Iqq7 (/0.6. Respondent(s) Petitioner(s) -against- being opened to the Court upon the application of Novation

Transcription

1 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NASSAU In the Matter of the Petition of NOVATION CAPITAL, LLC for the Approval of Transfer of Structured Settlement Payment Rights In Accordance with GOL , Index No. : 0 Iqq7 (/0.6 -against- Petitioner(s) ORDER APPROVING TRANSFER THEODORE 1. TERRY, JR., AMERICAN HOME ASSURANCE CO. and AMERICAN INTERNATIONAL LIFE ASSURANCE CaMP ANY OF NEW YORK Respondent(s) TO: Theodore 1. Terr, Jr. 130 Jerusalem Avenue, Apt. #305 Hempstead, NY American Home Assurance Co. 70 Pine Street, 3 Fl. New York, NY American International Life Assurance Company of New York 70 Pine Street New York, NY THIS MATTER being opened to the Court upon the application of Novation Capital, LLC ("NOVATION"), upon the filing of Order to Show Cause and Verified Petition for an Order approving a transfer of strctued settlement payment rights

2 pursuant to an Agreement for Sale of Structued Settlement Payments (the "Agreement" between NOVATION and THEODORE 1. TERRY, JR. ("TERRY") in accordance with GOL , et. seq, and upon the papers submitted, including the Agreement, the Exhibits thereto, the Disclosure Statement, the Affdavit of TERRY and supporting papers; and upon cause shown: IT IS ON THIS day of 1uw' 2006 that the Transfer with respect to the sale of structued settlement payments by TERRY to NOVATION and its successors and/or assign(s) under settlement agreement Rtndt4Jy polir.y ll.\lm otherwse and as referenced in the Petition: Monthly payments of $1, commencing July 15, 2006 through and including June 15, 2016, pursuant to GOL , et. Seq.; and it is fuer pursuant to the Agreement, is approved in all respects that the Cour makes the following findings in approving the Petition and transfer with respect to the sale/transfer of the Assigned Payment by TERRY to NOVATION' S or its successor(s) and/or assign(s): It complies with all requirements of the Strctued Settlement Protection Act, GOL et seq. The transfer is in the best interests of the payee takng into account the welfare and support of the payee s dependents, if applicable and the transaction, including the 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; The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has

3 r - either received such advice or knowingly waived such advice in writing; and The transfer does not contravene any applicable Federal or State statute or the order of any cour or other responsible administrative or governent authority, and both the transfer agreement and all disclosures are wrtten in plain language and in compliance with GOL ; and it is furher that the requirements of GOL et. seq. have been met by NOVATION, including that not less than ten days prior to the date on which TERRY signed the Agreement, NOVATION furnshed to TERRY separate in bold type no smaller than 14 points, setting forth the following: Disclosure Statement the amounts and due dates of the strctued settlement payments to be transferred; the aggregate amount of such payments; the discounted present value of the payments to be transferred which shall be identified as the "calculation of current value of the transferred strctued settlement payments under federal standards for valuing anuities, and the amount of the applicable federal rate used in calculating such discounted present value; the price quote from the original anuity issuer or, if such price quote is not readily available from the original annuity issuer, then a price quote from two other anuity issuers that reflects the curent cost of purchasing a comparable anuity for the aggregate amount of payments to be transferred;

4 the gross advance amount and the annual discount rate compounded monthly, used to determine such figures; an itemized listing of all commissions, fees, costs, expenses and charges payable by the payee or deductible from the gross amount otherwise payable to the payee and the total amount of such fees; the net advance amount including the statement: "The net cash payment you receive in ths transaction from the buyer was determned by applying the specified discount rate to the amount of future payments received by the buyer, less the total amount of commissions, fees, costs, expenses and charges payable by you; the amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and a statement that the payee has the right to cancel the transfer agreement, without penalty or furter obligation, not later than the third business day after the date the agreement is signed by the payee. that NOVATION has satisfied the notice provisions of GOL ; et. seq., having served AMERICAN HOME ASSURCE CO. and AMRICAN INTERNATIONAL LIFE ASSURCE COMPANY OF NEW YORK notice of the proposed transfer and the application for its authorization, including, with the notice, the following; a. the Notice of Petition with Petition; b. the form of Order; c. the transfer Agreement d. the Disclosure Statement as prescribed by GOL Section and Proof of Notice of that Statement; and

5 .. e. a listing of payee s dependents, together with each dependent's age, if applicable; and it is fuher that this Order and the approved transfer is binding upon all heirs beneficiaries and successors of any type of TERRY and it is fuher that AMERICAN HOME ASSURNCE CO. and AMERICAN INTERNATIONAL LIFE ASSURNCE COMPAN OF NEW YORK., are hereby directed to deliver to and make payable to NOVATION' s assignee, Novation Holdings LLC, , the Assigned Payments, at the following address: P. O. Box Atlanta, GA , orto whatever subsequent address is prescribed in wrting by NOVATION or its successor(s) and/or assign(s) and it is furer that the Assigned Payments shall be paid to Novation Holdings LLC, #520831, regardless of whether GREGORY is alive or deceased when the Assigned Payment become due; and it is fuher that, AMRICAN HOME ASSURCE CO. and AMRICAN INTERNATIONAL LIFE ASSURCE COMPAN OF NEW YORK, are directed to issue a formal acknowledgment letter of the transfer within twenty (20) days of the date of receipt of ths Order. The formal acknowledgment letter shall be delivered to Novation Capital, LLC, 1818 S. Austran?;e, Suite 450, West Pal Beach, FL c-, Dated: 2006 i( tc (11 )/00 I'. to' 1\fJ..U SS C' "''f CO'v