Preview
FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439
NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF SCHENACTADY
---------------------------------------------------------------------------X Index No.
In the Matter of the Petition of
ODYSSEA-ABE83, LLC, for
Approval of Transfer of Structured Settlement Payment
Rights In Accordance with New York GOL §5-1701,
-against- VERIFIED
PETITION
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION,
NEW YORK LIFE INSURANCE COMPANY,
and ADAM POLLACK
----------------------------------------------------------------------------X
Petitioner, ODYSSEA-ABE83, LLC ("ODYSSEA-ABE83"), by its attorney,
Greg Saber, on notice to respondents, ADAM POLLACK, NEW YORK LIFE
INSURANCE AND ANNUITY CORPORATION and NEW YORK 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
"Act"). The proposed transfer seeks approval, as authorized by the statute, for the sale of
the following: monthly life-contingent payments of $328.76 each beginning February 15,
2028 through and including October 15, 2046; (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, ODYSSEA-ABE83, 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, ADAM POLLACK ("POLLACK"), 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. Payee is pro se in this matter. Counsel for Petitioner makes no representations
on behalf of the Payee, his/her interests or the terms or suitability of this transaction as the
same relates to Payee. Upon information and belief, Payee does not have an appointed
guardian or conservator and Payee contends that he or she has the mental capacity to enter
this transaction.
6. Jurisdiction exists in this Court because POLLACK resides in Schenectady
County.
7. 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.
8. The interested parties noticed of the special proceeding herein are:
i. Upon information and belief, the Payee is prepared to testify before this
Court regarding the proposed transfer and the needs surrounding it;
ii. NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
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. NEW YORK 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.
9. POLLACK, as he disclosed to ODYSSEA-ABE83, is single and has no
minor dependents.
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10. The Payee is the recipient of structured settlement payments as through a
settlement contract resulting from a personal injury claim, 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).
11. 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.
12. 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.
13. The Payee executed a "Transfer Agreement" as defined in GOL §5-
1701(r), wherein he/she agreed to sell, assign or transfer to ODYSSEA-ABE83 rights to
certain payments remaining under the settlement agreement. A copy of the said proposed
Transfer Agreement is annexed hereto as Exhibit "B". Pursuant to and consistent with
the Act and the Transfer Agreement, the Petitioner, in its exclusive role as a buyer of
structured settlement payments, provided no services whatsoever to the Payee including,
but not limited to, not providing any legal, tax, or financial advice. No fees or costs are
owed or paid by the Payee in conjunction with the sale of the Assigned Payments to the
Transferee.
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14. Pursuant to the Transfer Agreement, the Payee seeks to sell, assign or
transfer to ODYSSEA-ABE83 rights to the Assigned Payments as defined above.
15. 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 NEW YORK LIFE
INSURANCE AND ANNUITY CORPORATION, the structured settlement obligor and
NEW YORK LIFE INSURANCE COMPANY, the annuity issuer.
16. 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.
17. 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
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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;
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 "C".
18. Pursuant to 26 U.S.C. 5891, the Court in approving the transfer must find:
a. 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.
19. Pursuant to GOL §5-1701 et seq., the Court in approving the transfer must
find:
a. the transfer complies with all requirements of the Structured
Settlement Protection Act, GOL §5-1701 et seq.;
b. the transfer is in the best interests of the Payee taking into account
the welfare and support of the Payee's dependents, if any, (for the
reasons identified in the affidavit of the Payee annexed hereto as
Exhibit "D", upon information and belief, the Payee believes that
the transfer is in the Payee's best interest taking into account the
welfare and support of the Payee's dependents).
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 "E")
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.
20. Except as referenced elsewhere in the Petition, no previous application has
been made to this or any other Court for the relief sought herein.
21. Upon information and belief, the Payee is aware of other transferees and
that those transferees could make alternative offers.
22. The controlling statute is attached herewith as Exhibit "F"
23. A list of the Payee's dependents, as identified to the Petitioner by the Payee,
is attached herewith as Exhibit "G".
