TIMKEN JOHNSON HWANG LLP A Professional Law Group HEIDI A. TIMKEN (SBN 159731) firstname.lastname@example.org CHRISTOPHER J. GONZALEZ (SBN 227804) email@example.com 1931 San Miguel Drive, Suite 100 Walnut Creek, CA 94596 Telephone: (925) 945-6211 Facsimile: (925) 945-7811 Attorneys for Plaintiff PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
STIPULATED ORDER FOR (1) PALAC TO DEPOSIT FUNDS PURSUANT TO FRCP 67,
(2) DISCHARGING PALAC FROM FURTHER LIABILITY, AND (3) FOR DISMISSAL OF PALAC WITH
Plaintiff, Prudential Annuities Life Assurance Corporation (hereinafter "PALAC"), and Defendants, Nancy L. Fairfield ("Nancy"), Devin Roe ("Devin"), Cassandra Roe ("Cassandra") and The Estate of Glenn Roe (the "Estate"), hereby stipulate as follows:
1. On July 30, 2010, PALAC filed the above-captioned action against Nancy, Devin, Cassandra and the Estate, in connection with certain death benefits payable under Variable Annuity Contract number E0889874 (the "Annuity"), which PALAC issued to Glenn Roe (the "Annuitant") in or about November 2009 (the "Action").
2. The Annuitant died on February 16, 2010.
3. There are competing claims to the death benefits payable under the Annuity as a result of the death of the Annuitant.
4. PALAC is a neutral stakeholder in this action, and is ready and willing to pay the death benefits under the Annuity but is faced with double or multiple liability on account of the competing claims made by or available to Nancy, Devin, Cassandra and the Estate.
5. This Court has original jurisdiction over this matter pursuant to 28 U.S.C. § 1332 because the amount in controversy is greater than $75,000.00, and there is diversity of citizenship among the parties in that Plaintiff PALAC has its principal place of business in Connecticut and all of the defendants reside in California.
6. Nancy, Devin, Cassandra and the Estate have been properly served with process, are properly before the Court, and have each appeared and asserted their independent claims of entitlement.
7. It is in the best interests of the Parties for the death benefits payable under the Annuity to be interpled and PALAC dismissed from this lawsuit to stop accrual of attorneys' fees and costs.
8. As of March 21, 2011, the current value of the death benefits payable under the Annuity is $155,894.49. Pursuant to the terms of the Annuity, the death benefits payable under the Annuity are currently being held in a money market account. The parties understand and acknowledge that, as a variable annuity, the precise amount of the death benefits payable under the Annuity will not be set until the final check is issued and that the amount of the death benefits ultimately paid into the Court's registry may be less than the amount set forth in this paragraph due to market conditions.
IT IS THEREFORE ACCORDINGLY ORDERED, ADJUDGED, AND DECREED:
1. PALAC shall deposit with the Clerk of this Court the death benefits payable under the Annuity as of the date of issuance of the check.
2. The Clerk shall deposit these funds into the Registry of this Court as soon as the business of this office allows, and the Clerk shall deposit these funds into an interest-bearing account as a routine deposit pursuant to Local Rule 150(c).
3. These funds so invested in the interest-bearing account shall remain on deposit until ...