caregiver and do not generate any income myself. We depend on my wife’s social security disability benefits in the amount of $809.00 per month. 5. If approved, the funds from this transaction will be used towards completing some home renovations. I hope to allocate towards building a driveway from the street to my house. There are approximately 220 feet of dirt between the surface street and my house. It is virtually impossible to move a car across the current dirt surface in poor weather conditions. A paved driveway will make it much easier to take my wife to the doctor or hospital in the event of an emergency. Any remaining funds -1- DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA will be used to install a front-porch. Therefore, I feel it is in my best interest to enter into this transaction with the Petitioner and sell a portion of my underlying annuity payments, so that I can have the financial means to provide for the foregoing. 6. I am proposing to assign . As these payments are due from now, I do not depend on the annuities for my current well-being. Therefore, it is submitted that the funds received from the transaction contemplated in the Agreement to Transfer Structured Settlement Payment Rights can be better used today to provide for the foregoing rather than to provide support to myself several years from now. 7. Prior to entering into this transaction with G7 Crescenta, LLC, I requested that the beneficiary under my annuity be changed to my own personal estate. Since the beneficiary for the transferred payments is now my own personal estate, there are no additional beneficiaries under the annuity policy that would qualify as interested parties to this action entitled to receive notice of this action. 8. That I received and read a separate written disclosure statement from G7 Crescenta, LLC in compliance with the Texas Structured Settlement Protection Act on September 20, 2019, which was received 3 days prior to execution of the Transfer Agreement. 9. That as part of that separate written disclosure, I have been advised to seek independent professional advice regarding any federal and state income tax consequences arising from the proposed transfer. I hereby waive that advice. 10. That I have received and reviewed copies of (1) the Agreement to Transfer Structured Settlement Payment Rights offered by G7 Crescenta, LLC; and (2) a copy of the required disclosures. 11. That I understand the nature and terms of the transaction, and that I am entering into the transaction with G7 Crescenta, LLC, of my own free will and volition and I am doing so without reservation, duress or undue influence. -2- DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA 12. That based on the foregoing I respectfully request that the Court find that this transfer is in my best interests and grant the Petition Approving the Transfer of Structured Settlement Payment Rights as set forth in the Purchase Agreement. I declare under penalty of perjury of the laws of the State of Texas that the foregoing is true and correct and that this Declaration was executed on December 10, 2019 at Rosharon, Texas. -3- Exhibit B DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA Agreement to Transfer Structured Settlement Payment Rights This Agreement signed this 13 day of December, 2019: BETWEEN An individual residing in the State of Texas (Seller referred to as "You", "Your" and similar words) -and- G7 Crescenta, LLC A G7 Crescenta, LLC (Buyer referred to as "We", "Us" and similar words) The parties agree to the following: 1. Definitions: As used in this Agreement the following terms have the meanings set out below. a. "Adverse Claims" means any liens on, judgements against, or claims against you or the Annuity. b. "Agreement" means this Agreement to Transfer Structured Settlement Payment Rights and attached schedules which form a part of this Agreement c. "Annuity" has the meaning contained in the Terms Rider attached as Schedule "A". d. "Annuity Issuer" means the insurance company making the Assigned Payments to you. e. "Annuity Obligor" means the company or other person that is legally obligated to pay the claim that gave rise to the underlying settlement obligation in the present matter. This may or may not be the owner of the annuity policy at question. f. "Assigned Payments" means the Annuity payments to be sold, assigned and transferred according to this Agreement and set out in the Terms Rider. g. "Adverse Claim" has the meaning set out in paragraph 3b. h. "Closing" has the meaning set out in paragraph 2c. i. "Collateral" means the Assigned Payments and the related rights. j. "Court Order" means a final, non-appealable court order issued by a court of competent jurisdiction. k. "Disclosure Statement" means a statement required by law that contains important information about this transaction. l. "Documents" means all documents and information related to the Annuity and Assigned Payments includes those documents set out in paragraph 2e. DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA m. "Purchase Price" means the price set out in the Terms Rider attached as Schedule "A". n. "Terms Rider" means the document attached as Schedule "A" o. "UCC" means the Uniform Commercial Code in effect in the state where you reside unless by reason of mandatory provisions of law any or all of the attachment, perfection or priority of our security interest in a jurisdiction other than the State where your reside, in which case the UCC in such other jurisdictions shall apply. 