Florida/Georgia Personal Injury & Workers Compensation

...In May 1990, the Langs sold their Farview Road house in New Jersey for $940,000. Subsequently, between August 1990 and October 1990, they purchased approximately $500,000 worth of annuities (the "annuities"), which are statutorily exempt from execution by creditors. [2] Fla.Stat. § 222.14....

...sets out of Bank Leumi's reach." In response, Defendants contend that Plaintiffs may not execute against their property in Florida because its homestead is exempted by Article X of the Florida Constitution and its annuities are exempted by Fla.Stat. § 222.14....

...ey. Florida law provides annuity contracts with a wide exemption from garnishment, attachment and legal process. In contrast to the Homestead Exemption, which is of a constitutional nature, the exemption for annuity contracts is statutory. Fla.Stat. § 222.14 states: [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 s...

...mptions and to seek more avenues to prevent inequitable results. As to the homestead exemption, however, the instant case does not enjoy the benefit of one of those avenues. This is not so as to the Florida statute which exempts annuities. Fla.Stat. § 222.14....

...so applied as to become an instrument of fraud upon creditors. Pasco v. Harley, 73 Fla. 819, 75 So. 30. But we must assume that the debtor is honest unless and until the contrary is established ... The further suggestion that the statute [Fla.Stat. § 222.14] is subject to abuse for failing to provide a ceiling on the amount of cash surrender value exempted we also find to be without merit, because the amount which the debtor invests in insurance is a factor to be considered as relevant to, although not in itself conclusive of, the issue of fraud....

...ty contract exemption in certain cases is persuasive. The Court has previously found that Defendants purchased the annuities in order to hinder, delay or defraud their creditors. It is therefore appropriate to deny them the exemption under Fla.Stat. § 222.14....

...enth Circuit certified the following question of law: WHETHER, AS A MATTER OF LAW, AN ANNUITY CONTRACT WHICH IS ESTABLISHED IN LIEU OF A CREDITOR PAYING A DEBTOR A LUMP SUM PRESENTLY OWED IS EXEMPT FROM CREDITOR CLAIMS IN BANKRUPTCY UNDER FLA. STAT. § 222.14. We have jurisdiction pursuant to article V, section 3(b)(6) of the Florida Constitution. We hold that section 222.14, Florida Statutes (1989), exempts an annuity from creditor claims in bankruptcy....

...Thomas LeCroy, the objecting creditor, has a claim against McCollam arising from an automobile accident that occurred on July 16, 1987, two years after the annuity contract was established. On July 11, 1989, McCollam filed a petition in bankruptcy, wherein she claimed an exemption for the annuity under section 222.14, which provides: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, s...

...rmit McCollam to conceal her claim against Travelers as an asset. The circuit court, finding no Florida court decision that spoke to the issue in this case, certified the question for resolution by this Court. LeCroy argues that a literal reading of section 222.14 will invite substantial abuses of the exemption statute through the funding of all manner of obligations by annuities....

...LeCroy contends that without Travelers' underlying debt, McCollam would have no annuity that would be exempt from creditor claims. In accord with this position, LeCroy concedes that had McCollam taken the after-tax net proceeds of a lump sum settlement and purchased an annuity, she would have fulfilled the intention of section 222.14 and the annuity would be exempt....

...Sutherland, 125 Fla. 282, 169 So. 679 (1936). This Court will not go behind the plain and ordinary meaning of the words used in the statute unless an unreasonable or ridiculous conclusion would result from a failure to do so. See Auld, 450 So.2d at 219. Section 222.14 specifically provides that " 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." (Emphasis *574 added.) Section 222.14 clearly exempts all annuity contracts from creditor claims. Thus, the relevant issue is the meaning of "annuity contracts" as used in section 222.14....

...1990), defines an annuity as "[a] right to receive fixed, periodic payments, either for life or for a term of years." Using these definitions as a guide to the plain and ordinary meaning of annuity, we find that the contract at issue in this case is an annuity and therefore is exempt under section 222.14 from creditor claims....

..."Annuity contract" is a general term used loosely in financial and legal nomenclature and eludes exact definition. See Commonwealth v. Beisel, 338 Pa. 519, 13 A.2d 419, 420-21 (1940) (discussing the ambiguity of the term "annuity"). The ambiguity of the term, without precise definition by the Florida legislature, renders section 222.14, Florida Statutes (1989), ambiguous on its face. Such ambiguity is resolved, however, by considering the legislative history of section 222.14. In 1978, the legislature amended section 222.14 to provide: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process....