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24. Upon information and belief, Payee has previously attempted and/or
completed the following structured settlement transfers:
a. Index No. 2010-119 filed in Supreme Court of New York, County
of Schenectady by Settlement Funding of New York, LLC. Upon information and
belief this petition was approved. A true and correct copy of the court order is
attached herewith as Exhibit "H".
b. Index No. 2012-1891 filed in Supreme Court of New York, County
of Schenectady by Petition of Settlement Capital Corporation. A true and correct
copy of the court order is attached herewith as Exhibit “I”.
Additional transfers may have been attempted or completed but after good faith
efforts Petitioner is not able to locate any additional filings.
25. The undersigned respectfully requests a hearing in this matter to address
any questions or concerns of the Court.
WHEREFORE, pursuant to GOL §5-1701, et seq., Petitioner, ODYSSEA-ABE83,
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
GOL §5-1701 et seq.
Dated: September 26, 2022
Respectfully Submitted,
/s/ Greg Saber__________________
Greg Saber/Petitioner's Attorney
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Exhibit A
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Page 1
isNexis'
Le
1 of 2
DOCUMENTS
NEW YORK
CON3OLIDATED LAW SliRVICE
Copyright ©2011 Matthew
a member of the Bender, inc.
LexisNexis (TM)
Group
All rights reserved
t* THIS SECTION IS CURRENT THROUGH
. 2011 RELEASED '"
'" CHAPTERS
1-54, 57-78 *"
. GENERAL OBLlOATIONS
ARTICLE'.S. LAW
CREATION, DEPINTrlON AND BNFORCBMB1fr OF CONTRACrUAL
TITLE 17. STRUCTURED OBLICATIONS
SBTILEMENT PROTECTION ACT
Go to the New York Code
Archive Directory
'
NY CLS Gen OMig § 5-1705
(2011)
§ 5-1705. Procedu e for approval
of transfers
(a) An action for approval of a transfer of a structured
order to show cause. settlement shall be by a special
proceeding brought on only by
(b) Such proceeding shall be commenced to obtain
approval of a transfer of structured
proceeding shall be commenced: settlement payment rights. Such
(i) in the supreme court of the
county in which the payee resides:or
(ii) in any court which approved the structured
settlement agreement.
(c) A copy of the]Iig 1] order to show cause and
petition shall be served upon allinterested
before the time at which the parties at least twenty days
petition is noticed to be heard. A response shall be
petition is noticed to be heard. served at least seven da ys before the
(d) A petition for approval of a transfer of structured settlement
payment rights shall include:
(i) a copy of the transfer agreement;
(ii) a copy of the disclosure statement and proof of notice of that statement
required under section 5-1703 of this ti-
tle: (fig 1]
(iii) a listing of each of the payce's dependents, together with each
dependent's age; and
(iv) a statement·setting forth whether there have been any previous transfers or
tured setGement payment rights and applications for transfer of the struc-
giving details of all such transfers or applications for Iransfer.
(c) On the hearing, the payce shall ottend before the court
unless attendance is excused for good cause.
IIISTORY:
Add, L 2002, ch 537. § 2, eff July 1, 2002 (see 2002 note
below); amd, L 2010, ch 511, § I, eff Jan 1, 2011.
NOTES:
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t
NY CIS Gen
Oblig § 5-1705 Page 2
2010
Recommenda,ions of the
The Cornmittee Advisory Committee on Civil
recommends the amendmeni Practice
far as it of New Yorkh
governs thei procedure General Obligations Law
for court Title 17, enacted in
By way of obtaining approval for the transfer
background, in a structured of a structured 2002, inso-
ment. Itather, all:or'.a settlement the recipient
portion are paid out in does not receive all the settlement.
