CPY Document by yaofenji


									SHORT FORM ORDER                          NASSAU COUNTY
                  BON. ANTHONY L. PARGA

                                                                              PART 8

In    the Matter of the Petition of                                                    INDE)( NO. 17354/11

STONE STREET CAPITAL , LLC.                                                             MOTION DATE: 01/18/12
for the Approval of Transfer of Structured                                              SEQUENCE NO. 001
                                    , et. seq.
Settlement Payment Rights 95- 1701



     As Interested Persons Pursuant to GaL 95- 170 1 (c),

     Order to Show Cause , Affs. & Exs............................................................"""""""'".....

              Upon the foregoing papers , it is ordered that the unopposed application by petitioner for
     an order seeking approval of the transfer of structured settlement payments is granted.
              The following facts are taken from pleadings and submitted papers and do not constitute
     findings of fact by this C0U11.

            Respondent , Diana Levine , received a settlement in which she was guaranteed payments
                                                                                            288 per
     under a Structured Settlement Agreement which included annuity payments to her of $1 ,
     month , guaranteed for 10 years (120 payments). Diana Levine wishes to sell 57 of those monthly
      payments from January 15          2014 through and including September 15, 2018 to Petitioner for the
      discounted value of $45 000. 00.         The aggregate      amount of payments Diana Levine is selling is
      $73 416. 00. Petitioner submits that the discounted present value of the $73,416. 00 is $68
      (based upon the Internal Revenue Service rate of2. 00%).
               Diana Levine submits an affidavit in which she attests that she is twenty- five years old
                                                                        "'.               - -   --
                                                                                                .._..._ .._".     . ("

                                                                                                                       making $12.
and has no dependents. She attests that she is employed at a collection agency
per hour. She further attests that the proceeds of the transfer wil be used to payoff hcr
card debt , which cxceeds $45 000 , bcars high interest rate , and continues to accrue. She attests
that she has " no other financial option " available to her accomplish hcr financial goals and shc
hopes to avoid filing bankruptcy. Ms. Levine also attests that she undcrstands that the discount
rate for the instant transaction is 10.            70% and that she has been advised by Petitioner to seek
professional advise from an independent attorney, accountant or other professional , but that she
has knowingly decided not to do so.
        The 2002 Structured Settlement Protection Act (SSPA) as embodied in Title 1701 NY
General Obligation J . aw requires judicial approval of a sale to a third party of future settlement
payments. In an em)rl to assist the Court in exercising discretion , T' itlc                          17 sets rorth the

procedure and express findings \vhich the COlII'I must make in the revie\\ or the sale. (CiOL
1706); (Petition ol. )2!   Henderson Rcceivah/es                 Martinez . Alet Lif'e.         2006 NY Slip Op 26054
(Sup. Ct. , New York Cty, 2(06)). ' rhe court is required tolind that " the lransfer is in the lx'

interest of the payee , taking into account the welf uT and support of the payee s dependants ' and
whether the transaction. including the disCOLlIll rate used to determine                    111i '        gross advance mll()uul

and the fees and expenses used to determine thl' net advance arnounL, arc I"air and I' eas()n )hk.
(GOL       1706(b)).
        Examining the facts as prescnted in view or the statutory prerequisites , Petitioner
application is granted , and the transfer of the structured settlement payment rights of Uiana
Levine , as indicated above. is approved.
Dated: March 3, 20 J 2
                                                                          _U - .   _m.,                     ._.. _u.
                                                                               Anthony L.                              , Ts.

Cc:     Adam Zoldessy, P.
        227 W. 11 th Street
        New York , NY 10014                                                                                               MAR   06   2012
                                                                                                                   NASSAU COUNTY
        Diana Levine                                                                                            COUNTY CLERK' S OFFICF
        2381 Maple Street
        Seaford , NY 11783
Pacific Life & Annuity Co.
700 Newport Center Drive
Newport Beach , California 92660

Pacific Life & Annuity Services , Inc.
700 NewpOli Center Drive
Newport Beach , California 92660

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