...The Staff Analysis and Economic Statement to Senate Bill 163 (dated January 10, *575 1978) reveals the legislature's purpose in amending the statute: In 1977 the definition of "life insurance" in the Insurance Code, ch. 624-632, F.S., was expanded to include annuity contracts (ch. 77-295). Currently, § 222.14, which is not in the Insurance Code, exempts the cash surrender value of life insurance from attachment, garnishment, or legal process. It is not clear whether the term "life insurance" as used in § 222.14 includes proceeds of annuities. Thus, the legislature intended to expand the scope of section 222.14 to the same extent that it expanded the insurance code's definition of "life insurance." The only annuity contracts exempt under section 222.14 are those that involve the insurance of human lives....

...See In re Young, 806 F.2d 1303, 1307 (5th Cir.1987) (interpreting similar Louisiana statute to disallow exemption of annuities from bankruptcy estate); see also Beisel, 13 A.2d at 421 (holding that installment payments on a debt do not constitute an annuity for the purposes of state property tax). Thus, even assuming that section 222.14 is plain on its face and applicable to the proceeds of annuity contracts, I would hold that Travelers Insurance Company's monthly payments to McCollam merely constitute installment payments on an account receivable, not an annuity contract within the scope of the statute....

...hich encumbered his homestead. On February 7, 1992, the Debtor and his wife filed their Joint Petition For Relief under Chapter 11 of the Bankruptcy Code. On their Schedule C, the Debtors claimed as exempt the paid up annuities pursuant to Fla.Stat. 222.14 and, of course, their residence on which they pre-paid the mortgage as their homestead pursuant to Article X, § 4 of the Florida Constitution....

...s contained in Bankruptcy Code Section 522. Therefore, the debtors' claim of exemption can only be granted if it falls within an exemption recognized under state law. The debtor claims that the I.R.A. accounts fall within the protection of Fla.Stat. § 222.14 which provides: 222.14 Exemption of cash surrender value of life insurance policies and annuity contracts from legal process The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity...

...o 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. Whether an I.R.A. account is an exempt annuity under Fla.Stat. § 222.14 has not been considered in a reported decision by any Bankruptcy or Florida Court....

...§ 408(a), and held in the form of funds on deposit in a bank account under the complete and unfettered control of the debtor are not "annuity contracts issued to citizens or residents of the state, upon whatever form," and are not unavailable to satisfy the claims of judgment creditors pursuant to Fla.Stat. § 222.14....

...This opinion is not intended to address the issue of whether an "individual retirement annuity" that was established pursuant to 26 U.S.C. § 408(b) and that was untainted by a fraudulent transfer which occurred prior to its creation is exempt from the claims of creditors pursuant to Fla.Stat. § 222.14....

...Debtor filed her personal bankruptcy petition on October 19, 1992. Debtor initially filed under chapter 7. On December 1, 1992, on debtor's own motion, the case was converted to chapter 13. Debtor claimed the annuities purchased with the sale proceeds as exempt property pursuant to FLA. STAT. ch. 222.14, but she did not list the land sale transaction in her schedule of financial affairs....

...federal scheme and utilize state exemptions. Florida has opted out of the federal scheme, thus debtor's exemptions are controlled by state law. FLA.STAT. 222.20. Annuity Pursuant to Florida law, annuities are exempt from creditors' claims. FLA.STAT. 222.14....

...(2), $ 1,000.00 Checking Account No. 404522 FSA § 222.06 F & M Bank of Northern Virginia $ 0.00 Art.10, § 4(a)(2), $ 0.00 Checking Account No. 1322044 FSA § 222.06 Interests in Insurance Policies Old Line Life Policy No. 5 1971731L $ 9,192.37 FSA § 222.14 $ 9,192.37 Policy No. 5 1971731L Hartford Life $ 69,620.21 FSA § 222.14 $ 69,620.21 Policy No. LL6019592 Jackson National Life $ 5,000.00 FSA § 222.14 $ 5,000.00 Policy No. 0022652360 Annuities Prudential Annuity Contract $ 713.15 FSA § 222.14 $ 713.15 # 005233 Interests in Individual Retirement Accounts Jackson National Life Insurance $141,786.90 FSA § 222.21(2) $141,786.90 IRA Account No....

...The State of Florida elected to opt out of the federal scheme, and the Debtors claimed their annuity, life insurance policies, and IRAs as exempt under Florida law. The Debtors claim exemptions for their life insurance policies and annuity under Florida Statute § 222.14 and claim an exemption for their IRAs under Florida Statute § 222.21. Those statutes and their captions provide, in relevant part: 222.14....

...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. Fla. Stat. § 222.14 (2000)....

...First, the garnishment statute does not address attorney trust accounts. Second, we note that the Legislature elsewhere in the Florida Statutes has chosen to exempt several funds from garnishment, including the cash surrender value of life insurance, see § 222.14, Fla....