Usually a atruc
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Exhibit D
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AFFIDAVIT OF ADAM D. POLLACK IN SUPPORT OF PETITIONER'S
PETITION FOR APPROVAL FOR TRANSFER OF STRUCTURED
SETTLEMENT PAYMENT RIGHTS
I, Adam D. Pollack, am over the age of eighteen. I have personal knowledge of
all facts stated in this Affidavit, and if called as a witness, I could and would competently
testify as follows:
1. I am the Payee in this action. This Affidavit is made in support of
Petitioner's Petition to approve the transfer of structured settlement payment rights
between myself, Adam D. Pollack, and Odyssea-Abe83, LLC.
2. I have agreed to sell my interest in certain structured settlement payment
rights under an annuity contract to Odyssea-Abe83, LLC, and its designated assignee.
The annuity payments I am entitled to receive are listed in the Agreement to Transfer
Structured Settlement Payment Rights ("Purchase Agreement"), and attached to the
Petition.
3. I believe it is in my best interest to enter into the Purchase Agreement. The
original structured settlement entered into by me was intended as compensation for a
personal injury claim. In 2005, I fell off a four story b8ilding suffered ear, back, hip,
ankle, and knee injuries. Outside of the occasional pain and limitation from walking long
distances, there are no longer any reoccurring medical problems related to the original
injury and no continuing need to provide for future medical expenses.
4. I am 52 years old, single and have no dependents. I do not work as I am
disabled and receive $950.00 per month. I do not rely on the structured settlement
payment rights I am transferring for my day-to-day living expenses.
5. If approved, the funds from this transaction will be used to purchase a
vehicle and pay off property taxes. I intend to allocate $6,000.00 to purchase a four-
vehicle'
wheel drive truck. My current motor blew out about six months ago and I have
been without a vehicle since. I have struggled to get to and from my errands and doctor's
appointments. Given my disability, having my own car would allow me to minimize
having to walk by foot or travel by public transportation. Another $2,000.00 will used to
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pay off past due property taxes. I would like to avoid having a lien placed on my home
and more importantly accruing further interest on the past due balance. Therefore, I feel it
is in my best interest to enter into this transaction with the Petitioner and sell a portion of
my underlying annuity payments, so that I can have the financial means to provide for
this purpose.
6. I am proposing to assign monthly life contingent payments beginning
February 2028. As these payments are due more than five years from now, I do not
depend on the annuities for my current well-being or livelihood. The funds I receive from
the transaction, as referenced in the Purchase Agreement, can be better utilized today
rather than waiting several years from now.
7. I have previously assigned a portion of my structured settlement payment
rights, with my last transfer completed in 2012.
8. Prior to entering into this transaction with Odyssea-Abe83, LLC, I
requested that the beneficiary under my annuity be changed to my own personal estate.
Thus, there are no additional beneficiaries under the annuity policy that would qualify as
interested parties to this action entitled to receive notice of this action.
9. I received and read a separate written disclosure statement from Odyssea-
Abe83, LLC in compliance with the New York Structured Settlement Protection Act on
August 29, 2022, which was received 10 days prior to execution of the Transfer
Agreement.
10. I am aware and understand that I am not represented by Odyssea-Abe83,
LLC. I further understand that Greg Saber represents Odyssea-Abe83, LLC and that I
have been advised in writing to seek independent professional advice, in regard to the
assignment of my structured settlement payment rights to Odyssea-Abe83, LLC and its
successors and or assigns. I hereby waive that advice.
11. I have received and reviewed copies of (1) the Agreement to Transfer
Structured Settlement Payment Rights offered by Odyssea-Abe83, LLC; and (2) a copy
of the required disclosures.
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12. I understand the nature and terms of the transaction, and that I am entering
into the transaction with Odyssea-Abe83, LLC, of my own free will and volition and I am
doing so without reservation, duress or undue influence.
13. That based on the foregoing I respectfully request that the Court find that
this transfer is in my best interests and grant the Petition Approving the Transfer of
Structured Settlement Payment Rights as set forth in the Purchase Agreement.
