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  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
  • Apollo Mathers Llc v. Pacific Life & Annuity Services Inc, Pacific Life Insurance Co, Michael RiggleSpecial Proceedings - Other (GOL Section 5-1701 et seq) document preview
						
                                

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FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF CATTARAUGUS ---------------------------------------------------------------------------X Index No. In the Matter of the Petition of APOLLO MATHERS, LLC, for Approval of Transfer of Structured Settlement Payment Rights In Accordance with New York GOL §5-1701, -against- VERIFIED PETITION PACIFIC LIFE & ANNUITY SERVICES, INC., PACIFIC LIFE INSURANCE COMPANY, and MICHAEL RIGGLE ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐X Petitioner, APOLLO MATHERS, LLC ("APOLLO"), by its attorney, Greg Saber, on notice to respondents, MICHAEL RIGGLE, PACIFIC LIFE & ANNUITY SERVICES, INC. and PACIFIC 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: 326 monthly payments of $1,818.22 beginning March 01, 2025 through and including April 01, 2052 (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, APOLLO, with its principal place of business located in California, is a "Transferee" as defined in GOL §5-1701(t). 1 1 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 4. The Respondent, MICHAEL RIGGLE ("RIGGLE"), 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. 4. 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. 5. Jurisdiction exists in this Court because RIGGLE resides in Cattaraugus County. 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. 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. PACIFIC LIFE & ANNUITY SERVICES, 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. PACIFIC 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. RIGGLE, as he disclosed to APOLLO, is 46 years old, married, and has one minor dependent. 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 2 2 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 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 APOLLO rights to certain payments remaining under the settlement agreement. A copy of the said 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. 14. Pursuant to the Transfer Agreement, the Payee seeks to sell, assign or transfer to APOLLO rights to the Assigned Payments as defined above. 3 3 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 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 PACIFIC LIFE & ANNUITY SERVICES, INC., the structured settlement obligor and PACIFIC 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 from two other annuity issuers that reflects the current cost of 4 4 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 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 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 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 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 24. Upon information and belief, Payee has previously attempted and/or completed the following structured settlement transfers: a. Index No. 915914 filed in Supreme Court of New York, County of Cattaraugus by J.G. Wentworth Originations, 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. 91951 filed in Supreme Court of New York, County of Cattaraugus by J.G. Wentworth Originations, LLC. Upon information and belief this petition was approved. 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, APOLLO, hereby respectfully requests that this Court enter an Order approving the transfer, based upon findings that it is in compliance with the requirements of 26 U.S.C. §5891 and GOL §5- 1701 et seq. Dated: July 31, 2023 Respectfully Submitted, /s/ Greg Saber__________________ Greg Saber/Petitioner's Attorney 7 7 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF CATTARAUGUS ----------------------------------------------------------------------------X In the Matter of the Petition of APOLLO MATHERS, LLC, Petitioner(s), For Approval of Transfer of Structured Settlement Payment ATTORNEY'S Rights In Accordance with New York GOL §5-1701, VERIFICATION -against- PACIFIC LIFE & ANNUITY SERVICES, INC., PACIFIC LIFE INSURANCE COMPANY, and MICHAEL RIGGLE, Respondents ----------------------------------------------------------------------------X 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, Apollo Mathers, 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 New York 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: July 31, 2023 /s/ Greg Saber__________ Greg Saber, Esq. 8 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 SUPREME COURT OF THE STATE OF NEW YORK INDEX NO. COUNTY OF CATTARAUGUS - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - X In the Matter of the Petition of APOLLO MATHERS, LLC, Petitioner(s), For Approval of Transfer of Structured Settlement Payment Rights In Accordance with New York