...the Supreme Court of Florida the following question: 2 WHETHER, AS A MATTER OF LAW, AN ANNUITY CONTRACT WHICH IS ESTABLISHED IN LIEU OF A CREDITOR PAYING A DEBTOR A LUMP SUM PRESENTLY OWED IS EXEMPT FROM CREDITOR CLAIMS IN BANKRUPTCY UNDER FLA.STAT. § 222.14. 3 On January 28, 1993, the Florida Supreme Court, 612 So.2d 572 , 1993 WL 15591 , 18 Fla.L.Week 581, answered our question by stating that such an annuity contract is exempt from creditor claims in bankruptcy under Fla.Stat. § 222.14....

...th Circuit certified the following question of law: 13 WHETHER, AS A MATTER OF LAW, AN ANNUITY CONTRACT WHICH IS ESTABLISHED IN LIEU OF A CREDITOR PAYING A DEBTOR A LUMP SUM PRESENTLY OWED IS EXEMPT FROM CREDITOR CLAIMS IN BANKRUPTCY UNDER FLA.STAT. § 222.14. 14 We have jurisdiction pursuant to article V, section 3(b)(6) of the Florida Constitution. We hold that section 222.14, Florida Statutes (1989), exempts an annuity from creditor claims in bankruptcy....

...16 Thomas LeCroy, the objecting creditor, has a claim against McCollam arising from an automobile accident that occurred on July 16, 1987, two years after the annuity contract was established. 17 On July 11, 1989, McCollam filed a petition in bankruptcy, wherein she claimed an exemption for the annuity under section 222.14, which provides: 18 The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form...

...t McCollam to conceal her claim against Travelers as an asset. The circuit court, finding no Florida court decision that spoke to the issue in this case, certified the question for resolution by this Court. 20 LeCroy argues that a literal reading of section 222.14 will invite substantial abuses of the exemption statute through the funding of all manner of obligations by annuities....

...LeCroy contends that without Travelers' underlying debt, McCollam would have no annuity that would be exempt from creditor claims. In accord with this position, LeCroy concedes that had McCollam taken the after-tax net proceeds of a lump sum settlement and purchased an annuity, she would have fulfilled the intention of section 222.14 and the annuity would be exempt....

...Sutherland, 125 Fla. 282 , 169 So. 679 (1936). This Court will not go behind the plain and ordinary meaning of the words used in the statute unless an unreasonable or ridiculous conclusion would result from a failure to do so. See Auld, 450 So.2d at 219 . 22 Section 222.14 specifically provides that "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." (Emphasis added.) Section 222.14 clearly exempts all annuity contracts from creditor claims. Thus, the relevant issue is the meaning of "annuity contracts" as used in section 222.14....

...1990), defines an annuity as "[a] right to receive fixed, periodic payments, either for life or for a term of years." 25 Using these definitions as a guide to the plain and ordinary meaning of annuity, we find that the contract at issue in this case is an annuity and therefore is exempt under section 222.14 from creditor claims....

..."Annuity contract" is a general term used loosely in financial and legal nomenclature and eludes exact definition. See Commonwealth v. Beisel, 338 Pa. 519 , 13 A.2d 419, 420-21 (1940) (discussing the ambiguity of the term "annuity" ). The ambiguity of the term, without precise definition by the Florida legislature, renders section 222.14, Florida Statutes (1989), ambiguous on its face. 32 Such ambiguity is resolved, however, by considering the legislative history of section 222.14. In 1978, the legislature amended section 222.14 to provide: 33 Exemption of cash surrender value of life insurance policies and annuity contracts from legal process.--The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and...

...The Staff Analysis and Economic Statement to Senate Bill 163 (dated January 10, 1978) reveals the legislature's purpose in amending the statute: 35 In 1977 the definition of "life insurance" in the Insurance Code, ch. 624-632, F.S., was expanded to include annuity contracts (ch. 77-295). Currently, § 222.14, which is not in the Insurance Code, exempts the cash surrender value of life insurance from attachment, garnishment, or legal process. It is not clear whether the term "life insurance" as used in § 222.14 includes proceeds of annuities. 36 Thus, the legislature intended to expand the scope of section 222.14 to the same extent that it expanded the insurance code's definition of "life insurance." The only annuity contracts exempt under section 222.14 are those that involve the insurance of human lives....

...to disallow exemption of annuities from bankruptcy estate); see also Beisel, 338 Pa. at 521 , 13 A.2d at 421 (holding that installment payments on a debt do not constitute an annuity for the purposes of state property tax). Thus, even assuming that section 222.14 is plain on its face and applicable to the proceeds of annuity contracts, I would hold that Travelers Insurance Company's monthly payments to McCollam merely constitute installment payments on an account receivable, not an annuity contract within the scope of the statute....

