Issue: Whether A ‘Variable Annuity Contract’ Is Considered an Annuity Contract, Under Florida Law.
| Area of Law: | Business Organizations & Contracts |
| Keywords: | Variable annuity contract; Annuity contract |
| Jurisdiction: | Florida |
| Cited Cases: | 95 F.3d 1078; 103 A.2d 153; 806 F.2d 1303; 612 So. 2d 572; 24 A.2d 809; 134 F.3d 1046; 134 A.2d 45; 110 F.3d 1147; 305 A.2d 296; 14 N.J. 497; 95 F.3d 1076 |
| Cited Statutes: | Fla. Stat. Ann. § 222.14; Fla. Stat. Ann. § 238.01 |
| Date: | 06/01/2001 |
No Florida court, nor any other, has determined whether the type of contract termed as a “Variable Annuity Contract,” is an “annuity contract” within the meaning of the relevant exemption statute, Fla. Stat. Ann. § 222.14 TA l "Fla. Stat. Ann. § 222.14" s "Fla. Stat. Ann. § 222.14" c 2 TA s "Fla. Stat. Ann. § 222.14" (West 1998). That statute provides:
[T]he proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in any case be liable to attachment, garnishment or legal process in favor of any creditor of the person whose life is so insured or of any creditor of the person who is the beneficiary of such annuity contract, unless the insurance policy or annuity contract was effected for the benefit of such creditor.
Id TA s "Fla. Stat. Ann. § 222.14" ..
Although the statute itself fails to define “annuity” or “annuity contracts”, the Florida Supreme Court supplied a definition in In re McCollam, 612 So. 2d 572, 574 (Fla. 1993). TA l "In re McCollam, 612 So. 2d 572 (Fla. 1993)" s "In re McCollam, 612 So. 2d 572, 574 (Fla. 1993)." c 1 There the court determined that the meaning of “annuity” was not ambiguous and that, therefore, it must be given its plain and ordinary meaning. Id. TA s "In re McCollam, 612 So. 2d 572, 574 (Fla. 1993)." at 573-74. “[A]s a guide to […]