Preview
FILED: KINGS COUNTY CLERK 02/26/2021 05:32 PM INDEX NO. 504776/2021
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 02/26/2021
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF KINGS
---------------------------------------------------------------------------X Index No.
In the Matter of the Petition of
TANNER 221, LLC, for
Approval of Transfer of Structured Settlement Payment
Rights In Accordance with New York GOL §5-1701,
-against- VERIFIED
PETITION
METLIFE TOWER RESOURCES GROUP, INC.,
METROPOLITAN LIFE INSURANCE COMPANY,
and TARELL SCOTT
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Petitioner, TANNER 221, LLC (“TANNER”), by their attorney, Greg Saber, on
notice to respondents, TARELL SCOTT (“SCOTT”), METLIFE TOWER RESOURCES
GROUP, INC. and METROPOLITAN LIFE INSURANCE COMPANY, alleges as
follows:
1. This is a special proceeding pursuant to the Structured Settlement
Protection Act, General Obligations Law §5-1701 et seq. seeking approval of the transfer
of certain structured settlement payment rights due under a structured settlement
agreement, in accordance with 26 U.S.C. §5891 et seq. and GOL §5-1701 et seq. The
proposed transfer seeks approval, as authorized by the statute, for the sale of the
following: 171 monthly life-contingent payments of $2,932.98 beginning October 15,
2050 through and including December 15, 2064 with a 3% annual increase each October
(the “Assigned Payments”).
2. The New York GOL §5-1705(a) mandates the filing of this matter
by Order to Show Cause (Exhibit “A”).
3. The Petitioner, TANNER, with its principal place of business located in
California, is a “Transferee” as defined in GOL §5-1701(t).
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4. The Respondent, SCOTT, is a “Payee” as defined in GOL §5-1701(h).
The Payee is entitled to receive a structured settlement payment stream that is the subject
of this Application.
5. Jurisdiction exists in this Court because Kings County Supreme Court
approved the original structured settlement agreement.
6. Certain entities are deemed to be “interested parties” to this Petition as
defined in GOL §5-1701(f); pursuant to GOL §5-1705(c) they are to be served at least 20
days prior to the Petition being heard with copies of said Petition and the notice of
Petition or Order to Show Cause, as the case may be.
7. The interested parties noticed of the special proceeding herein are:
i. The Payee, who consents and joins in this application as evidenced by
the Transfer Agreement and other papers consummated by and
between TANNER. The Payee is prepared to testify before this Court
regarding the proposed transfer and the needs surrounding it;
ii. METLIFE TOWER RESOURCES GROUP, INC. is a “Structured
Settlement Obligor” as defined in GOL §5-1701(n) with respect to the
structured settlement payment rights at issue in this proceeding; and
iii. METROPOLITAN LIFE INSURANCE COMPANY is the “Annuity
Issuer” as defined in GOL §5-1701(a) in connection with the
structured settlement payment rights at issue in this proceeding.
8. SCOTT, as he disclosed to TANNER, is single and has two minor
dependents. The Payee is prepared to testify in Court regarding the circumstances for
this proposed transfer.
9. The Payee is the recipient of structured settlement payments as through a
settlement contract which provided for a series of deferred cash payments under a
“structured settlement” as defined in GOL §5-1791(l) and 26 U.S.C. §5891(c)(1). A true
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and correct copy the Settlement Agreement and Release is attached hereto as Exhibit
“B”.
10. Pursuant to 26 U.S.C. §5891(a), any transfer of structured settlement
payment rights pursuant to a Transfer Agreement entered into after the effective date
subjects the Transferee (i.e., the purchaser of the structured settlement payment rights) to
an excise tax unless the transfer has been approved by, inter alia, by a court of the state in
which the Payee of the structured settlement is domiciled through the issuance of a
“Qualified Order,” which is defined as an order issued pursuant to the terms of a statute
regulating the transfer of structured settlement transfer rights enacted by the state in
which the Payee is domiciled or the settled case was litigated. The Structured Settlement
Protection Act, GOL §5-1701 et seq. is such a statute.
11. New York Insurance Law §3212(d) provides that any purported
limitations upon transfer in an annuity contract funding a structured settlement are
ineffective if the transfer has been approved pursuant to GOL §5-1701 et seq.
12. The Payee, upon information and belief, is aware of additional funding
alternatives and options, executed a “Transfer Agreement” as defined in GOL §5-
1701(r), wherein he/she agreed to sell, assign or transfer to TANNER rights to certain
payments remaining under the settlement agreement. A copy of the said proposed
Transfer Agreement is annexed hereto as Exhibit “C”.