...However that may be, the question is not presented here, for the only suggestion of fraud is contained in appellant's unsworn motion for leave to amend her petition, which was filed after the final order was entered and was never ruled upon by the court below. Appellant next calls our attention to F.S. § 222.14, F.S.A., which reads as follows: "The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the State of Florida, upon whatever form, shall not in any case be liable to attachment, garnishment or...

...editor." Concededly, the insurance policies with which we are here concerned were not "effected for the benefit of" the appellant judgment creditor, and the statute therefore covers the type of property sought to be reached. But appellant urges that Section 222.14 should not be construed to exempt from process the cash surrender value of policies such as these, which were "issued" before the debtor became a resident of this state....

...The interest of the State of Florida under its exemption laws does not arise until the exempt property is sought to be subjected to legal process, and when such attempt was made in the case before us, the debtor was a citizen and resident of Florida. We cannot accept the restrictive interpretation of Section 222.14 urged upon us by the appellant herein. Finally, appellant contends that Section 222.14 should be stricken down as offensive to Section 4, Declaration of Rights of the Florida Constitution, which guarantees that a remedy shall be provided for every injury, and was intended to codify the familiar maxim, "ubi jus, ibi remedium", Holland v....

...for premature withdrawal. In substance, Mr. Gillett had complete and unfettered control over the funds in the account. In support of their claim that the IRA is exempt, the Debtors argue that the IRA falls within the protection of Florida Statutes, § 222.14, which provides an exemption from legal process for annuity contracts. The issue of whether an IRA, such as the one herein, constitutes an annuity contract protected by § 222.14 was considered by this Court in In Re Gefen, 35 B.R....

...§ 408(a), and held in the form of funds on deposit in a bank account under the complete and unfettered control of the debtor are not `annuity contracts issued to citizens or residents of the state, upon whatever form,' and are not unavailable to satisfy the claims of judgment creditors pursuant to Fla.Stat. § 222.14....

...ies Cash in Wallet $50 Art. X, ง 4 of Fla. Const. Checking Acct. with Barnett Bank Account No. XXXXXXXXXX $283.26 Tenants by the Entireties Clothes, Jewelry, Books, etc. $744 Art. X, ง 4 of Fla. Const. Crown Life Ins. Co. Term Policy Unknown ง 222.14, Fla. Statutes Disability Ins. with Provident Life Ins., National Life of Vermont and New England Mut. Life Unknown ง 222.14, Fla.Statutes National Life Ins. Term Policy Unknown ง 222.14, Fla.Statutes Executive Life Ins. Annuity Unknown ง 222.14, Fla.Statutes TransAmerica Occidental Life Ins. Annuity Unknown ง 222.14, Fla.Statutes Metropolitan Life Ins. Co. Annuity Unknown ง 222.14, Fla.Statutes Ottis Williams & Michael Felts Annuities Unknown ง 222.14, Fla.Statutes U.S. Navy Disability/Pension Unknown ง 222.21, Fla.Statutes Mass Mutual Annuity IRA $142,068.74 งง 222.14, .21, Fla.Statutes Merrill Lynch CMA Acct. No. XXX-XXXXX $2,558.01 Tenants by the Entireties Merrill Lynch IRA $2,778.87 ง 221.21, Fla.Statutes National Service Life Ins. Co. Unknown ง 222.14, Fla.Statutes Personal Residence $81,551 Art. X, ง 4 Fla. Const. Prudential Ins. Co. Term Policy Unknown ง 222.14, Fla.Statutes TransAmerican Occidental Life Ins. Annuity Unknown ง 222.14, Fla.Statutes Various Personal Property $1,874.50 Tenants by the Entireties 375 Shares of Flowers Industries $4,545 Tenants by the Entireties ITT Hartford Insur. Policy $1,433.80 ง 222.14, Fla.Statutes (Docs....

...EXEMPTIONS UNDER FLORIDA STATUTES GW also objects to the Debtor's claim of exemptions of payments received from certain annuity contracts and cash surrender value of a life insurance policy on the ground that they do not meet requirements of Fla.Stat. ง 222.14. Section 222.14 provides that: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon what ever form, sh...

...vor 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. Fla.Stat. ง 222.14 (1995)....

...ule C as exempt. 2. Cash Surrender Value of the Life Insurance Policy Next, GW argues that the cash surrender value of the ITT Life Insurance policy is not exempt because Debtor is the owner and beneficiary, but not the insured. (Doc. 37, at 43-44). Section 222.14 of the Florida Statutes states that, in part, that: "[t]he cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state . . . 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. " Fla.Stat. ง 222.14 (emphasis added)....

...and an Order granting relief was entered on the same date. The debtor's wife did not file for relief. The debtor claimed that his home was exempt under Florida Statutes, Chapter 222. The debtor's insurance was claimed exempt under Florida Statutes, Section 222.14....

