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MATTER OF SETTLEMENT CAPITAL CORP. (ILLESCAS)

No. 103992103, Motion Seq. No. 001.

2003 NY Slip Op 30241 (U)

IN THE MATTER OF THE PETITION OF SETTLEMENT CAPITAL CORPORATION FOR APPROVAL OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS OF MARIA S. ILLESCAS IN ACCORDANCE WITH GENERAL. OBLIGATIONS LAW, § 5-1701, ET SEQ.

Supreme Court, New York County.

December 22, 2003.

Attorney(s) appearing for the Case

Jeffrey Calabrese , for Petitioner.

AIG American Home: Joseph Holden and Bruce Shapiro , for Respondent.

BRUCE ALLEN, Judge.

In June 2002, Maria Illescas and National Union Fire Insurance entered an agreement in settlement of a claim arising from injuries suffered by Ms. Illescas in an automobile accident Under the agreement, Ms. Illescas received a lump sum payment of $260,000. The agreement also provided for periodic payments of $612 per month for life, with the first ten years guaranteed. The liability for these payments was to be assigned through a "qualified assignment...

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