13. Pursuant to the Transfer Agreement, the Payee seeks to sell, assign or
transfer to TANNER rights to the Assigned Payments as defined above.
14. It is a condition of the Transfer Agreement that the transfer be approved
by a court and an order entered, that must be recognized and honored by METLIFE
TOWER RESOURCES GROUP, INC., the structured settlement obligor and
METROPOLITAN LIFE INSURANCE COMPANY, the annuity issuer.
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15. Petitioner is informed and believes and upon that basis alleges that the
underlying structured settlement that established the annuity at issue in the present case
contained language that restricted and/or prohibited the right and/or power to assign the
Assigned Payments in question.
16. All disclosure requirements of GOL §5-1703 have been complied with by
providing, not less than ten (10) days prior to the date on which the Payee executed the
Transfer Agreement by first class mail and certified-mail, return-receipt requested and/or
postal office priority mail, the disclosure statement in 14-point bold type containing
disclosures in plain language the information required therein, namely;
a. the amount and due date of the structured settlement payments to be
transferred;
b. the aggregate amount of such payments;
c. the discounted present value of the payments to be transferred which
shall be identified as the “calculation of current value of the
transferred structured settlement payments under federal standards for
valuing annuities”, and the amount of the applicable federal rate used
in calculating such discounted present value;
d. the price quote from the original annuity issuer or, if such price quote
is not readily available from the original annuity issuer, then a price
quote from two other annuity issuers that reflects the current cost of
purchasing a comparable annuity for the aggregate amount of
payments to be transferred;
e. the gross advance amount and the annual discount rate, compounded
monthly, used to determine such figures;
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f. 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;
g. the net advance amount including the statement: “The net cash
payment you receive in this transaction from the buyer was determined
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”;
h. 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
i. a statement that the Payee has the right to cancel the Transfer
Agreement, without penalty or further obligation, not later than the
third business day after the date the Transfer Agreement is signed by
the Payee.
The Disclosure Statement and proof of its mailing via United States postal service
priority mail and receipt by the Payee, as reflected in the Disclosure Statement, is
attached hereto as Exhibit “D”.
17. The transfer complies with all requirements and standards of 26 U.S.C. §
5891 and Pub.L.107-134, Title 1, §115(c)(3)(A); in that:
a. For the reasons shown in application and exhibits, the Payee
believes the transfer is in the best interests of the Payee, taking into
account the welfare and support of the Payee’s dependents, if any;
and
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b. The transfer does not contravene any applicable federal or state
statute or the order of any court or responsible administrative or
government authority.
18. The transfer complies with all requirements and standards of GOL §5-
1701 et seq. in that:
a. It complies with all requirements of the Structured Settlement
Protection Act, GOL §5-1701 et seq.;
b. For the reasons shown in the affidavit of the Payee annexed hereto
as Exhibit “E”, the Payee believes the transfer is in the best
interests of the Payee taking into account the welfare and support
of the Payee’s dependents, if any, 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;
c. The Payee has been advised in writing by the Transferee to seek
independent professional advice regarding the transfer and has
either received such advice or knowingly waived such advice in
writing; (Exhibit “F”)
d. The transfer does not contravene any applicable federal or state
statute or the order of any court or other government or responsible
administrative authority; and
e. The Transfer Agreement and all disclosures are written in plain
language and in compliance with GOL § 5-702.
19. No previous application has been made to this or any other Court for the
relief sought herein.
20. The controlling statute is attached herewith as Exhibit “G”
21. A list of the Payee’s dependents is attached herewith as Exhibit “H”.
22. Upon information and belief, Payee has previously attempted and/or
completed the following structured settlement transfers:
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a. Index No. 260018-2011 filed in the Supreme Court of New York,
County of Kings by J.G. Wentworth Originations, LLC, f/k/a 321 Henderson
Receivables, LLC. Upon information and belief this petition was discontinued.
b. Index No. 260897/2011 filed in the Supreme Court of New York,
County of Bronx by J.G. Wentworth Originations, LLC, f/k/a 321 Henderson
Receivables Origination, LLC. Upon information and belief, this petition was
denied.
c. Index No. 260007-2013 filed in the Supreme Court of New York,
County of Bronx by BOFI Federal Bank. Upon information and belief, this
petition was discontinued.
d. Index No. 25178-2014E filed in the Supreme Court for the State of
New York, County of Bronx by TM Ramp, LLC. Upon information and belief,
this petition was approved.
e. Case No. 2015CA000557 filed in the Circuit Court of the State of
Florida, County of Okeechobee by Advance Funding, LLC. Upon information
and belief this petition was approved.
f. Index No. 24175/2020 filed in the Superior Court of New York,
County of Bronx by J.G. Wentworth Originations, LLC. Upon information and
belief this petition was approved.
