QUINTANILLA, MARIA - Laserfiche WebLink

Home Browse Search

2.2 Periodic Payments (representing a present value of $200,052.00); PAYEE; CPT AS TRUSTEE FOR THE BENEFIT OF MARIA QUINTANILLA $1,500,00 monthly, guaranteed for 151 payments only, commencing 11/1/2017 through and Including 5/1/2030. Beneficiary: Maria Quintanilla Irrevocable Special Needs Trust 3. Qualified Assignment The parties hereto acknowledge and agree that the Defendant will make a qualified assignment as defined in section 130(c) of the Code to PACIFIC LIFE & ANNUITY SERVICES, INC. (the "Assignee") of the Defendant's liability to make the periodic payments set forth In Section 2,2. Any such assignment, when made, shall be accepted by the Plaintiff without right of rejection and shall completely release and discharge the Defendant from the liability that is assigned to the Assignee. The Plaintiff recognizes that the Assignee shall be their sole obligor with respect to the liability assigned, and that all other releases of the Defendant shall thereupon become final, Irrevocable and absolute. When the liability to make the periodic payments is assigned, the Plaintiff and payees understand and agree that (i) the periodic payments set forth in Sectlop 2,2 cannot be accelerated, deferred, increased or decreased by the recipient of such payments, (11) the Assignee's obligation on account of the periodic payments set forth In Section 2.2 is no greater than the obligation of the Defendant or Insurer of the Defendant that Is assigning the liability, and (iii) the rights of the Plaintiff or payee against the Assignee are solely the rights of a generalcreditor of the Assignee. The Defendant and/or the Assignee shall not segregate or set aside any assets to fund the periodic payments set forth in Section 22 Execution of the assignment will absolutely and completely discharge Defendant from any further payment obligation. If the Assignee and/or Annuity Issuer of the contract purchased by Assignee to make the payment obligation specified in Section 2.2, fails to make payments or becomes insolvent or bankrupt, Plaintiff's or Plaintiffs heirs' or representatives' sole remedy to enforce payment obligations assigned shall be against Assignee, guarantor and/or responsible party other than Defendant. Defendant will have no further obligations upon payment to the designated Assignee and/or Annuity Issuer, 4. Right to Purchase an Annulty The Assignee reserves the right to provide for the periodic payments set forth in Section 2.2 by purchasing an annuity policy from PACIFIC LIFE INSURANCE COMPANY (the "Annulty Issuer"). The Assignee shall be the owner of any such annuity policy. Neither the Plaintiff nor any payee set forth in Sections 2.1 and 2.2 shall have any incidents of ownership of that annuity. The Assignee may, for its convenience, direct the annuity Issuer to mail periodic payments directly to the Plaintiff or payee set forth in Section 2.2. While the periodic payments are being made, the Plaintiff and other payees set forth in Section 2.2 shall provide to and maintain for the Assignee a current mailing address, 5. Plaintiff's Beneficiary Any payments set forth in Section 2.2 that are to be made after the death of the Plaintiff or a payee shall be made to the person or entity designated in writing by the Plaintiff or the payee in a form and manner acceptable to Assignee. If no person or entity Is so designated, then such payments shall be made to the estate of the Plaintiff or payee, respectively. 6. Discharge of Liability The obligation assumed by the Assignee to make each Periodic Payment shall be fully discharged upon the mailing of a valid check or electronic funds transfer in the amount of such payment on or before the due date to the last address on record for the Payee or Beneficiary with the Annuity Issuer. If the Payee or Beneficiary notifies the Assignee that any check or electronic funds transfer was not received, 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,