Untitled - Sell Structured Settlements to Woodbridge Investments

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Untitled - Sell Structured Settlements to Woodbridge Investments Powered By Docstoc
					Typical Court Order
Assigning Payments Directly To You
Attorney for Petitioner,
<Factoring Company>,








)      Case No.:

Hearing Date: ________
Hearing Time: _______
Hearing Dept.: _______
The court, having reviewed and considered the Petition of <Factoring Company>, together with
all other such relevant matters, finds that there is good cause to approve the transfer of structured
settlement payment rights by and between <Payee Name>, Transferor, and <Factoring Company>,

1.      Pursuant to Cal. Ins. Code § 10136(d), the <Purchase Agreement>, attached to the Petition
in this matter as Exhibit A, does not violate Cal. Ins. Code § 10138. Specifically, the <Purchase
Agreement> does not include any of the following provisions:
(a)     Any provision that waives the seller's right to sue under any law, or in which the seller agrees
not to sue, or that waives jurisdiction or standing to sue under the contract.
(b)     Any provision that requires the seller to indemnify and hold harmless the buyer, or to pay the
buyer's costs of defense, in any claim or action brought by the seller or on the seller's behalf contesting
the sale for any reason.
(c)     Any provision that waives benefits or rights conferred by law with respect to garnishment of
(d)     Any provision providing that the contract is confidential or proprietary, belonging to the buyer.
(e)     Any provision in which the seller stipulates to a confession of judgment.
(f)     Any provision requiring the seller to pay the buyer's attorney's fees and costs if the <Purchase
Agreement> is not completed.
(g)     Any provision requiring the seller to pay any tax liability arising under the federal tax laws,
other than the seller's own tax liability, if any, that results from the transfer.
(h)     Any provision providing for brokerage fees incurred in the contract to be deducted from the
purchase price disclosed pursuant to paragraph (5) of subdivision (b) of Section 10136.
(i)     Any forum selection provision providing for jurisdiction to be in a court outside of California
for any action arising under the contract.
(j)     Any choice-of-law provision that provides for controlling law to be other than California law in
any action arising under the contract.
(k)     A provision that provides the transferee with a security interest or collateral interest in any
structured settlement payment rights that exceed the actual dollar amount of the structured settlement
payment rights being transferred.
(l)     Any provision that creates a “buyer's first right of refusal” to purchase any remaining structured
payment rights that the payee may desire to sell in the future.
2.      Pursuant to Cal. Ins. Code §§ 10137(a) and 10139.5(a)(1), the transfer is in the best interest of
<Payee Name>, taking into account the welfare and support of <his/her> dependents.
3.      Pursuant to Cal. Ins. Code § 10139.5(a)(2), <Payee Name> has been advised in writing by the
transferee to seek independent professional advice regarding the transfer and has either received that
advice, or waived such advice in writing.
4.       Pursuant to Cal. Ins. Code § 10139.5(a)(3), the transferee has provided <Payee Name> with
a disclosure form consistent with Section 10136 of the California Insurance Code and the transfer
agreement complies with Section 10136 and 10138 of the California Insurance Code.
5.       Pursuant to Cal. Ins. Code § 10137(b), the transfer complies with the requirements of Cal. Ins.
Code § 10134, et seq., and will not contravene other applicable law.
6.       Pursuant to Cal. Ins. Code § 10139.5(a)(4), the transfer does not contravene any applicable
statute or the order of any court or other government authority.
7.       Pursuant to Cal. Ins. Code § 10139.5(a)(5), <Payee Name> reasonably understands the terms
of the transfer agreement, including the terms set forth in the disclosure statement required by Section
8.       Pursuant to Cal. Ins. Code § 10139.5(a)(6), <Payee Name> reasonably understands and does
not wish to exercise <his/her> right to cancel the transfer agreement.
9.       Pursuant to Cal. Ins. Code § 10139.5(e), no later than the time of filing the petition for court
approval, the transferee advised <Payee Name> of <his/her> right to seek independent counsel
and financial advice in connection with the transferee's petition for court approval of the transfer
agreement, and further advised <Payee Name> that if <he/she> retains counsel, a licensed certified
public accountant, or a licensed actuary in connection with a petition for an order approving the transfer
agreement, that the transferee shall pay the fees of said counsel, accountant, or actuary, regardless of
whether the transfer agreement is approved, and regardless of whether the attorney, accountant, or
actuary files any document or appears at the hearing on the application for transfer, in an aggregate
amount not to exceed one thousand five hundred dollars ($1,500).
10.      Petitioner has provided timely, complete and proper notice to all interested parties pursuant to
Cal. Ins. Code § 10139.2.