Additional transfers may have been attempted or completed but after good faith efforts
Petitioner is not able to locate any additional filings.
23. The undersigned respectfully requests a hearing in this matter to address
any questions or concerns of the Court.
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WHEREFORE, pursuant to GOL §5-1701, et seq., Petitioner, TANNER, hereby
respectfully requests that this Court enter an Order approving the transfer, based upon
findings that (i) it is in compliance with the requirements of 26 U.S.C. §5891 and
Pub.L.107-134, Title 1, §115; and GOL §5-1701 et seq.; (ii) the transfer is in the best
interest of the Payee, taking into account the welfare and support of the Payee’s
dependents, if any, 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; (iii) the Payee has been advised in writing by the
Transferee to seek independent professional advice regarding the transfer and has either
received such advice or knowingly waived such advice in writing; (iv) the transfer does
not contravene any applicable federal or state statute or order of any court or other
responsible administrative or government authority; and (v) the Transfer Agreement,
disclosure and related documents are written in plain language and in compliance with
GOL §5-702, and directing METLIFE TOWER RESOURCES GROUP, INC. and
METROPOLITAN LIFE INSURANCE COMPANY to recognize and honor the terms of
the Transfer Agreement to Petitioner, TANNER or its assigns and to make payment of
the structured settlement payments that are the subject of this proceeding to Petitioner,
TANNER and/or its successor(s) and/or assigns.
Dated: February 26, 2021
Respectfully Submitted,
/s/ Greg Saber__________________
Greg Saber/Petitioner’s Attorney
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SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF KINGS
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In the Matter of the Petition of
TANNER 221, LLC,
Petitioner(s),
For Approval of Transfer of Structured Settlement Payment ATTORNEY'S
Rights In Accordance with New York GOL §5-1701, VERIFICATION
-against-
METLIFE TOWER RESOURCES GROUP, INC.,
METROPOLITAN LIFE INSURANCE COMPANY,
and TARELL SCOTT Respondent(s).
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GREG SABER, an attorney duly admitted to practice in the Courts of the State of New
York, affirms the following, upon information and belief, under the penalties of perjury:
I am the attorney of record for the Petitioner, Tanner 221, LLC, in the above-entitled
action.
I have read the foregoing Order to Show Cause and Verified Petition and know the
contents thereof; the same is true to my own knowledge except as to the matters therein stated to
be alleged on information and belief, and that as to those matters, I believe them to be true.
This verification is made by your affirmant and not by Petitioner because said Petitioner
does not maintain its principal place of business within Nassau County, New York, which is the
county where your affirmant maintains offices.
The grounds of your affirmant's belief as to all matters not stated upon affirmant's
knowledge are correspondence had with Petitioner, information contained in said Petitioner's
file, which is in your affirmant's possession, and other pertinent data relating thereto.
Dated: February 25, 2021
/s/ Greg Saber__________
Greg Saber, Esq.
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SUPREME COURT OF THE STATE OF NEW YORK INDEX NO.
COUNTY OF KINGS
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In the Matter of the Petition of
TANNER 221, LLC,
Petitioner(s),
For Approval of Transfer of Structured Settlement Payment
Rights In Accordance with New York GOL §5-1701,
-against-
METLIFE TOWER RESOURCES GROUP, INC.,
METROPOLITAN LIFE INSURANCE COMPANY,
and TARELL SCOTT
Respondent(s).
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - X
_________________________________
ORDER TO SHOW CAUSE, VERIFIED PETITION AND EXHIBITS
_________________________________
Pursuant to 22 NYCRR 130-1.1, the undersigned, an attorney duly admitted to practice in the
courts of New York State, certifies that, upon information and belief and reasonable inquiry, the
contentions contained in the annexed documents are not frivolous.
Dated: February 25, 2021 Signature: /s/ Greg Saber_______
Greg Saber, Esq.
GREG SABER, ESQ.