2. Annuity Purchase and Sale a. Agreement to Sell. You agree to sell, assign and transfer to us and our successors and assigns, all of your right, title and interest in the Assigned Payments and related rights arising out of a Structured Settlement Annuity as set out in the Terms Rider attached as SCHEDULE "A". b. Price and Payment. On closing we shall pay you the Purchase Price in immediately available funds by wire transfer, bank draft or certified check. If you receive any of the Assigned Payments or portion thereof before closing, you will keep those payment(s) and the Purchase Price will be reduced by the amount of the payment(s). If you are not entitled to one or more of the Assigned Payments or portion thereof then the Purchase Price will be reduced by the amount of such payment(s) or portion thereof. c. Closing. The closing of the transaction will occur by the 5th business day (or a reasonable time thereafter) after all conditions in paragraph 3a have been satisfied. At any time before closing we have the sole and absolute discretion to cancel this Agreement without further obligation to you if (i) you do not satisfy all obligations under this Agreement or (ii) as otherwise permitted in this Agreement. d. Delivery of Assigned Payments. 1. On closing, you will deliver and assign, and we will accept the Assigned Payments. 2. You agree that at closing, title to the Assigned Payments will be good and marketable, free and clear of all claims, liens, mortgages or encumbrances of any kind. e. Access to Documents. From the date of this Agreement and up to the closing, on reasonable notice to you, you will provide us with access to all Documents. When requested by us, you will deliver copies of the Documents to us for our review and files. If you do not have the Documents in your possession you shall have sole responsibility for acquiring the Documents. Documents shall include but not limited to: 1. A copy of the underlying structured settlement agreement; 2. Any Court Order(s) giving rise to your right to receive the Assigned Payments; 3. The Annuity Contract(s); 4. A Qualified Assignment Agreement (if applicable); 5. A statement of independent professional advance (or waiver thereof); 6. Written consent from your spouse (if applicable); DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA 7. Proof of your age of majority and other valid government-issued personal identification; 8. Your most recent federal and state income tax returns; and/or 9. Such other documents and information as we may reasonably request depending on your personal situation. f. Disclosure Statement. You acknowledge receipt of a Disclosure Statement containing important information regarding this transaction. g. Irrevocable Power of Attorney. 1. You irrevocably appoint us, or our successor or assign, the true and lawful attorney for you and for our use and benefit to accept, sign, endorse, negotiate and/or transfer, in your name and on your behalf, all checks or other instruments payable to you or which may require your endorsement and received under the Assigned Payments. 2. This Power of Attorney will be irrevocable until we have received all of the Assigned Payments. This Power of Attorney will not be affected by your death or disability. h. Beneficiary Designation. You designate us as your beneficiary to the Assigned Payments. You agree to execute such beneficiary designation form as may be required by the Annuity Issuer or Annuity Owner to carry out the intent of this paragraph. i. Grant of Security Interest. 1. You grant to us a first-priority, perfected and continuing security interest in the Collateral which is all of your right, title and interest to the Assigned Payments and related rights including: i. All payments in respect of the Assigned Payments; ii. Any underlying Settlement and Assignment documents or other documentation related to the Assigned Payments; iii. All of your rights under any insurance policy with respect to the Assigned Payments; iv. All guaranties, indemnities, warranties, financing statements and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Assigned Payments; v. All liens and property purporting to secure payment of the Assigned Payments; and vi. All proceeds of and rights to enforcements with respect to any of the Assigned Payments and related rights. 2. All of the Collateral will secure payment and performance of all of your obligations to us, arising under this Agreement or by operation of law. Upon our request, you will provide us with all documents, financing statements and endorsements we may require to perfect our security interest in the Collateral. DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA j. Authorization to File Financing Statements. You authorize us to file all UCC financing statements with respect to the Collateral as we deem necessary in order to perfect our security interest in the Collateral. k. Advances. You agree that any amounts to you prior to the closing constitute partial payment of the Purchase Price, and that such amounts will be deducted from the Purchase Price. You agree to refund us any amounts paid to you if the Agreement is cancelled, the conditions to closing do not occur, and/or you materially breach any of the warranties of the Agreement. 