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Embed code for: Morton.ASSIGNMENT.110102AMERICAN CENTURY LIFE
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The undersigned, Stephen W Morton, whose address is RR 2 Box 862 Stilwell OK 74960-9626, for the purpose of securing the payment of bond forfeitures which are now or may hereafter become due to the State of Oklahoma hereby pledges, transfers and assigns that certain annuity policy number BB769175A issued by American Century Life Insurance Company, 9120 South Toledo Avenue, Tulsa, OK 74137 (the “Insurer”) maintained in the name of the undersigned with a binding legal assignment to the Oklahoma Insurance Department of the State of Oklahoma in accordance with the requirements contained in Oklahoma Statutes, Title 59, Section 1306.
It is understood and agreed that this pledge is limited to the sum of Forty-Five Thousand Dollars ($45,000.00). It is agreed that the balance of the Account shall at all times be maintained in an amount not less than the above stated; however, any funds in the policy in excess of the amount so stated shall not be considered in any way to be subject to this pledge.
The undersigned authorizes and directs the Insurer:
To reflect this assignment in its records.
To provide such verification and information regarding the Account to the Oklahoma Insurance Department as it may reasonably require from time to time.
To hold the sum above stated for the benefit of the Oklahoma Insurance Department and to prohibit its withdrawal by the undersigned or any other person, unless and until written release is hereof given by the Oklahoma Insurance Department.
Upon the written demand of the Oklahoma Insurance Department to pay the above stated sum or any portion thereof as may be demanded, to the Oklahoma Insurance Department out of the cash value or other proceeds of the policy, even if it requires surrender of the policy, in order to satisfy the obligations of the undersigned under the Oklahoma Bail Bond Statutes.
The undersigned understands and agrees that, in the event that demand is made for the payment of any sum pursuant hereto, any provisions under an annuity for penalty in the event of early withdrawal shall continue to apply, and such penalty will be assessed against the remaining balance of the account; if any remaining balance is not sufficient for the payment of any such penalty then, to the extent necessary, the penalty will be deducted from the amount payable to the Oklahoma Insurance Department.
The undersigned shall not cancel or amend the policy in any manner without the prior written consent of the Oklahoma Insurance Department. The policy shall remain subject to this pledge until released in writing by the Oklahoma Insurance Department. This assignment shall apply to any and all renewals, extensions, or other changes in the policy, whether or not the policy name or number is changed as a result thereof.
Dated this _________ day of October, 2012 by Stephen W Morton.
Stephen W Morton
Signed or attested to before me this __________ day of October, 2012 by Stephen W Morton.
My Commission Expires:____________________ Commission #________________________________