Attorney(s) for Petitioner(s)
8 Bond Street
Suite 303
Great Neck, NY 11021
(800) 449-6311 – Telephone
(800) 922-6312 – Facsimile
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Exhibit A
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Page 1
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NEW TORK CON5OLIDATED LAW SERVICE
Copyright 42011 Matthew Bender, inc.
a member of the LexisNexis (TM)
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All rights reserved
'"* THIS *"
SECTION IS CURRENT THROUGH 2011 RELEASED CHAPTERS
"' "*
1-54, 57-78
. GENERAL OBLlOATIONS LAW
ARTICLE'.S.¡ CREATION, DEFINITION AND BNFORCEMEtfr OF CONTRACTUAL OBL1OATIONS
T1TLB 37. STRUCTURBD SB'ITLEMENT PRCrTECTION ACT
Go to the New York Code Archive Directory
NY CE.SGen Oblig § 5-1705 (2011)
§ 5-1705. Procedure for approval of transfers
(a) An action for approval of a transfer of a structured settlernent shall be by a special proceeding brought on only by
order to show causti.
(b) Such proceeding shall be commenced to obtain approval of a transfer of structured settlement payment rights. Such
proceeding shall be commenced:
(i) in the supreme court of the county in which the payce resides; or
(ii) in any court which approved the structured settlement agreement.
(c)A copy of theffig 1] order to show cause and petition shall be served upon all interested parties at least twenty days
before the time at which the petition is noticed to be heard. A response shall be served at least seven days before the
petition is noticed to be heard.
(d) A petition for-approval of a transfer of structured settlement payment rights shall include:
(i) a copy of the transfer agreement;
ti-
(ii) a copy of the disclosure statement and proof of notice of that statement required under section 5-1703 of this
tic; [fig 1]
together with each dependent's age; and
(iii) a listing of teach of the payee's dependents,
struc-
previous transfers or applications for transfer of the
(iv) a statement setting forth whether there have been any
tured settlement payment rights and giving details of all such transfers or applienn3 for transfer.
attendance is excused for good cause.
(c) On the hearing, the payce shall attend before the court unless
llISTORY:
eff Jan 1, 2011.
Add, L 2002, ch 537, § 2, eff July 1, 2002(see 2002 note below); amd, L 2010, ch 511, § 1,
NOTES:
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. .
. Page 2
NY Cis Gen Oblig 5 5-1'705
2010 Recom- d ions of the Advisory Committee on Civil Practice
The Cornmittee recomme.± the amendment of New York's General Obligations Law Title 17, enacted in 2002, inso-
far as it governs the procedure for r,btai±.g court approval for the transfer of a structured settlement.
By way of backginund, in a atructured settlement the recipient does not receive all the proceeds at the time of settle-
ment. Rather, all:or'.a portion are paid out in scheduled periodic payments over a course of time.
Usually a atruc.tured settlement agreement restricts the recipient from transferring the rights to the future payments.
Nonetheless, a market has developed whereby entities - Comm0Illy referred to anstmet-.J.•ol•ment rectoring com-
panies -- purchase the righta to futurs paynicuts for a Dresent cash payrnent.(Sec generally, Daniel W. Hindart and
Craig H. Ulman, Transfers of Structured Settlement Payment Rights: What Judges Should Know About 5tructured Set-
tlement Frotection Acts, A.D.A. Judges' Journal, Spring 2005.).
The structured settlernent recipient (referred to in GOL Title 17 as the "payee') is typically charged a high discount
rate by the factoring company in exchange for the present cash payment. in order to assist the Court in determining
whether the transfer is "in the best interests of the payee," (GOL § 5-1706(b)) the following amendments to section 5-
1705 arc recommended:
First: Section 5-1705(a) would add the requirement that the action for approval or a transfer be initiated onl y by order
to show cause.
7his addition would aid in assigning the action, particularly in counties where one judge handles all such applications.
Requiring that the action be brought on by order to show cause does not reduce the minimum notice period of 20 days
specified in section 5-1705(c).
Second: Section 5-1705(d)(iv) would be added to provide that the petition for approval of a transfer include: a state-
ment setting forth whether there have besn any previous transfers or applications for transfer of the structured settlement
and giving details of all such transfers or applications for transfer.
This information is obviously useful to the Court, but hopefully will also have the effect of deterring the practice of
re:
filing a petition seeking a transfer in one venue after it has already been denied in a different venuc.(Sec, c.g., In
Angel L. Claudio, Jr., Index #7063/2006, Supreme Court, Dutchess County, Order of Hon. Christine A. 5proat, LS.C.
01/10/07.).
Third: Section 5-1705(e) would be added: On the hearing, the psyce shall attend before the court unless attendance is
excused for good cause. .
"hearing" described in new subdivision
This new language is adopted from CFLR 2208(d). It is not intended that the
"on the record" and involves the reception of evidence, but the term is
(c) must necessarily'be a fortual hearing that in
usedin the broader sense with the expectation that the court wilt direct such formalities as it deems advisable.
Editor's Notes
Laws 2002, ch 537, §§ 1 and 4, eff July 1, 2002, provide as follows:
protection act".