...as no constitutional protection, and therefore, may be subject to other exceptions, specifically an exception relating to the fraudulent transfer of non-exempt property into exempt property. In this connection it should be pointed out that Fla.Stat. § 222.14 *309 is part of the Chapter which also includes Fla.Stat....

...After considering the evidence presented and arguments of counsel, the Court finds as follows: The Court has jurisdiction over this proceeding as a core matter under 28 U.S.C. § 157(b)(2)(B). The debtor filed for relief under Chapter 7 of the Bankruptcy Code and listed as exempt an annuity contract under Fla.Stat. § 222.14 and a pension plan under Fla.Stat. § 222.21(2)(a). The trustee argues that both Florida Statute § 222.14 and § 222.21(2)(a) are unconstitutional because they create exemptions beyond those granted under the Florida Constitution....

...§ 222.20 residents of the state of Florida "shall not be entitled to the federal exemptions provided in § 522(d) of the Bankruptcy Code." Instead, Florida residents are entitled to claim as exempt property annuity contracts and pension money from legal claims of creditors. Specifically, Fla.Stat. § 222.14 provides: "....

...vor 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. FLA.STAT.ANN. § 222.14 (West 1989)....

...ges." Id. at 962. Therefore, the Court will allow exemption of the debtor's annuity benefits. See In re Benedict, 88 B.R. 390, 392 (Bankr.M.D.Fla. 1988); In re Mart, 88 B.R. 436 (Bankr.S.D. Fla.1988). Secondly, the trustee argues that both Fla.Stat. § 222.14 and § 222.21(2)(a) are unconstitutional because they infringe upon the exclusive jurisdiction of the federal legislature and are beyond those exemptions granted under the Florida Constitution relying on In re Hudspeth, 92 B.R. 827 (Bankr.W.D.Ark.1988). See also FLA. CONST. art. VII, § 6 and FLA. CONST. art. X, § 4. However, the Court has reviewed the case cited by the trustee and is not persuaded that Fla.Stat. § 222.14 and § 222.21(2)(a) are unconstitutional....

...749 (Bankr.S.D.Fla.1989); In re Volpe, 100 B.R. 840 (Bankr.W.D.Tex. 1989). Accordingly, the benefits accruing from the annuity contract and pension plan in question may be retained by the debtor as exempt property under § 522(b)(2)(A) and Fla.Stat. § 222.14 and § 222.21(2)(a)....

...Proceeds from the Principal Mutual Annuity Contract Receiver and Trustee further contend that Debtor's claim of exemption of the Principal Mutual Annuity contract should be disallowed because the contract must be issued to citizens or residents of the state of Florida pursuant to Fla.Stat. § 222.14. Section 222.14 provides that: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon what ever form, sh...

...n 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. Fla.Stat. § 222.14 (1995)....

...as unsecured. Debtor lists a homestead valued at $45,000.00 with a secured claim of $29,441.11 for a first mortgage on his home. Debtor's Schedule C — Property Claimed as Exempt lists the Prudential Annuity as an exempt asset under Florida Statutes § 222.14 and having a current market value of $325,000.00....

...forum. c. Objection to Exemption Wentworth's Objection to Exemptions is also before the Court. Annuities used to fund structured settlement agreements have been found not to fall within Florida's exemptions for annuities provided in Florida Statutes § 222.14....

...However, upon the distinguishable facts of this case [14] and the broad interpretation of the meaning of annuity by the Supreme Court of Florida, the Court finds that any interest that Debtor did not sell under the Purchase Agreement and amendments thereto is exempt property under Florida Statutes § 222.14....

...of J.G. Wentworth, S.S.C., Limited Partnership. *694 2. Annuity payments and the right to receive such payments, not included in the Purchase Agreement and amendments thereto are exempt property belonging solely to Debtor pursuant to Florida States § 222.14....

...s otherwise. [12] Wentworth has the burden of proving that the debt should be excepted from Debtor's discharge by a preponderance of the evidence. Grogan v. Garner, 498 U.S. 279, 291, 111 S.Ct. 654, 661, 112 L.Ed.2d 755 (1991). [13] Florida Statutes § 222.14 states: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in an...

...n 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. Fla.Stat. § 222.14 (West 1998). [14] The Solomon case is factually distinguishable from this case. See In re Solomon, 166 B.R. 998 (Bankr.S.D.Fla.1994). Both cases involved claims for exemptions under Florida Statutes § 222.14 for annuities purchased by parties to whom the debtors released liability and settled claims....

..., Ch. 222. According to these provisions rights to exemptions are reserved to individuals who qualify to be the head of a family with some exceptions not relevant to this controversy, i.e. exemptions relating to insurance policies. Florida Statutes, § 222.14....

...The objectors argue that, because the IRA was not exempt, the conversion of the funds to an annuity constitutes the kind of impermissible conduct that requires that the exemption be disallowed. Under Florida law, an annuity is exempt from the bankruptcy estate. Fla.Stat. § 222.14....