3. Conditions of Closing, Inspection and Warranties a. Conditions. The following conditions are for our benefit. At our sole discretion we may waive these conditions in writing at any time. It will be a condition to our obligation to complete this Agreement at the closing: 1. The Annuity and Assigned Payments must be free and clear of all claims, adverse claims, liens, mortgages and encumbrances; 2. All necessary court orders in a form acceptable to us, must have been obtained by us at our cost and expense. You will cooperate with us in obtaining court orders. Such court orders must approve the nature and particulars of the sale and assignment and direct that the Annuity Issuer and the Annuity Owner recognize the sale and assignment of the Assigned Payments to us or our successors and assigns, as directed by us, without reductions or set off; 3. We must be in receipt of a certified copy of the court order(s) set out in paragraph 3a2; 4. You must have terminated any UCC financing statements that records a security interest in the Assigned Payments in favor of any secured party other than us; 5. We must be in receipt of a written acknowledgment from the Annuity Issuer that confirms: i. You are entitled to the Assigned Payments in the amount and manner described in the Terms Rider; and ii. The Annuity Issuer and the Annuity Obligor agree to make all of the Assigned Payments to us or our assigns in accordance with the Agreement and the Terms Rider and as directed by the court order; 6. We must be in receipt of the final results of our Inspections including, but not limited to, credit and other searches; 7. You have performed all of your obligations under the Agreement; and 8. You must provide all documents and information requested by us. 9. Satisfactory review by us of the risks involved in this transfer. This shall be in our sole discretion and not subject to any limitation. 10. Approval and acceptance of the transfer of the Assigned Payments by our Designated Assignee. If our Designated Assignee rejects funding of this DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA transaction or defaults or otherwise does not provide funding of this Assignment, this condition shall be deemed to not be satisfied. b. Inspection. We have the right to conduct one or more inspections including judgement, lien, UCC, bankruptcy, tax and credit bureau searches ("Inspections") to enable us to determine whether any liens or judgments or any adverse claims were filed against you, the Annuity or the Assigned Payments (collectively "Adverse Claims"). You hereby give the authorization for us to conduct the inspections. We, in our sole discretion, will be entitled to discharge any Adverse Claims prior to or at the time of closing by making payment in the amount necessary to satisfy such Adverse Claims. If we make payment to satisfy Adverse Claims, the Purchase Price will be reduced by the amount of any such payment. If an undisclosed Adverse Claim affecting the assigned Payments arises or is discovered after the Purchase Price is paid to you, you agree to indemnify us from any and all resulting losses or encumbrances. c. Warranties of You. You represent and warrant that: 1. The Agreement, when executed and delivered by you, will constitute a legal, valid, binding and enforceable obligation of you; 2. The Annuity (including the Assigned Payments) has not been obtained or created in a manner that would violate any State, Federal or Local law; 3. There are no legal or equitable defenses to the payment of the Annuity to you; 4. You are holder of the entire right, title and interest in and to the Assigned Payments and have full power and authority to enter into and perform all of your obligations under the Agreement, without obtaining the consent of any third party to do so. You have, and will have at closing, full power and lawful authority to transfer title to the Assigned Payments to us or to cause title to the Assigned Payments to be transferred to us; 5. You are entitled to the Assigned Payments, free and clear of any Adverse Claims. There are no suits or proceedings pending or threatened against or affecting you or the Assigned Payments which are likely to have an effect on your ability to perform your obligations under this Agreement; 6. You have paid all State, Federal and Local taxes owing, through and including the date of the Agreement , or have made or will make adequate provisions for such taxes; 7. You have never been known by any name other than the name used in this Agreement; 8. You have no overdue amounts owing to any present or former spouse for support, maintenance or similar obligations; 9. You have no overdue amounts owing to any child or any child support or similar payment; 10. You are not in default and you have no overdue amounts owing on any student loan. You have not received Aid to Families with Dependent Children, Food Stamp Benefits or Low Income Energy Assistance Benefits and the Annuity, DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA including the Assigned Payments, is not subject to any lien by any governmental agency to which such benefits are owed; 11. You tax identification number and the