On October 14, 2022, Judge Charles Maxfield granted Terrence Taylor's motion to compel discovery against Structured Asset Funding and related entities. The motion had been pending for the lion's share of 7 years, which is more than THREE TIMES the time it took of judges on the Portsmouth Circuit to approve 11 improvident structured settlement factoring transactions (two years).
Taylor's case made the national news media in March 2015 (Wall Street Journal) and December 2015 (Washington Post and Virginia Pilot). Just months later in March 2016, Virginia strengthened its Structured Settlement Protection Act. “Structured Settlements are created by the courts for the protection of injured and disabled victims. Companies that prey upon these individuals should be sharply regulated,” said Herndon Virginia personal injury & workers comp lawyer Doug Landau at the time.
Things seem to be moving now since August 2022, after Judge Maxfield granted New York Life's motion for interpleader. Trial is set for June 2023.
What Did They Know and When Did They Know It?
One of the key issues in discovery will be concerning the true residence of Terrence Taylor when the subject structured settlement transfer petitions were submitted.
- The lease of residential property in West Virginia
- The eviction notice from the same properties in West Virginia
- Records of documents sent by 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 Allen 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
Ultimately this matter needs to be resolved after having gone on way too long, so that people to have more faith in the system.