GOL §5-1701, -against- PACIFIC LIFE & ANNUITY SERVICES, INC., PACIFIC LIFE INSURANCE COMPANY, and MICHAEL RIGGLE, 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: July 31, 2023 Signature: /s/ Greg Saber_______ Greg Saber, Esq. GREG SABER, ESQ. Attorney(s) for Petitioner(s) 264 W. 40th St. Ste. 403 New York, NY 10018 (800) 449-6311 – Telephone (800) 922-6312 – Facsimile 9 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 Exhibit A 10 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 Page 1 isNexis' Le 1 of 2 DOCUlvlENTS NEW YORK CON3OUDATED LAW SERVICE Copyright ©2011 Matthew a member of the Bender, inc. IzzisNexis (TM) Group All rights reserved THIS SECTION IS CURRENT THROUGH *" 2011 RELEASED CHAPTERS '** 1-54, 57-78 "* . GENERAL OBuOATIONS ARTICLE!S. LAW CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL T1TLE U. STRUCTURBD OBLICATIONS SETTLEMENT PROTECTION ACT Go to the New York Code Archive Directory NY CLS Gan Oblig § 5-1705 (2011) § 5- 05. Procedure for approval of transfers (a) An action for approval of a transfer of a structured order to show causci. 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 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 the]fig 1] ordct to show cause and petition shall be served upon all interested before the time at which the parties at least twenty days petition is noticed to be heard. A response petition is noticed to be heard. shall be 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- ile; (fig 1] (iii) a listing of teach of the psyce'a dependents, together with each dependent's age; and (iv) a statement setting forth whether there have been any previous transfers or applications for transfer of the struc- tured scitlement pa yment rights and giving details of all such transfera or applications for transfer. (c) On the hearing, the payce shall ottend before the court unless attendance is excused for good cause. MSTORY: Add, L 2002, ch 537. § 2, eff July 1, 2002 (see 2002 note below); amd, L 2010, ch 511, § 1, eff Jan 1, 2011. NOTES: 11 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 . . NY CLS Gen Oblig § 5-1705 Page 2 2010 Recommeridaiions of the The Cornmitice Advisory Committee on Civil recommends the amendment Practice Iar as it of New York¼ governs thei procedure General Obligations Law for By way of backg obtaining court approval for the Title 17, enacted in ound, in a structured transfer of a structured 2002, inso- ment, Itather, alt:or'.a settlement titc recipient poruon are paid out in does not receive all the settlement. Usually a atruc,tured settlement acheduled periodic proceeds at the time of settle- payments over a agreement testricts the coursco( ume. Nonetheless, a market has recipient from developed transferring the rights to the future panics - purchase the whereby entlties - payments. rights to future Comm01tly referred to an etructor""l Craig H. Ulman.Transrcrs payntonts for a present cash ""uter-wns of Structmed payment.($ce generally. Daniel rectoring com- tlement Frotection Settlement Payment Rights: What W. Hindart and Acts, A.B.A. Judges' Judges Should Know The structured Journal, Spring 2005.). About 5tructured Set- settlemem recipient rate by the (referred to in GOL Title factoring company in exchange for 17 as the whether the transfer is the present cash "payce") is typically charged a high "in the best interests payment. in order to assist discount 1705 are of the payee," the Court in recommended: [Gol.§ 5-1706(b)) the determining First: Section fottowing amendments to section 5- to show cause. 5-1705(a) would add the requirement that the action for approval or a This addition would aid transfer be initiated onl in y by order assigning the action, Requiring that the action be brought particularly in counties where one judge specified in section on by order to show handles all such applications. cause does not reduce 5-1705(c). the minimum notice Second: Section period of 20 days ment 5,1705(d)(iv) would be addett to setting forth whether there have provide that the petition for approval of a and giving details bcon any previous transfer include: a state- of all such transfers or applications for transfers or applications for transfer of the structured This information is transfer. settlement obviously useful to the Court, but filing a petition hopefully will also have the effect of seeking a transfer in one venuc after deterring the practice of Angel L. it has already been Claudio, Jr., Index danled in a different venue. 