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In re P. Thayer

Superior Court of Maine, Lincoln

May 2, 2016

IN RE: P. THAYER

          ORDER TO TRANSFER PAYMENT RIGHTS

         AND NOW, this 2nd day of May, 2016, upon consideration of the unopposed Petition of J.G. Wentworth Originations, LLC ("Wentworth" or "Transferee"), it is hereby ORDERED, ADJUDGED, and DECREED, as follows:

         1. The transfer of the structured settlement payment benefits by P. Thayer ("Mr. Thayer") to Wentworth pursuant to a Structured Settlement Payment Purchase Agreement dated March 14, 2016 (the "Transfer Agreement"), as amended, complies with the requirements of 24-A M.R.S. § 2243(2) and does not contravene other applicable law including any applicable federal or state statute or the order of any court or responsible administrative authority.

         2. Not less than ten days prior to the date on which Mr. Thayer first incurred any obligation with respect to the transfer, Wentworth provided to Mr. Thayer a disclosure statement in bold type, no smaller than 14 points, setting forth:

(1) The amounts due and due dates of the structured settlement payments to be transferred;
(2) The aggregate amount of those payments;
(3) The discounted present value of those payments together with the discount rate used in determining that discounted present value;
(4) The gross amount payable to Mr. Thayer in exchange for the payments;
(5) An itemized listing of all brokers' commissions, service charges, application fees, processing fees, closing costs, filing fees, administrative fees, legal fees, notary fees and other commissions, fees, costs, expenses and charges payable by Mr. Thayer or deductible from the gross amount otherwise payable to Mr. Thayer;
(6) The net amount payable to Mr. Thayer after deduction of all commissions, fees, costs, expenses and charge described in subparagraph (5);
(7) The quotient, expressed as a percentage, obtained by dividing the net payment amount by the discounted present value of the payments; and
(8) The amount of any penalty and the aggregate amount of any liquidated damages, inclusive of penalties, payable by Mr. Thayer in the event of any breach of the Transfer Agreement by Mr. Thayer.

         3. The transfer is necessary to enable Mr. Thayer to avoid imminent financial hardship, the transfer is not expected to subject Mr. Thayer to undue financial hardship in the future, and the transfer is in the best interest of Mr. Thayer taking into account the welfare and support of Mr. Thayer's dependents.

         4. Mr. Thayer has received independent professional advice regarding the legal, tax and financial implications of the transfer.

         5. Signed original of approvals by interested parties, as defined in 24-A M.R.S.A. §2241, and required under 24-A M.R.S.A. §2243(2)(E) have been filed with the Court ...


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