I declare under penalty of perjury of the laws of the State of New York that the
foregoing is true and correct and that this Affidavit was executed on September 14, 2022
at Schenectady, New York.
Adam D. Pollack
STATE OF NEW YORK )
) ss
COUNTY OF S
The foregoing instrument was acknowledged before me this { f__ day of September, 2022,
by Adam D. Pollack who is personally known to me or who produced
hs , as identification.
Signatu of Notary ubtiBs SHEREEF OWOLABI
Name: ke c e wh Y Gunther Y Parment Y
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Bu Hayes Y Paulin Y
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Butler Y Heastie Y Peoples Y
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Cabi 1 Higgins Peralta Y Mr
Y . Englebr Y Spano
Y Mayerso Y Y
calhoun Y Hikind Y Perry Y
Errigo McDonal Y Stephen Y
Y Booker Pheffer Y
Cánestr Y Y stranie
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A11677
Memo:
TTÈLE OF
BILL: An act
re ation to amend
to the general
the
transfer-of obligations in
structured law,
settlement
DURPOSE payments
OR GENERAL IDEA OF BILL:
iG·not Confirms that
required in a
court's review of showing of
tr.ansfers. proposed "hardship
otructured
settlement
SUMMARY OF
SPECIFI.C
section PROVISIONS: The bill
5-1·706 of the amends
General subdivfsion (b) of
showing of "hardship" Obligations Law to
is not confirm that a
·.structured reauired in
settlement court's
transfers. review-of proposed
ORSTIFICATION: Prior to 2002, tort Claims
promise of could be
payment over time settled with
(a a
"structured
requiring disclosure to the settlement"),
payee of the without
promised payments. then present
Additionally, value of the
settlement prior to
payments could sell 2002, consumers
exchange some or all receiving
for
Preview
FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF SCHENACTADY ---------------------------------------------------------------------------X Index No. In the Matter of the Petition of ODYSSEA-ABE83, LLC, for Approval of Transfer of Structured Settlement Payment Rights In Accordance with New York GOL §5-1701, -against- VERIFIED PETITION NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION, NEW YORK LIFE INSURANCE COMPANY, and ADAM POLLACK ----------------------------------------------------------------------------X Petitioner, ODYSSEA-ABE83, LLC ("ODYSSEA-ABE83"), by its attorney, Greg Saber, on notice to respondents, ADAM POLLACK, NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION and NEW YORK 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 "Act"). The proposed transfer seeks approval, as authorized by the statute, for the sale of the following: monthly life-contingent payments of $328.76 each beginning February 15, 2028 through and including October 15, 2046; (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, ODYSSEA-ABE83, with its principal place of business located in California, is a "Transferee" as defined in GOL §5-1701(t). 1 1 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 4. The Respondent, ADAM POLLACK ("POLLACK"), 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. Payee is pro se in this matter. Counsel for Petitioner makes no representations on behalf of the Payee, his/her interests or the terms or suitability of this transaction as the same relates to Payee. Upon information and belief, Payee does not have an appointed guardian or conservator and Payee contends that he or she has the mental capacity to enter this transaction. 6. Jurisdiction exists in this Court because POLLACK resides in Schenectady County. 7. 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. 8. The interested parties noticed of the special proceeding herein are: i. Upon information and belief, the Payee is prepared to testify before this Court regarding the proposed transfer and the needs surrounding it; ii. NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION 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. NEW YORK 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. 9. POLLACK, as he disclosed to ODYSSEA-ABE83, is single and has no minor dependents. 2 2 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 10. The Payee is the recipient of structured settlement payments as through a settlement contract resulting from a personal injury claim, 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). 11. 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. 12. 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. 