01/10/D7.). #7063/2006, Supreme Court, Dutchess (Sec, c.g In re: County, Order of @lon,Christine A. Third: Section Sproat, J.S.C. S-1705(c) would be added: On the excused for good cause. hearing, the payee shall attend before the court unless attendance This new langua go is is adopted fromCFLR 1208(d). (c) must It is not intended that the "hearing" necessarily be a formal hearirts that is "on described in new used in the broader the record" and subdivision sense with the involves the reception of expectation that the court will direct avidence, but the term is such fosmalities as it deems advisable. Editor's Notes Laws 2002, ch 537, §§ 1 and 4, eff July 1, 2002, provide as follows: Section 1. Short tit e. This act shall be known and 4. § This act shan take may be cited as the "structured cffect July 1, 2002 and shdi 8titlement protection act". a transfer agreement apply to any transfer of slructured entered into on or after such settlement paymen t rights under date. Amendment Notes 2010. Chapter 511, § 1 amended: Sub (a) by adding the matter in italics. Sub (c) by deleting at fig I "notice of pelilion and petition Sub (d), par or", (ii) by.dcicting at fig 1 "and". Sub (d), par (iii) by adding the matter in italics. By adding sub (d), par (iv). By adding sub (e). 12 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 NY CIE Gen Oblig § 5-1705 Page 3 LexisNexis 59 State Surveys,Legislation & Regulations 5tructured Settlements CA5eNotes. legislative staÃdards that Oe assignmen t upply to the assignment of of periodit structured settlements in 329, 765 NYS2d 20 . lettery payments ht exchange perenn=l ;=jury ==on for a lump sum elso apply to p=yoff. in re Cabrera (2003, Sup) 296 Misc 2d Structured settlbrnent in and operate a recipient's request for transfer pizW.a business from of the settlement was denied to him sothat he to the request, by a trial court as the could buy a when the recipient was 17 years old and was settlement was entered into building to live him to have set up due to him only three years prior learning difficulties. The court deferred acÆldng lead tured settlement to the assessment of poisoning, which did cause (only threc the recipient% mother (2008, Sup) 20 Mist 3d I I years prior) that it was necessary. Matter at the time of the struc- 14A, 240 NYld 23. of 321 Henderson Receivables Origination LLC ! 13 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 Exhibit B 14 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 Agreement to Transfer Structured Settlement Payment Rights This Agreement signed this 26 day of July, 2023: BETWEEN Michael J. Riggle An individual residing in the State of New York "Your" (Seller referred to as "You", and similar words) -and- Apollo Mathers, LLC A California Limited Liability Company "Us" (Buyer referred to as "We", and similar words) The parties agree to the following: 1. Definitions: As used in this Agreement the following terms have the meanings set out below. Claims" a. "Adverse means any liens on, judgements against, or claims against You or the Annuity. "Agreement" b. means this Agreement to Transfer Structured Settlement Payment Rights and attached schedules which form a part of this Agreement. "Annuity" c. means the policy purchased by the Annuity Obligor to ensure the Assigned Payments. Issuer" d. "Annuity means the insurance company making the Assigned Payments to You. Obligor" e. "Annuity means the company or other person that is legally obligated to pay the claim that gave rise to the underlying settlement obligation in the present matter. This may or may not be the owner of the annuity policy at question. f. Payments" "Assigned means the Annuity payments to be sold, assigned and transferred according to this Agreement and set out in the Terms Rider. "Closing" g. has the meaning set out in paragraph 2c. "Collateral" h. means the Assigned Payments and the related rights. Order" i. "Court means a fmal, non-appealable court order issued by a court of competent jurisdiction. j. Statement" "Disclosure means a statement required by law that contains important information about this transaction. "Documents" k. means all documents and information related to the Annuity and Assigned Payments includes those documents set out in paragraph 2e. Price" 1. "Purchase means the price set out in the Terms Rider attached as Schedule "A". Rider" "A" m. "Terms means the document attached as Schedule 15 of 58 FILED: CATTARAUGUS COUNTY CLERK 07/31/2023 04:38 PM INDEX NO. 92443 NYSCEF DOC. NO. 1 RECEIVED NYSCEF: 07/31/2023 "UCC" n. means the Uniform Commercial Code in effect in the state where You reside unless by reason of mandatory provisions of law any or all of the attachment, perfection or priority of Our security interest in a jurisdiction other than the State where You reside, in which case the UCC in such other jurisdictions shall apply. 2. Assigned Payments Purchase and Sale a. Agreement to Sell. You agree to sell, assign and transfer to Us and Our successors and assigns, all of Your right, title and interest in the Assigned Payments as set out in the Terms Rider attached as SCHEDULE "A". b. Price and Payment.On Closing, We, Our successors and/or assigns, shall pay You the Purchase Price. If You receive any of the Assigned Payments or portion thereof before Closing, You will keep those Assigned Payment(s) and the Purchase Price will be reduced by the amount of the Assigned Payment(s) You received. c. Closing. The Closing of the transaction wi