A.      The <Purchase Agreement> providing for the transfer of structured settlement payment rights
by and between <Payee Name>, transferor, and <Factoring Company>, transferee is approved.
B.      Pursuant to the approved transfer, <Annuity Issuer>, as Annuity Issuer, and <Obligor>, as
Obligor, are hereby order to deliver <Assigned Payments> (the “Assigned Payments”) due to Trans-
feror, <Payee Name>, directly to <Factoring Company>, it successors and/or assigns at the following

<Factoring Company>
<Factoring Company Address>

or to any other address as designated in writing by <Factoring Company>, its successors and/or assigns
without further order of this Court.
C.      All remaining Periodic Payments (and/or portions thereof) that are not the subject of the
Proposed Transfer shall be made payable to <Payee Name>, as they become due, and will be forwarded
by <Annuity Issuer> to <Payee Name>’s home address or any payment address designated by <Payee
Name>, subject to <Obligor>’s consent.
D.      That not later than thirty (30) days after service of a copy of the Order entered by this Court,
the Payment Issuer shall send a letter to Petitioner or its assigns at the following address, <Factoring
Company Name and Address>, acknowledging the Transfer, informing Petitioner or its assignees
that the change has been made to its records, and specifying the name of the payee scheduled to
receive the Transferred Payments, and address or bank account designation to where the Transferred
Payments shall be sent.
E.      During the period the structured settlement payment rights are being assigned or encumbered
pursuant to the transaction at issue, the designated contingent beneficiary under the Annuity shall
be the Estate of <Payee Name>. However, the death of <Payee Name> prior to the due date of the
last Assigned Payment shall not affect the transfer of the Assigned Payments from <Payee Name> to
<Assignee>, and <Payee Name> understands <he/she> is giving up <his/her> rights, and the rights
of <his/her> heirs, successors and/or beneficiaries, to the Assigned Payments.
F.      <Payee Name>, having assigned all of <his/her> rights, title and interest in and to the Trans-
ferred Payments, including any interest of the <Payee Name>’s estate as the contingent beneficiary
designated to receive any Transferred Payments in the event of <Payee Name>’s death prior to or
on <Date of Last Payment> (i) <Payee Name> has no right to request any change in the address to
where the Transferred Payments are sent or any change in the designation of <Payee Name>'s estate
as contingent beneficiary; (ii) any attempt by <Payee Name> to make any such change or otherwise
to redirect or re-assign the Transferred Payments shall be void; and (iii) the death of <Payee Name>
prior to or on <Date of Last Payment>, shall not adversely affect the transfer of the Transferred
Payments from <Payee Name> to Petitioner.
G.      Pursuant to Insurance Code § 10139.5(b):
(1)     The Structured Settlement Obligor and the Annuity Issuer shall, as to all parties except
Petitioner, be discharged and released from any and all liability for the Transferred Payments.
(2)     Petitioner shall be liable to the Structured Settlement Obligor and the Annuity Issuer if the
transfer approved by this Order contravenes the terms of the structured settlement for the following
(1) Any taxes incurred by those parties as a consequence of the transfer; and (2) Any other liabilities
and costs, including reasonable attorney’s fees, arising from compliance by those parties with this
Order or arising as a consequence of Petitioner’s failure to comply with this Order or Insurance Code
§ 10134 et seq.
H.      This Order shall be binding upon <Payee Name>, <Factoring Company>, <Annuity Issuer>,
and <Obligor> and all other interested parties.
I.      Pursuant to California Insurance Code section 10139.5(f), the Court shall retain continuing
jurisdiction to interpret and monitor the implementation of the <transfer agreement> as justice
J.      This Order shall constitute a final “Qualified Order” within the meaning of 26 USC § 5891.

Date:                                                ____________________________
                                      Judge of the Superior Court
I N V E S T M E N T S , L L C.

          Marketing Brochure
I N V E S T M E N T S , L L C.

 Typical Transactions Available For Sale
Typical Transactions Available for Sale

Investments Available

1) 120 payments of $2,303 per month with 3% annual increases starting April 2021
See exhibit A
7.5% Yield
Purchase price $83,988

2) Lump sum payment of $100,000 due November 2013.
See exhibit B
6% Yield
Purchase price $72,204

3) 24 payments of $850 starting January 2009 through December 2010
See exhibit C
6% Yield
Purchase price $18,585

4) 50 Payments of $1,000 per month starting January 2023 through February 2027
See exhibit D
7.5% Yield (Out of Guarantee)
Purchase price $14,457

5) Lottery Advance
$25,000 due in 120 Days
12% Yield
See exhibit E



The undersigned                 (“Maker”), promises to pay Woodbridge Investments, LLC, a Corpo-
ration with an office at 12031 Ventura Blvd., Suite 1 Studio City, CA 91604 (“Holder”), or order, the
principal sum of Twenty Five Thousand Dollars ($25,000.00). Interest from the date of disbursement on
the unpaid principal will be at the rate of zero percent (0%).

