Compromise Order For A Structured Settlement (Complex Order)

FORM - COMPLEX ORDER FOR A STRUCTURED SETTLEMENT At an IAS Part ____ of the Supreme Court of The State of New York, held in and for the County of Bronx, at the Courthouse thereof, located at 851 Grand Concourse, on the _____ day of _________________, 20__. Present: Hon. Paul A. Victor, J.S.C. __________________________________x Index No. ________________ Plaintiff(s) -against- COMPROMISE ORDER FOR A STRUCTURED SETTLEMENT Defendant(s) __________________________________ x Upon the application of plaintiff's counsel for judicial approval for a structured settlement and upon reading and filing the petition of ______________________________, parent and natural guardian of the infant herein, duly sworn to the ____ day of __________, 20__; the affidavit of ______________________________, the infant plaintiff, duly sworn to the ____day of ____________, 20__; the affirmation of ________________________________, attorney for plaintiff(s), dated the ____ day of ________________, 20__; the affirmation report of __________________________, M.D., dated the ___ day of ______________, 20___; the affirmation of ___________________ , a structured settlement broker, dated the ______ day of ______________, 20__; and upon all of the exhibits, papers, pleadings and proceedings heretofore had herein, and/or attached hereto; including, without a limitation thereto, the following documents and proposed implementing agreements: Settlement Agreement [Ex.A]; Assignment Agreement [Ex.B]; Annuity Contract [Ex.C]; and Guaranty Agreement [Ex. D]; and such other exhibits as identified in the above supporting affidavits and/or affirmations; and American LegalNet, Inc. www.FormsWorkFlow.com WHEREAS the plaintiff(s) and the defendant(s) seek judicial approval for a structured settlement and to settle this action for the sums set forth in decretal paragraph 1; and WHEREAS it is the intention of the parties to comply with all the requirements of section 104 and 130 of the Internal Revenue Code, relating to a structured settlement; and. WHEREAS plaintiff has been advised to obtain independent professional advice relating to the legal, tax and financial implications of the settlement; and has received all information required by §5-1702 of the General Obligations Law, including the amounts and due dates of the periodic payments to be made; the amount of the premium payable to the annuity issuer; the nature and amount of any cost that may be deducted from any periodic payments; and the prohibitions against transfer of the periodic payments; and STRUCTURED SETTLEMENT TOTAL COST WHEREAS the plaintiff(s) and the defendant(s) have agreed upon the sum of $________________ as the total cost of the settlement to defendant(s) (the"Total Settlement Cost"); and WHEREAS the "Total Settlement Cost" is comprised of up-front money totaling $__________________, plus $__________________ to fund the purchase of an annuity contract that will make the periodic payments set forth below, and STRUCTURED SETTLEMENT PAYOUT WHEREAS, based on plaintiff's normal life expectancy set forth below, it is expected that plaintiff will receive a total settlement payout of $_____________ ("Total Settlement Payout"), consisting of the up-front money totaling $_______________ plus future periodic payments totaling $______________ (all of which are set forth in decretal paragraph 1); and American LegalNet, Inc. www.FormsWorkFlow.com WHEREAS, $______________ of the above total future periodic payments are guaranteed payments (i.e., payments that are payable regardless of whether the plaintiff is alive); and THE ASSIGNMENT, ANNUITY ISSUER AND GUARANTOR WHEREAS the defendant(s) propose(s) to assign the liability to make the aforesaid periodic payments to an "assignee" company, which will purchase an annuity contract from the hereinafter described annuity issuer, which is licensed to do business as a life insurance company in the State of New York, and which is rated A++ or A+ by A. M. Best Company; and WHEREAS said "assignee" company will have its obligation to make said future periodic payments guaranteed by the hereinafter described "guarantor"; and LIFE EXPECTANCY AND DATE OF BIRTH WHEREAS the infant plaintiff is now __________ years of age, having been born on ______________; and based on normal life expectancy is expected to live to the age of _____________ years; and THE HEARING WHEREAS the (petitioner/the mother and natural guardian) and the (infant/impaired person) plaintiff and their attorney having appeared before me on the _____ day of ________________ 20__; and it appearing that the best interests of the infant will be served by approval of this settlement: NOW THEREFORE, it is American LegalNet, Inc. www.FormsWorkFlow.com 1. ORDERED, that the plaintiff(s) and the defendant(s) be, and hereby are, authorized and empowered to execute a settlement agreement to settle this action for a total payout consisting of the up-front money totaling ($____________), (as hereinafter apportioned in paragraphs 3 and 4 below) plus the following periodic payments: (A) The sum of ($__________) per month for the life of the infant plaintiff [increasing by ____% per year compounded annually], for a guaranteed minimum of _______ years with the first payment on ____________________ and the last guaranteed payment on ____________________; and (B) A guaranteed payment of ($ __________) on ___________; and (C) A guaranteed payment of ($ __________) on ___________; and (D) A guaranteed payment of ($ __________) on ___________; and (E) A guaranteed payment of ($ __________) on ___________; and (F) A guaranteed payment of ($ __________) on __________; and (G) A guaranteed payment of ($__________) on __________; and all of which said periodic payments shall be made payable to (here name the payee); and it is further payee) 2. ORDERED, that the Total Settlement Cost of ___________________($________) (as further apportioned in paragraphs 3 and 4 below) shall be paid by the defendants, within 20 days of this order, as follows: (A) The sum of ($__________) shall be paid by the defendant _____________________ _____________________ or its/their insurer and apportioned as hereinafter provided; and (B) The sum of ($__________) shall be paid by the defendant _________________________________ or its/their insurer and apportioned as hereinafter provided; and it is further American LegalNet, Inc. www.FormsWorkFlow.com 3. ORDERED, that the aforesaid settlement cost to be paid by the de