...Only those assets exempt under Florida law may be claimed as *360 exempt in a bankruptcy case. Thus, the sole issue in this case is whether the proceeds from the lottery winnings are exempt from the claims of creditors under Florida law. Fla.Stat. § 222.14 is controlling. In relevant part, § 222.14 provides as follows: The 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 ....

...The annuity contract here was issued to the State of Connecticut, and therefore fails to meet the statutory requirement of issuance to "citizen or residents of the state [of Florida]." Moreover, Ms. Pizzi is not a beneficiary of the contract. A. Florida Statute § 222.14 Does Not Exempt The Annuity Contract Purchased by The State of Connecticut Section 222.14 states that for an annuity contract to be exempt, the contract must be issued to "citizens or residents of the state [of Florida]." Here, the annuity contract was purchased by the State of Connecticut Division of Special Revenue ("State of Connecticut") on April 12, 1985....

...The privity of the annuity contract is exclusively between Met Life and the State of Connecticut. There is no privity between the Debtor and Met Life. In sum, the Debtor is not a "beneficiary" of the annuity purchased by the State of Connecticut from Met Life and therefore cannot exempt the proceeds under § 222.14....

...Pizzi Are Not Annuity Payments The Court must alternatively consider whether the yearly payments paid by the State of Connecticut to Kathleen Pizzi *362 should be considered annuity payments. Does this income stream fall within the definition of annuity under Fla.Stat. § 222.14? The definition of an annuity under Florida law has been recently addressed by the Florida Supreme Court....

...nd held that the proceeds were exempt assets in the debtor beneficiary's bankruptcy case. On further appeal, the 11th Circuit deemed it appropriate for the Florida Supreme Court to determine the scope of the "annuity contract" exemption in Fla.Stat. § 222.14....

...It certified the following question to the Florida Supreme Court: Whether, as a matter of law, an annuity contract which is established in lieu of a creditor paying a debtor a lump sum presently owed is exempt from creditor claims in bankruptcy under Fla.Stat. § 222.14....

...scussed earlier, the Debtor is not a beneficiary of that contract. Even under the broad definition of annuity adopted in McCollam, the monies Ms. Pizzi receives from Connecticut each year are not the "proceeds of an annuity contract" under Fla.Stat. § 222.14....

...Lawson, 387 So.2d 960 (Fla.1980) for the proposition that the "exemption statutes rest on considerations of public policy and should be liberally construed in favor of a debtor so that he and his family will not become public charges." 387 So.2d at 962. The banks argue that § 222.14 is intended to protect annuity contracts which provide life insurance and retirement benefits....

...uded in the bankruptcy estate). [3] Notwithstanding strong policy arguments to include lottery winnings in the estate, the Court's decision today does not and could not rest on policy grounds given the Florida Supreme Court's broad interpretation of § 222.14 in McCollam....

...Thus, while the Court is denying Debtor's exemption claim here because she is not the beneficiary under the annuity contract, the Court would not and could not deny the exemption on policy grounds. If exempting lottery winnings is against public policy, the legislature should clarify and expressly limit the scope of § 222.14....

...As it now reads and as it has been interpreted by the Florida Supreme Court, the payment of lottery winnings, litigation settlements and other obligations through the vehicle of an annuity could allow debtors to successfully exempt the payments in a bankruptcy case. CONCLUSION Section 222.14 of the Florida Statutes allows debtors to exempt the payments received under annuity contracts....

...re. The issue in Brown was whether the winnings should be deemed a "spendthrift trust" and excluded from the estate under § 541(c)(2). Meyers involved both spendthrift trust issues and an analysis of Ohio's annuity exemption. Unlike Florida Statute § 222.14, Ohio's annuity exemption is narrowly limited to payments on account of illness, disability, death, age or length of service....

...be no controlling precedent. We have jurisdiction. See art. V, § 3(b)(6), Fla. Const. The Eleventh Circuit Court of Appeals asks: ARE THE CASH SURRENDER VALUES OF DR. GOLDENBERG'S "ANNUITY CONTRACTS" EXEMPT FROM LEGAL PROCESS UNDER FLA. STAT. ANN. § 222.14 (WEST 1998)? In re Goldenberg, 218 F.3d 1264 (11th Cir.2000)....

...Apparently, Sawczak only introduced six of the seven contracts into evidence in bankruptcy proceedings. The bankruptcy court referred to the six contracts in evidence as "annuity contracts." Sawczak claimed that the cash surrender value of these policies were not exempt under section 222.14, Florida Statutes (1995), because moneys received from the exercise of a surrender provision are not proceeds. However, the bankruptcy court found these contracts exempt from legal process under section 222.14....