13. The Payee executed a "Transfer Agreement" as defined in GOL §5- 1701(r), wherein he/she agreed to sell, assign or transfer to ODYSSEA-ABE83 rights to certain payments remaining under the settlement agreement. A copy of the said proposed Transfer Agreement is annexed hereto as Exhibit "B". Pursuant to and consistent with the Act and the Transfer Agreement, the Petitioner, in its exclusive role as a buyer of structured settlement payments, provided no services whatsoever to the Payee including, but not limited to, not providing any legal, tax, or financial advice. No fees or costs are owed or paid by the Payee in conjunction with the sale of the Assigned Payments to the Transferee. 3 3 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 14. Pursuant to the Transfer Agreement, the Payee seeks to sell, assign or transfer to ODYSSEA-ABE83 rights to the Assigned Payments as defined above. 15. 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 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION, the structured settlement obligor and NEW YORK LIFE INSURANCE COMPANY, the annuity issuer. 16. 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. 17. 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 4 4 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 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; 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 "C". 18. Pursuant to 26 U.S.C. 5891, the Court in approving the transfer must find: a. 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 5 5 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 b. the transfer does not contravene any applicable federal or state statute or the order of any court or responsible administrative or government authority. 19. Pursuant to GOL §5-1701 et seq., the Court in approving the transfer must find: a. the transfer complies with all requirements of the Structured Settlement Protection Act, GOL §5-1701 et seq.; b. the transfer is in the best interests of the Payee taking into account the welfare and support of the Payee's dependents, if any, (for the reasons identified in the affidavit of the Payee annexed hereto as Exhibit "D", upon information and belief, the Payee believes that the transfer is in the Payee's best interest taking into account the welfare and support of the Payee's dependents). 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 "E") 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. 20. Except as referenced elsewhere in the Petition, no previous application has been made to this or any other Court for the relief sought herein. 21. Upon information and belief, the Payee is aware of other transferees and that those transferees could make alternative offers. 22. The controlling statute is attached herewith as Exhibit "F" 23. A list of the Payee's dependents, as identified to the Petitioner by the Payee, is attached herewith as Exhibit "G". 6 6 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 24. Upon information and belief, Payee has previously attempted and/or completed the following structured settlement transfers: a. Index No. 2010-119 filed in Supreme Court of New York, County of Schenectady by Settlement Funding of New York, LLC. Upon information and belief this petition was approved. A true and correct copy of the court order is attached herewith as Exhibit "H". b. Index No. 2012-1891 filed in Supreme Court of New York, County of Schenectady by Petition of Settlement Capital Corporation. A true and correct copy of the court order is attached herewith as Exhibit “I”. Additional transfers may have been attempted or completed but after good faith efforts Petitioner is not able to locate any additional filings. 25. The undersigned respectfully requests a hearing in this matter to address any questions or concerns of the Court. WHEREFORE, pursuant to GOL §5-1701, et seq., Petitioner, ODYSSEA-ABE83, 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 GOL §5-1701 et seq. Dated: September 26, 2022 Respectfully Submitted, /s/ Greg Saber__________________ Greg Saber/Petitioner's Attorney 7 7 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 Exhibit A 8 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 Page 1 isNexis' Le 1 of 2 DOCUMENTS NEW YORK CON3OLIDATED LAW SliRVICE Copyright ©2011 Matthew a member of the Bender, inc. LexisNexis (TM) Group All rights reserved t* THIS SECTION IS CURRENT THROUGH . 