Section 1. Short title. This act shall be known and may be cited as the "structured settlement
settlement payment rights under
B This act shall take effect July 1, 2002 and shall apply to any transfer of structured
a transfer agreement entered into on or after such date.
Amendment Notes
2010. Chapter 511, § 1 amended:
Sub (a) by adding the matter in italics.
Sub (c) by deleting at fig 1 ''notice of petition and petition or'.
Sub (d), par (ii) by.dclcting at fig 1 "and",
Sub (d), par (iii) by adding the matter in italics.
By adding sub (d),!par (iv).
Ily adding sub (e).
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Page 3
NY CLS Gen Oblig § S-1705
LexisNexis 50 State Surveys,IAgislation & Regulations
Structured Settlements
CaseNotes:
Legislative standards that apply to the assignment Of structured sett!:mc:2:in parennel injury nose also apply to
the assignment of periodit lottery payiiiErds (A exchange for n lump sum payoff. in re Cabrera (2003, Sup) 196 Misc 2d
329, 765 NYS2d 208.
Structured settl'pment recipient's request for transfer of the settlement to him sothat he could buy a building to live
in and operate a pizza business from was denied by a trial court as the Etthmet was entered into only three years prior
to the request, when the recipient was 17 years old and was act up due to him scquirlag lead poisoning, which did cause
him to have learning gme-ma The court deferred to the assessment of the recipient% mother at the time of the struc-
tured settlement (only threc years prior) that it was necessary. Mauer of 321 Henderson Receivables Crighw::on LLC
(2008, Sup) 20 Mist 3d 2 114A, 240 NY12 23.
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Exhibit B
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SETTLEMENT AGREEMENT AND RELEASE
THIS SETTLEMENT AGREEMENT AND RELEASE ("Settlement Agreement") is entered
August 6, 08
on 20 , by and between:
Plaintiffs: CHRISTOPHER SCOTT, ALLAN SCOTT, DANIEL SCOTT, DAVI D SCOTT,
JIMMIE SCOTT, JAMIE SCOTT, MANUEL SCOTT, JANICE SCOTT
FLOYD, MINERVA SCOTT, SHAMAR SCOTT, JULIESA SCOTT, FANTIA
SCOTT, JAMEL SCOTT, TARELL SCOTT, RICKI E SCOTT, KELLIE
SCOTT, SHAWN-TAY SCOTT, SHAWANDA SCOTT, ERIC RASHEEN SCOTT
Defendant : CITY OF NEW YORK
Recitals
A. Plaintiffs filed a Complaint against the Defendant in the Supreme
Court of the State of New York, County of Kings (Index No. 26896/95),
which Complaint arose out of certain alleged negligent acts or omissions
by the Defendant. In the Complaint, the Plaintiffs sought to recover
monetary damages on account of alleged personal physical injury.
B. The Parties desire to enter into this Settlement Agreement in order to
provide for certain payments in full settlement and discharge of all
claims which are or might have been the subject matter of the Complaint,
upon the terms and conditions set forth herein.
Agreement
The parties agree as follows:
1
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1. Release and Discharge
In consideration of the payments called for herein, the Plaintiffs
Parties'
completely release and forever discharge the Defendant, and said
past, present and future officers, directors, stockholders, attorneys,
agents, servants, representatives, employees, subsidiaries, affiliates,
partners, insurers, predecessors and successors in interest, and assigns
and all other persons, firms or corporations with whom any of the former
have been, are now or may hereafter be affiliated, of and from any and all
past, present or future claims, demands, obligations, actions, causes of
action, wrongful death claims, rights, damages, costs, losses of services,
expenses and compensation of any nature whatsoever, whether based on a
tort, contract or other theory of recovery, and whether for compensatory
or punitive damages, which the Plaintif fs now have, or which may hereafter
accrue or otherwise be acquired, on account of, or in any way growing out
of, or which are the subject of the incident alleged or the subject matter
of the Complaint (and all related pleadings), including, without
limitation, any and all known or unknown claims for bodily and personal
injuries to the Plaintiffs, or any future wrongful death claim of
Plaintiffs' from
representative, which have resulted or may result the
alleged acts or omissions of the Defendant. This Release, on the part of
the Plaintiffs, shall be a fully binding and complete settlement among the
Plaintif f s, the Defendant and their assigns and successors, save only the
executory provisions of the Settlement Agreement. The Plaintiffs agree to
defend, indemnify and hold the Defendant harmless from and against all
such claims, demands, obligations, actions, causes of action, damages,
costs and expenses arising out of this settlement.
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