...Instead, that court concluded that Goldenberg owned "options" to purchase annuities when the contracts matured. The district court found that the periodic payments to an annuitant beginning at a fixed date and continuing for a fixed term of years or for life constitute the "proceeds." Thus, the district court found that section 222.14 did not exempt the contracts from legal process prior to the stated maturity date in the contract....

...See 11 U.S.C. § 522(b) (1994). Florida, by virtue of section *1081 222.20, Florida Statutes (1995), has opted out of the federal scheme. See Owen v. Owen, 500 U.S. 305, 309, 111 S.Ct. 1833, 114 L.Ed.2d 350 (1991). The Florida exemption statute at issue, section 222.14, Florida Statutes (1995), and its caption provide: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process.—The cash surrender values of life insurance policies issued upon the lives of ci...

...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. (Emphasis added.) The Legislature enacted the predecessor of section 222.14 in 1925....

...In 1978, the Legislature amended the statute, and added the "proceeds of annuity contracts" language to the exemption. [5] Goldenberg argues that Florida has a long tradition of broadly construing exemption statutes. He notes that the phrase, "upon whatever form," written in section 222.14 and other exemption statutes, indicates that the form of payment is immaterial when determining whether the exemption applies....

...Further, Goldenberg argues that legislative history reveals that in 1977 and 1978, the Legislature specifically intended to provide the same exemption protection for annuities as the existing protection for life insurance policies. Conversely, Sawczak argues that section 222.14 distinguishes between exemptions for "cash surrender values" in the case of life insurance contracts and "proceeds" in the case of annuities....

...Florida has a long-standing policy that favors liberally construing exemption statutes so as to prevent debtors from becoming public charges. See Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980); Sneed v. Davis, 135 Fla. 271, 184 So. 865, 869 (1938). We have construed section 222.14 both prior to and after the 1978 amendment....

...As we later explained in Zuckerman v. Hofrichter & Quiat, P.A., 646 So.2d 187 (Fla.1994), the clarity of these words indicate that the form of payment is not relevant for purposes of having the exemption apply. [7] The second relevant case construing section 222.14 is In re McCollam, 612 So.2d 572 (Fla.1993). In McCollam, the issue concerned the meaning of "annuity contracts" in section 222.14....

...ers became obligated to make monthly payments to McCollam for a term of years. In 1987, McCollam was involved in a traffic accident with Thomas LeCroy over which he sued McCollam. In 1989, McCollam filed bankruptcy, but claimed as exempt pursuant to section 222.14 the monthly payments received from Travelers. In finding the structured payment agreement at issue to be an annuity contract, we said that "[s]ection 222.14 clearly exempts all annuity contracts from creditor claims." Id....

...Further, we stated that, "had the Legislature intended to limit the exemption to particular annuity contracts, it would have included such restrictive language when the statute was amended to include annuity contracts." Id. The Legislature *1083 has not added any restrictive language to the statute. The terms of section 222.14 are clear....

...from surrendering an annuity contract prior to maturity. Accordingly, we answer the certified question in the affirmative and hold that the proceeds of an annuity contract where there is a surrender penalty are exempt from legal process by virtue of section 222.14....

...ldenberg purchased the contracts years prior to the malpractice. Parenthetically, the bankruptcy court noted that the contracts were purchased with exempt pension funds. We find the source of funds to be irrelevant for purposes of the application of section 222.14....

...[7] In Zuckerman, we construed section 222.18, Florida Statutes (1991), which exempts disability income benefits from legal process. See Zuckerman, 646 So.2d at 188. Section 222.18 contained the words, "of whatever form" as opposed to "upon whatever form," found in section 222.14....

...Pursuant to Bankruptcy Code Section 522(b) and Florida Statute Section 222.20, Florida has opted out of the Federal scheme of exemptions for debtors and has provided broader exemptions to debtors who are residents of the State of Florida. See also Fla.Stat. § 222.201. Under Florida Statute Section 222.14, annuities are exempt from attachment, garnishment or legal process....

...t" of the exemptions provided by federal law and choose instead to set their own allowable exemptions. Because the annuity plans which the Debtors purchased with their nonexempt assets are allowable exemptions under Florida law pursuant to Fla.Stat. § 222.14, the mere fact that the Debtors converted nonexempt assets to annuities which are exempt will not deprive them of their right to have such property protected from the reach of creditors....

...in: a. Whether debtor is entitled to claim his house, located on Stanton Place, in Longwood, Florida, as homestead. b. Whether an annuity for the purpose of distributing lottery winnings is an *598 annuity which can be exempted under Florida Statute Section 222.14....

...Annuity Exemption Debtor disclosed his interest in the annuity established for payment of the Arizona lottery winnings in the schedules, although the amount was estimated. He then claimed the proceeds and right to payments over the next seventeen years as exempt under Florida Statute 222.14, which provides: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and upon the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shal...