description of the Assigned Payments set out in the Terms Rider are correct. You have been independently advised and represented by counsel of your choice throughout the negotiation of the Agreement or you have waived the advance of independent counsel after being so advised of your right to seek independent professional advice regarding this transfer. You have relied solely on the advice of your counsel and other advisers with respect to the legal, tax and financial implications of this transaction and have not relied on our advance or the advice of our counsel; 12. The facts provided by you in the Agreement and all attached Schedules are correct and complete and do not omit to disclose anything which would make any facts set forth incomplete, false or misleading; 13. You are an adult of sound mind, not acting under pressure or coercion or the influence of alcohol or other drugs; 14. You do not need the Assigned Payments for the necessities of life such as food, housing, support and medical care. You wish to obtain cash immediately rather than wait for scheduled payments in the future. You have considered other way to obtain cash but you have determined that selling Assigned Payments to us would be in your best interest; 15. You have not previously assigned, pledged or otherwise encumbered any portion of the Annuity, including Assigned Payments; 16. You have never voluntarily filed for bankruptcy or been subject to an involuntary bankruptcy proceeding; 17. You have not entered into this Agreement to evade creditors; 18. You will immediately advise us in writing if there is a change in your home address; and 19. You acknowledge that we have advised you in writing to seek independent professional advice regarding the transfer of the Assigned Payments and the transaction contained in this Agreement generally and you have either received such advice or knowingly waived such advice in writing. d. Indemnification. You shall hold harmless, defend and indemnify us against all claims, losses, damages or expenses, including reasonable attorney fees, which we may incur as a result of any breach or failure of any representation or warranty contained in paragraph 3c or as a result of any breach of the Agreement. 4. Default a. Default by You. In the event that you fail to satisfy any obligation under the Agreement in a timely manner or if you are in breach of any representation or warranty in this Agreement, at our option, and in addition to any other remedies available in law or equity, we may declare you to be in default under the Agreement. You have the right to cancel this transaction, without obligation to you, only as provided by the law of the DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA state in which you reside. If you cancel this transaction, or attempt to cancel this transaction after such period of time, you will be in breach of this agreement. We must give written notice of default to you, and at any time after written notice has been provided, we may declare the Agreement to be at an end. b. Default by Us. In the event that we fail to satisfy any obligation under the Agreement in a timely manner at your option and in addition to any other remedies available in law or equity, you may declare us to be in default under the Agreement. You must give written notice of default to us and, at any time after written notice has been provided, you may declare the Agreement to be at an end. c. Statutory Exception. Despite anything else contained in paragraph 4, in the event that a court of competent jurisdiction denies our Application to Transfer Structured Settlement Payment Rights, you shall not incur any penalty or other liability to us. d. Remedies. Unless expressly prohibited by law, we may, in addition to any other remedies provided in this Agreement or at law, bring an action at law or equity to exercise any of the following remedies: 1. Enforce performance of the default; and 2. Recover damages for breach, along with attorney fees and disbursements and other expenses of enforcing our rights under this Agreement to the extent disclosed to you in the Disclosure Statement. 5. Miscellaneous a. Entire Agreement. The Agreement, which included the attached Schedule is the entire agreement between you and us and cancels any earlier negotiations, spoken or written agreements or letters of intent or understanding related to the subject matter of this Agreement. b. Counterparts. The Agreement may be executed in several counterparts, and all counterparts will form an agreement, binding on both of you and us, even though both you and we have not signed the original or the same counterpart. Any counterpart of the Agreement that has attached to it separate signatures pages, which together contain the signatures of you and us, will be deemed a fully executed Agreement. You wand we agree that: 1. A faxed signature of either of us is binding; and 2. A faxed signature of either of us is acceptable. c. Modifications. No provision of the Agreement may be amended, modified or waived except by written agreement signed by you and us. d. Headings. All headings contained in this Agreement are inserted for convenience only and are not intended to affect the meaning or interpretation of this Agreement or any clause. e. Non-Waiver/Severability. Failure of either you or us