by Structured Settlement Watchdog
Judge Charles J. Maxfield has granted the New York Life interpleader motion that was pending for many years. What this means is that instead of New York Life Insurance Company making structured settlement payments to the structured settlement factoring companies; their investors and/or assignees, the payments in dispute will be paid into the Court until the lawsuit is adjudicated. At that point the payments could go to the current payees, to Taylor, or some combination.
Discovery Moves Forward and Trial Date Set
Terrence Taylor's residence at the time of the transfers. All of the structured settlement transfer petitions by SAF and related companies were submitted in Virginia, specifically Portsmouth Circuit.
- The lease of residential property in West Virginia
- The eviction notice from the same properties in West Virginia
- Records of documents sent my SAF to Terrence Taylor at the address in West Virginia
- Paramedicals for the life insurance applications to Nationwide Insurance and Sagicor that were collaterally assigned to the the assignee investors Aleln Grosnick and Income Payment Stream Partners were conducted at the West Virginia address. From the point of domicile, it's important to note that the Grosnick and Income Payment Stream Partners' acqusitions were at the TAIL END of the series of structured settlement factoring deals in Virginia.
- Affidavits of two notaries that attest that relevant documents related to the proposed transfer were signed in West Virginia.
For the purpose of IRC 5891
An “applicable State statute” is defined as a statute that provides for entry of an order, judgment or decree described in clause (A) above and has been enacted by (I) the state in which the payee of the structured settlement is domiciled, or (II) if there is no such statute in the state in which the payee is domiciled, then the State in which a party to the structured settlement (including an assignee under a qualified assignment under section 130) or the person issuing the funding asset for the structured settlement is domiciled or has its principal place of business. IRC section 5891(b)(3) Excise Tax on Structured Settlement Fcatoring Audit Technique Guide (March 2019 revision)
Was Structured Asset Funding or any its affilates involved in Terrence Taylor Transfer Petitions Registered in West Virginia when Terrence Taylor was Solicited in West Virginia?
§46A-6H-8. Registration with the secretary of state (West Virginia Law)
(a) A transferee or other person in the business of soliciting or purchasing future payments shall file a registration statement with the secretary of state before advertising or arranging transfers of consumer’s future payment rights in this state.
The registration statement shall contain:
(1) The name and address of the transferee;
(2) The name and address of the transferee’s agent for service of process within the state, or if the company does not have one within the state, a statement that the secretary of state will serve as the agent for service of process; and
(3) A full and complete disclosure of any prior or pending litigation involving alleged violations of this article’s provisions or consumer complaints filed with the attorney general’s office of this state that allege violations of this article’s provisions, or a notarized statement that there has been no such litigation or unresolved complaint relating to the operations of the transferee.
(b) The transferee shall update the statement within thirty days after a change of information occurs.
(c) Each transferee registering pursuant to the provisions of this section shall maintain a copy of the registration statement. The transferee shall allow a consumer, interested party or court to inspect the registration statement on request.
(d) The secretary of state may charge each transferee that files a registration statement with the secretary of state a reasonable fee not to exceed one hundred dollars to cover the cost of filing.