2011 RELEASED '" '" CHAPTERS 1-54, 57-78 *" . GENERAL OBLlOATIONS ARTICLE'.S. LAW CREATION, DEPINTrlON AND BNFORCBMB1fr OF CONTRACrUAL TITLE 17. STRUCTURED OBLICATIONS SBTILEMENT PROTECTION ACT Go to the New York Code Archive Directory ' NY CLS Gen OMig § 5-1705 (2011) § 5-1705. Procedu e for approval of transfers (a) An action for approval of a transfer of a structured order to show cause. settlement shall be by a special proceeding brought on only by (b) Such proceeding shall be commenced to obtain approval of a transfer of structured proceeding shall be commenced: settlement payment rights. Such (i) in the supreme court of the county in which the payee resides:or (ii) in any court which approved the structured settlement agreement. (c) A copy of the]Iig 1] order to show cause and petition shall be served upon allinterested before the time at which the parties at least twenty days petition is noticed to be heard. A response shall be petition is noticed to be heard. served at least seven da ys before the (d) A petition for approval of a transfer of structured settlement payment rights shall include: (i) a copy of the transfer agreement; (ii) a copy of the disclosure statement and proof of notice of that statement required under section 5-1703 of this ti- tle: (fig 1] (iii) a listing of each of the payce's dependents, together with each dependent's age; and (iv) a statement·setting forth whether there have been any previous transfers or tured setGement payment rights and applications for transfer of the struc- giving details of all such transfers or applications for Iransfer. (c) On the hearing, the payce shall ottend before the court unless attendance is excused for good cause. IIISTORY: Add, L 2002, ch 537. § 2, eff July 1, 2002 (see 2002 note below); amd, L 2010, ch 511, § I, eff Jan 1, 2011. NOTES: 9 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 t NY CIS Gen Oblig § 5-1705 Page 2 2010 Recommenda,ions of the The Cornmittee Advisory Committee on Civil recommends the amendmeni Practice far as it of New Yorkh governs thei procedure General Obligations Law for court Title 17, enacted in By way of obtaining approval for the transfer background, in a structured of a structured 2002, inso- ment. Itather, all:or'.a settlement the recipient portion are paid out in does not receive all the settlement. Usually a atruc USPS Track Another Package + Remove X Tracking Number: 9405511202537519520572 Your item was delivered in or at the mailbox at 3:27 pm on August 29, 2022 in SCHENECTADY, NY 12303. USPS Tracking Plus® Available v Delivered, In/At Mailbox August 29, 2022 at 3:27 pm SCHENECTADY, NY 12303 Get Updates v Text & Email Updates Tracking History USPS Tracking Plus® Product Information See Less A 28 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 Exhibit D 29 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 AFFIDAVIT OF ADAM D. POLLACK IN SUPPORT OF PETITIONER'S PETITION FOR APPROVAL FOR TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS I, Adam D. Pollack, am over the age of eighteen. I have personal knowledge of all facts stated in this Affidavit, and if called as a witness, I could and would competently testify as follows: 1. I am the Payee in this action. This Affidavit is made in support of Petitioner's Petition to approve the transfer of structured settlement payment rights between myself, Adam D. Pollack, and Odyssea-Abe83, LLC. 2. I have agreed to sell my interest in certain structured settlement payment rights under an annuity contract to Odyssea-Abe83, LLC, and its designated assignee. The annuity payments I am entitled to receive are listed in the Agreement to Transfer Structured Settlement Payment Rights ("Purchase Agreement"), and attached to the Petition. 3. I believe it is in my best interest to enter into the Purchase Agreement. The original structured settlement entered into by me was intended as compensation for a personal injury claim. In 2005, I fell off a four story b8ilding suffered ear, back, hip, ankle, and knee injuries. Outside of the occasional pain and limitation from walking long distances, there are no longer any reoccurring medical problems related to the original injury and no continuing need to provide for future medical expenses. 4. I am 52 years old, single and have no dependents. I do not work as I am disabled and receive $950.00 per month. I do not rely on the structured settlement payment rights I am transferring for my day-to-day living expenses. 