to enforce any of our respective rights under this Agreement will not be considered waiver of future enforcement of such rights or any other rights. If any provisions of this Agreement are held to be invalid, illegal or unenforceable under present or future laws, such provisions will be DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA struck from the Agreement or amended by only to the extent of their invalidity, illegality or unenforceability. You and we will remain legally bound by the remaining terms of this Agreement and will strive to amend the Agreement in a manner that meets the original intent of you and us. f. Survival of Obligations. The representations, warranties, agreements, acknowledgments, waivers and disclaimers contained in this Agreement will survive the closing and will remain in full force and effect until the expiration of any applicable Statute of Limitations. g. Assignment. We may assign the Agreement to our successors or assigns. If we assign the Agreement, we will remain liable to you for all of our obligations under the Agreement. You shall not have the power to assign any of your rights or obligations under the Agreement. h. Servicing Arrangement. In the event, the Assigned Payments are only a portion of the full amount of the individual payment due to you, the Annuity Issuer making the payments may require that we receive the full amount of each payment and require that we assume the obligation to remit any amount above and beyond the Assigned Payments (i.e. the unassigned portion of the settlement payment) to you (the "Servicing Arrangement"). You agree to this Servicing Arrangement and further understand that this Servicing Arrangement may encumber the future assignment of the unassigned portion of the settlement payment. i. Expenses. Except as otherwise expressly stated in the Agreement or except as otherwise expressly prohibited by law, you and we will be responsible for paying our own fees and expenses (including attorney's fees) associated with negotiating and completing this Agreement. j. Notices. All notices, consents, requests, instructions, approvals and other communications ("Communications") provided for in this Agreement or made in connections with this Agreement will be made in writing and delivered by courier by facsimile transmission as follows: 1. Notices to you: to your Address for Notices as set out in the Terms Rider 2. Notices to us: G7 Crescenta, LLC 2626 Foothill Blvd Suite 200 La Crescenta, CA 91214 Fax: (800) 317-7086 Tel: (800) 449-6311 Or such address or fax number as either you or we may give written notice to the other. All Communications given in accordance with this section will be deemed to be given at the time of actual delivery or if made or given by facsimile transmission will be deemed to be given at the time of receipt of the facsimile transmittal. k. Further Acts. You will cooperate with us to do everything necessary to complete this transaction. DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA l. Governing Law. This Agreement will be governed by law of the state in which you reside as well as U.S. Federal law to the extent in which it applies. In the event of a dispute, including a claim that you breached the Agreement, the parties agree to submit to courts in the State of Texas and be governed by the laws of the State of Texas. You have the right to cancel the Agreement without penalty or further obligation not later than the third business day after the date the Agreement is signed by you. Signed by the parties to this Agreement: Us (Buyer) You (Seller) G7 Crescenta, LLC By: _____________________________ _________________ Name: Jessica Arita Title: VP of Customer Relations Date: 12/16/2019 _____________ DocuSign Envelope ID: 516C07FA-29CC-49E3-BF20-3536FBB39CAA SCHEDULE "A" (TERMS RIDER) Your Name: Your Address: TBP Your spouse's name: Names and Ages of All Dependents (including spouse): Contingent Payee/Beneficiary Names: The Estate of Name of Structured Settlement Obligor: Name of Annuity Issuer: Annuity Policy Number: Assigned Payments description: Sale Price: So Agreed: Us (Buyer) You (Seller) G7 Crescenta, LLC By: _____________________________ _______________ Name: Jessica Arita 12/16/2019 Title: VP of Customer Relations Date: ______________ FRV/PSA _______________ PROOF OF SERVICE BY MAIL COUNTY OF LOS ANGELES ) )ss. STATE OF CALIFORNIA ) I reside in the County of Los Angeles, State of California. I am over the age of 18 years and not a party to the within action; my business address is: 2626 Foothill Blvd. Ste. 200, La Crescenta, CA 91214. On December 16, 2019, I caused the foregoing documents described as (1) Notice of Declaration of and Statutorily Executed Transfer Agreement; to be served on interested parties in this action by placing a true copy thereof in a sealed envelope addressed as follows: X (BY US MAIL) I am readily familiar with the business' practice for collecting and processing of documents for mailing using US Mail. I deposited such envelope in the mail at La Crescenta, California. The envelope was mailed with postage thereon fully prepaid to the following: I declare under penalty of perjury under the laws of the State of Texas that the foregoing is true and correct. Executed on December 16, 2019, ____/s/ Emelyne DePue_______________ Emelyne DePue