On February 11, 2022 a
Exhibit,Appendix
was filed
involving a dispute between
Jg Wentworth Originations Llc,
and
Gordon Sutton,
Metlife Tower Resources Group Inc,
Metropolitan Life Insurance Company,
for Special Proceedings - Other (transfer- structured sett)
in the District Court of Cortland County.
Preview
FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059
NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/11/2022
EXHIBITA
r--z::231292s
EF22-059
02/11/2022 01:07:50PM
Pages 4
EXHlBIT(S)
Elizabeth Larkin, County Clerk
FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059
DocuSign Eñys|cps ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618
NYSCEF DOC. NO. 4 RECEIVED AccountID:
NYSCEF: 898596
02/11/2022
January 12, 2022
NEW YORK
DISCLOSURE STATEMENT
We will purchase the following payments (Purchased Payments) from You:
A) 75 monthly Life Contingent payments of $4,023.00 each, beginning on October 1, 2041
and ending on December 1, 2047
(THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK)
STATEDISCLOSUREFORM1
FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059
DocuSign Envelope ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618
NYSCEF DOC. NO. 4 RECEIVED AccountID:
NYSCEF: 898596
02/11/2022
January 12, 2022
The aggregate amount of the Purchased Payments is $301,725.00.
The discounted present value of the aggregate Purchased Payments at the federal interest
rate of 1.60% is $210,174.33. The discounted present value is the calculation of the
current value of the transferred structured settlement payments (Purchased Payments)
under federal standards for valuing annuities.
The gross amount payable to seller (You) is $15,661.06.
No other expenses are incurred by You.
The net amount payable to the seller (You) is $15,661.06. The net cash payment You
receive in this transaction from Us was determined by applying the specified discount rate
to the amount of future payments 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 payments represents 7.45% of the estimated current value of the payments
based upon the discounted value using the applicable federal rate.
BASED ON A PRICE QUOTE FROM METROPOLITAN LIFE INSURANCE
COMPANY THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY
FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS
$173,335.49.
Based on the net amount that You will receive in payment from Us and the amounts and
timing of the structured settlement payments that You are selling to Us, this is the
equivalent of interest payments to Us at a rate of 13.99% per year. PLEASE NOTE
THAT THIS IS NOT A LOAN, BUT A SALE OF PAYMENT RIGHTS AND THE
INTEREST FIGURE IS ONLY PROVIDED AS AN ILLUSTRATION OF THE
ECONOMIC IMPACT OF THE SALE.
Notice of Cancellation Rights:
You may cancel without penalty or further obligation, not Iater than the fifth business day
after Your receipt of payment from Us under the transfer agreement (Purchase Contract).
Please be advised there are no penalties or liquidated damages payable by You in the
event of any breach of the transfer agreement (Purchase Contract) by You.
STATEDISCLOSUREFORM1
FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059
DocuSign Enva|üpa ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618
NYSCEF DOC. NO. 4 RECEIVED AccountID:
NYSCEF: 898596
02/11/2022
January12, 2022
Please be advised that You may be subject to adverse federal and state income tax
consequences as a result of the proposed transaction. You should consult Your own
counsel, accountant, or financial advisor regarding any federal or state income tax
consequencesarisingfromtheproposedtransfer.
Bysigningbelow,You are confirming receiptofthis Disclosure Statement at least 10 days
priortoYouexecutingthetransferagreement(PurchaseContract).
DocuSignedby:
GORDÓ TON
STATEDISCLOSUREFORM1
Document Filed Date
February 11, 2022
Case Filing Date
February 11, 2022
Category
Special Proceedings - Other (transfer- structured sett)
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Preview
FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059 NYSCEF DOC. NO. 4 RECEIVED NYSCEF: 02/11/2022 EXHIBITA r--z::231292s EF22-059 02/11/2022 01:07:50PM Pages 4 EXHlBIT(S) Elizabeth Larkin, County Clerk FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059 DocuSign Eñys|cps ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618 NYSCEF DOC. NO. 4 RECEIVED AccountID: NYSCEF: 898596 02/11/2022 January 12, 2022 NEW YORK DISCLOSURE STATEMENT We will purchase the following payments (Purchased Payments) from You: A) 75 monthly Life Contingent payments of $4,023.00 each, beginning on October 1, 2041 and ending on December 1, 2047 (THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK) STATEDISCLOSUREFORM1 FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059 DocuSign Envelope ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618 NYSCEF DOC. NO. 4 RECEIVED AccountID: NYSCEF: 898596 02/11/2022 January 12, 2022 The aggregate amount of the Purchased Payments is $301,725.00. The discounted present value of the aggregate Purchased Payments at the federal interest rate of 1.60% is $210,174.33. The discounted present value is the calculation of the current value of the transferred structured settlement payments (Purchased Payments) under federal standards for valuing annuities. The gross amount payable to seller (You) is $15,661.06. No other expenses are incurred by You. The net amount payable to the seller (You) is $15,661.06. The net cash payment You receive in this transaction from Us was determined by applying the specified discount rate to the amount of future payments 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 payments represents 7.45% of the estimated current value of the payments based upon the discounted value using the applicable federal rate. BASED ON A PRICE QUOTE FROM METROPOLITAN LIFE INSURANCE COMPANY THE CURRENT COSTS OF PURCHASING A COMPARABLE ANNUITY FOR THE AGGREGATE AMOUNT OF PAYMENTS TO BE TRANSFERRED IS $173,335.49. Based on the net amount that You will receive in payment from Us and the amounts and timing of the structured settlement payments that You are selling to Us, this is the equivalent of interest payments to Us at a rate of 13.99% per year. PLEASE NOTE THAT THIS IS NOT A LOAN, BUT A SALE OF PAYMENT RIGHTS AND THE INTEREST FIGURE IS ONLY PROVIDED AS AN ILLUSTRATION OF THE ECONOMIC IMPACT OF THE SALE. Notice of Cancellation Rights: You may cancel without penalty or further obligation, not Iater than the fifth business day after Your receipt of payment from Us under the transfer agreement (Purchase Contract). Please be advised there are no penalties or liquidated damages payable by You in the event of any breach of the transfer agreement (Purchase Contract) by You. STATEDISCLOSUREFORM1 FILED: CORTLAND COUNTY CLERK 02/11/2022 01:07 PM INDEX NO. EF22-059 DocuSign Enva|üpa ID: E7A85AC6-B62C-4D57-AFDD-4FD7083D2618 NYSCEF DOC. NO. 4 RECEIVED AccountID: NYSCEF: 898596 02/11/2022 January12, 2022 Please be advised that You may be subject to adverse federal and state income tax consequences as a result of the proposed transaction. You should consult Your own counsel, accountant, or financial advisor regarding any federal or state income tax consequencesarisingfromtheproposedtransfer. Bysigningbelow,You are confirming receiptofthis Disclosure Statement at least 10 days priortoYouexecutingthetransferagreement(PurchaseContract). DocuSignedby: GORDÓ TON STATEDISCLOSUREFORM1