This Promissory Note shall be paid to Holder upon the earlier of Holder’s demand and/or upon funding
of the Lottery Prize Assignment Agreement dated              (the “LPAA”), between Holder and Maker.
Maker’s payment obligation under this Promissory Note shall not be affected by any default of Holder
under the LPAA.
All payments shall be made to Holder at the address set forth above, or as otherwise directed by Holder.

Maker grants a security interest to Holder in all annual lottery payments due to her on or about the
       including those payable to her on              through and including          as specified in the
Lottery Prize Assignment Agreement dated                      .

In the event this Note is placed in the hands of an attorney at law for collection after maturity or upon
default or in the event that arbitration proceedings or proceedings at law, in equity, bankruptcy or other
legal proceedings are instituted in connection herewith, or in the event this Note is placed in the hands
of an attorney at law to protect, defend or enforce the rights of the Holder hereof, Maker hereby agrees
to pay to Holder all its costs of collecting or attempting to collect this Note or protecting, defending or
enforcing such rights, including, without limitation, court costs and reasonable attorneys’ fees, in any
court, tribunal or forum in addition to all principal, interest and other amounts; payable hereunder.

Maker hereby waives demand, presentment for payment, diligence in collection, notice of nonpayment
and protest and hereby waives notice of and consent to any and all extensions and renewals of this Note
or any part hereof, or the release of all or any part of the security for the payment hereof or release
of any party liable for payment of this obligation, from time-to-time without notice, and waives the
exhaustion of legal remedies hereon.

It is the intention of Maker and Holder to conform strictly to the usury laws now or hereafter in effect
in any state which is applicable to this transaction (“Laws’). The aggregate of all interest (whether
designated as interest, fees or otherwise) contracted for, chargeable, or receivable under this Note, shall
under no circumstances exceed the maximum legal amount as said maximum may be determined or
construed under the Laws by courts having Jurisdiction over such matters. In the event such interest
does exceed the maximum, it shall be deemed a mistake and such excess shall be canceled immediately,
and If theretofore paid, rebated to Maker or credited to principal, or if the Note has been repaid, then the
excess shall be rebated to Maker.

This Note is intended to be governed by and construed in accordance with the laws of the State of

If any provision of this Note is held to be invalid or unenforceable by a court of competent jurisdiction,
the other provisions of this Note shall remain in full force and effect and shall be liberally construed in
favor of Holder in order to give full effect to the provisions of this Note.

Upon the happening of the following events, each of which shall constitute an event of default, Holder
shall be entitled to immediately enforce its rights under the Security Agreement between Maker and
Holder of even date herewith;
a. The breach of any provision of the this Note or any of the other Documents or Instruments now or
hereafter existing between the Parties as and when due (whether upon demand, at maturity or otherwise,
no prior demand therefore by Holder being necessary);
b. The insolvency of Maker; the appointment of a custodian, trustee, liquidator or receiver for Maker
or for any of the property of Maker, an assignment for the benefit of creditors or the filing of a petition
under bankruptcy, insolvency or debtor’s relief law by or against Maker;
c. Any attachment, lien, levy, additional encumbrance or additional security interest being placed upon
any of the property which is security for this Note which becomes, or may become, superior to die
security interest of Holder;
d. Holder determining that any representation or warranty made in any of the Documents or Instruments
by Maker to Holder is, or was, untrue and materially misleading;
e. Entry of judgment against Maker which would or could have the effect of taking priority over this

A default hereunder shall be deemed a default of all documents and instruments between Maker and
Holder, and a default of the performance of any documents or instruments between Maker and Holder,
other than this Note, shall be deemed a default of this Note.

In the event Maker defaults under this Promissory Note, or the Security Agreement, delinquent interest
of 18% per annum shall be added to the principal and become a part of it from the date of delinquency,
provided that the maximum interest charged hereunder shall not exceed the maximum rate allowed by
applicable laws. Holder shall not by any act of omission or commission be deemed to waive any of its
rights or remedies hereunder unless such waiver shall be in writing and signed by Lender and then only
to the extent specifically set forth therein; any one waiver shall not be construed as a continuing waiver
of such right or remedy, or of any other right or remedy on a subsequent event.

IN WITNESS WHEREOF, Maker has executed this Note on and as of the Note Date.

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