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GUERRERO, DELILAH, A MINOR, BY AND THROUGH HER GUARDIAN AD LITEM, CRISTINA LOPEZ
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GUERRERO, DELILAH, A MINOR, BY AND THROUGH HER GUARDIAN AD LITEM, CRISTINA LOPEZ
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1/30/2025 9:12:26 AM
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1/28/2025 4:51:11 PM
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GUERRERO, DELILAH, A MINOR, BY AND THROUGH HER GUARDIAN AD LITEM, CRISTINA LOPEZ
Contract #
A-2024-221
Agency
City Attorney's Office
Council Approval Date
11/19/2024
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Docusign Envelope ID: E0A64A9A-0360-4CEE-A16A-835A05595EAC <br /> 2. Nature of Periodic Payments. The Periodic Payments constitute <br /> i. damages (other than punitive damages),whether by suit or agreement, or <br /> ii. compensation under a workers'compensation act, <br /> on account of personal injury or sickness in a case involving physical injury or physical sickness,within the meaning of <br /> Sections 130(c)and 104(a)of the Code. <br /> 3. Extent of Assignee's Liability. Assignee's liability to make the Periodic Payments shall be no greater than the liability of <br /> Assignor immediately prior to the Effective Date.Assignee assumes no liability other than the liability to make the Periodic <br /> Payments.Assignee's liability to make the Periodic Payments shall be unaffected by any bankruptcy or insolvency of <br /> Assignor. <br /> 4. Qualified Funding Asset. Assignee will fund the Periodic Payments by purchasing from Annuity Issuer a"qualified <br /> funding asset,"as defined in Section 130(d) of the Code, in the form of an annuity contract(the"Annuity") issued by <br /> Annuity Issuer and providing for payments corresponding to the Periodic Payments.Assignee shall be designated as the <br /> owner of the Annuity. All rights of legal ownership and control of the Annuity shall (subject to paragraph 9 of this <br /> Agreement) be and remain vested exclusively in Assignee; provided, however,that the Annuity shall be used by Assignee <br /> to fund the Periodic Payments and shall at all times be designated by Assignee on its records as being taken into account, <br /> under Section 130 of the Code,with respect to this Agreement. Notwithstanding anything to the contrary contained in this <br /> Agreement, neither any Claimant nor any Successor Payee shall have any rights with respect to the Annuity or the <br /> payments thereunder that would cause any amount attributable to the Annuity to be currently includible in the recipient's <br /> income or would otherwise affect the determination of when any recipient is treated as having received any payment for <br /> income tax purposes,or would otherwise prevent this Agreement from satisfying all of the conditions for a"qualified <br /> assignment"within the meaning of Section 130(c) of the Code. <br /> 5. Delivery of Payments. Assignee may have Annuity Issuer send payments directly to a Claimant,or, if applicable,to a <br /> Successor Payee(as defined in paragraph 8 of this Agreement), or deliver payments by electronic funds transfer to an <br /> FDIC-insured depository institution in the United States for credit(directly or indirectly)to an insured account in the name <br /> of such Claimant or Successor Payee. Such direction of payments under the Annuity shall not be deemed to afford the <br /> Claimant or any Successor Payee any rights of ownership or control of the Annuity. Each Claimant and any Successor <br /> Payee shall at all times keep Annuity Issuer apprised of such Claimant's or Successor Payee's current street address and <br /> telephone number and, if such Claimant or Successor Payee receives payments by electronic funds transfer,the name, <br /> address, bank identifier number(routing number)and telephone number of the applicable depository institution and the <br /> account number of the account to which the payments are to be credited. <br /> 6. Discharge of Liability. The Assignee's liability to make each Periodic Payment to the Claimant or Successor Payee <br /> designated to receive such payment shall be discharged automatically at such time as a corresponding payment is made <br /> to such Claimant or Successor Payee by the Annuity Issuer. <br /> 7. Acceleration,Transfer of Payment Rights. None of the Periodic Payments and no rights to or interest in any of the <br /> Periodic Payments(all of the foregoing being hereinafter collectively referred to as"Payment Rights")can be <br /> i. Accelerated,deferred, increased or decreased by any recipient of any of the Periodic Payments; or <br /> ii. Sold, assigned, pledged, hypothecated or otherwise transferred or encumbered,either directly or indirectly, unless <br /> such sale, assignment, pledge, hypothecation or other transfer or encumbrance (any such transaction being <br /> hereinafter referred to as a"Transfer") has been approved in advance in a"Qualified Order"as defined in Section <br /> 5891(b)(2) of the Code(a"Qualified Order")and otherwise complies with applicable state law, including without <br /> limitation any applicable state structured settlement protection statute. <br /> PL QAR Page 2 of 6 v2023 <br />
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