TORRES-LARA, MIGUEL ANGEL - Laserfiche WebLink

Home Browse Search

Plaintiff or any Payee have the power to sell, mortgage, encumber, or anticipate the Periodic Payments,or any part thereof, by assignment or otherwise. 3. Payee's Beneficiary.Any payments to be made after the death of any Payee pursuant to the terms of this Settlement Agreement shall be made to such person or entity as shall be designated in writing by Plaintiff to the Insurer's Assignee. If no person or entity is so designated by Plaintiff, or if the person designated is not living at the time of the Payee's death, such payments shall be made to the estate of the Payee. No such designation,nor any revocation thereof,shall be effective unless it is in writing and delivered to the Insurer's Assignee. The designation must be in a form acceptable to the Insurer's Assignee before such payments are made. 4. Consent to Qualified Assignment 4.1 Plaintiff acknowledges and agrees that the Defendant and/or the Insurer may make a"qualified assignment",within the meaning of Section 130(c)of the Internal Revenue Code of 1986,as amended,of the Defendant's and/or the Insurer's liability to make the Periodic Payments set forth in Section 1 to Pacific Life & Annuity Services, Inc. ("the Assignee"). The Assignee's obligation for payment of the Periodic Payments shall be no greater than that of Defendant and/or the Insurer (whether by judgment or agreement) immediately preceding the assignment of the Periodic Payments obligation. 4.2. Any such assignment,if made,shall be accepted by the Plaintiff without right of rejection and shall completely release and discharge the Defendant and the Insurer from the Periodic Payments obligation assigned to the Assignee. The Plaintiff recognizes that,in the event of such an assignment, the Assignee shall be the sole obligor with respect to the Periodic Payments obligation,and Plaintiff agrees that such assignment shall constitute a full release and discharge of all of Defendant's and Insurer's obligations relative to the Periodic Payments set forth above. 5. Right to Purchase an Annuity.The Defendant and/or the Insurer,itself or through the Assignee reserve the right to fund the liability to make the Periodic Payments in Section 1 through the purchase of an annuity policy from Pacific Life Insurance Company ("Annuity Issuer"). The Assignee shall be the sole owner of the annuity policy and shall have all rights of ownership. The Assignee may have Annuity Issuer mail payments directly to the Payee(s). The Plaintiff shall be responsible for maintaining a current mailing address for Payee(s)with Assignee.Periodic Payments to a Payee may be delayed if(i)such Payee fails to provide the Annuity Issuer with a current address or banking information, or(ii) if a Payee dies and the Annuity Issuer does not receive appropriate written direction for any remaining guaranteed payments. 6. Discharge of Obligation. The obligation of the Assignee to make each Periodic Payment shall be discharged upon the mailing of a valid check in the amount of such payment to the designated address of the Payee(s)named in Section 1 of this Settlement Agreement,or,if payment is made by electronic funds transfer, discharge will occur upon the transmission of same. If the Payee notifies the Assignee that any check or electronic funds transfer was not received by the due date, the Assignee shall direct the Annuity Issuer to initiate a stop payment action and, upon confirmation that such check was not previously negotiated or electronic funds transfer deposited, shall have the Annuity Issuer process a replacement payment. 142855791.1 2