5. If approved, the funds from this transaction will be used to purchase a vehicle and pay off property taxes. I intend to allocate $6,000.00 to purchase a four- vehicle' wheel drive truck. My current motor blew out about six months ago and I have been without a vehicle since. I have struggled to get to and from my errands and doctor's appointments. Given my disability, having my own car would allow me to minimize having to walk by foot or travel by public transportation. Another $2,000.00 will used to - 1 - 30 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 pay off past due property taxes. I would like to avoid having a lien placed on my home and more importantly accruing further interest on the past due balance. Therefore, I feel it is in my best interest to enter into this transaction with the Petitioner and sell a portion of my underlying annuity payments, so that I can have the financial means to provide for this purpose. 6. I am proposing to assign monthly life contingent payments beginning February 2028. As these payments are due more than five years from now, I do not depend on the annuities for my current well-being or livelihood. The funds I receive from the transaction, as referenced in the Purchase Agreement, can be better utilized today rather than waiting several years from now. 7. I have previously assigned a portion of my structured settlement payment rights, with my last transfer completed in 2012. 8. Prior to entering into this transaction with Odyssea-Abe83, LLC, I requested that the beneficiary under my annuity be changed to my own personal estate. Thus, there are no additional beneficiaries under the annuity policy that would qualify as interested parties to this action entitled to receive notice of this action. 9. I received and read a separate written disclosure statement from Odyssea- Abe83, LLC in compliance with the New York Structured Settlement Protection Act on August 29, 2022, which was received 10 days prior to execution of the Transfer Agreement. 10. I am aware and understand that I am not represented by Odyssea-Abe83, LLC. I further understand that Greg Saber represents Odyssea-Abe83, LLC and that I have been advised in writing to seek independent professional advice, in regard to the assignment of my structured settlement payment rights to Odyssea-Abe83, LLC and its successors and or assigns. I hereby waive that advice. 11. I have received and reviewed copies of (1) the Agreement to Transfer Structured Settlement Payment Rights offered by Odyssea-Abe83, LLC; and (2) a copy of the required disclosures. - 2 - 31 of 52 FILED: SCHENECTADY COUNTY CLERK 09/26/2022 03:45 PM INDEX NO. 2022-1439 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 09/26/2022 12. I understand the nature and terms of the transaction, and that I am entering into the transaction with Odyssea-Abe83, LLC, of my own free will and volition and I am doing so without reservation, duress or undue influence. 13. That based on the foregoing I respectfully request that the Court find that this transfer is in my best interests and grant the Petition Approving the Transfer of Structured Settlement Payment Rights as set forth in the Purchase Agreement. I declare under penalty of perjury of the laws of the State of New York that the foregoing is true and correct and that this Affidavit was executed on September 14, 2022 at Schenectady, New York. Adam D. Pollack STATE OF NEW YORK ) ) ss COUNTY OF S The foregoing instrument was acknowledged before me this { f__ day of September, 2022, by Adam D. Pollack who is personally known to me or who produced hs , as identification. Signatu of Notary ubtiBs SHEREEF OWOLABI Name: ke c e wh Y Gunther Y Parment Y DiNapol Y Magnare Y seminer Y Wri Bu Hayes Y Paulin Y ling Y ,Gidikma Y Dinowit Y Manning Y You Butler Y Heastie Y Peoples Y 13ddingt Y Markey Y smith Y Cabi 1 Higgins Peralta Y Mr Y . Englebr Y Spano Y Mayerso Y Y calhoun Y Hikind Y Perry Y Errigo McDonal Y Stephen Y Y Booker Pheffer Y Cánestr Y Y stranie Espaill y McDonou Y Y nooper Y Powell Y ,McEneny Y stringe Y Prentis Y sweeney Y A11677 Memo: TTÈLE OF BILL: An act re ation to amend to the general the transfer-of obligations in structured law, settlement DURPOSE payments OR GENERAL IDEA OF BILL: iG·not Confirms that required in a court's review of showing of tr.ansfers. proposed "hardship otructured settlement SUMMARY OF SPECIFI.C section PROVISIONS: The bill 5-1·706 of the amends General subdivfsion (b) of showing of "hardship" Obligations Law to is not confirm that a ·.structured reauired in settlement court's transfers. review-of proposed ORSTIFICATION: Prior to 2002, tort Claims promise of could be payment over time settled with (a a "structured requiring disclosure to the settlement"), payee of the without promised payments. then present Additionally, value of the settlement prior to payments could sell 2002, consumers exchange some or all receiving for