...ected for the benefit of such creditor. The trustee, Sun Life, and the Bank contend that this section is inapplicable to the lottery annuity under a number of theories. [2] The objectors first argue that the scope of annuity contracts exempted under Section 222.14 does not include every conceivable contract for the annual payment of monies and that gambling proceeds are excluded....

...In re McCollam, 955 F.2d 678 (11th Cir.1992). In that case, the debtor was the beneficiary of an annuity contract established pursuant to the settlement of a wrongful death action. Debtor claimed the proceeds as exempt property under Florida Statute 222.14....

...d the following question to the Florida Supreme Court: WHETHER, AS A MATTER OF LAW, AN ANNUITY CONTRACT WHICH IS ESTABLISHED IN LIEU OF A CREDITOR PAYING A DEBTOR A LUMP SUM PRESENTLY OWED IS EXEMPT FROM CREDITOR CLAIMS IN BANKRUPTCY UNDER FLA.STAT. § 222.14. On January 28, 1993, the Florida Supreme Court answered the question affirmatively, holding that "section 222.14, Florida Statutes (1989), exempts an annuity from creditor claims in bankruptcy." LeCroy v....

...ract at issue. Id. at 574. Finally, the Court found that had the legislature intended to restrict the annuity exemption, such language would have been included when the law was amended to include annuity contracts. Id. Given the broad application of section 222.14 by the Florida Supreme Court, this Court concludes that the annuity at issue is properly included within the purview of such exemption....

...ing objection to discharge claim is overruled. As a Florida resident debtor is entitled to the benefit of the Florida exemption laws. Under the Florida Constitution, he is able to claim his homestead as exempt property. Additionally, Florida Statute 222.14 permits the debtor to exempt from property of the bankruptcy estate, the Arizona lottery winnings paid pursuant to an annuity contract....

...the following property owned by the head of a family: . . . if located within a municipality, to the extent of one half acre of contiguous land, upon which the exemption shall be limited to the residence of the owner or his family . . . " Similarly, Florida Statute 222.14 provides: "....

...10, § 4(a)(2) & Light FSA § 222.061 $ 200.00 333 NE Spanish Art. 10, § 4(a)(1) Trail FSA §§ 222.01 $645,000.00 (homestead) & 222.02 Household Art. 10 § 4(a)(2) Furnishings: FSA § 222.061 $ 3,500.00 3 Bedroom sets; dining tables and chairs; 3 sofas; T.V.; 5 lamps; stereo MFS/Sun Life of Canada FSA § 222.14 $ 24,683.91 # 65 6500 370489 MFS/Sun Life of Canada FSA § 222.14 $ 4,130.05 # 65 6500 370773 MFS/Sun Life of Canada FSA § 222.14 $ 17,376.98 # 65 6500 370648 MFS/Sun Life of Canada FSA § 222.14 $ 52,646.03 # 65 6500 370345 *660 North Brook Life FSA § 222.14 $150,000.00 Account # XXXXXXXXXXXXX Prudential FSA § 222.21 $ 33,103.49 Securities Account # OWD-R01661-22 Prudential FSA § 222.21 $ 14,161.00 [1] Securities Account # OWD-R01637-22 Various Household Art. 10 § 4(a)(2) $ 30.00 Tools FSA § 222.061 Various family Art. 10 § 4(a)(2) photos FSA § 222.061 $ 0.00 Wearing Apparel Art. 10 § 4(a)(2) FSA § 222.061 $ 0.00 MBL Life Assurance FSA 222.14 $ 30,963.72* Newark, NJ # GA 10095 0001 (* listed on Sept. 25, 1996 amended petition) MBL Life Assurance FSA § 222.14 $ 34,035.11* Newark, NJ # GA 10095 0002 (* listed on Sept....

...y 24, 1994, along with the Bankruptcy Court's Denial of Trustee's Motion for Rehearing and/or to Alter or Amend the Judgment, dated March 9, 1994. On July 22, 1994, this Court granted Trustee's Motion to consolidate both appeals. [2] Florida Statute § 222.14 provides in pertinent part: The case surrender value of ....

...money payments can be sequestered and subjected to the claim for such delinquencies. The appellee contends that the cash surrender value of life insurance policies is exempt from the claims of appellant and their minor child under the provisions of Section 222.14, Florida Statutes, F.S.A....

...be heard to question the jurisdiction of the court in which he appeared. The primary point argued by the appellee is that the cash surrender value of the life insurance policies is exempted from the claims of appellant by virtue of the provisions of Section 222.14, Florida Statutes, F.S.A., which in substance exempts "cash surrender values of life insurance policies issued upon the lives of citizens or residents of the State of Florida * * *." It is his contention that when the policies were iss...

CLARK, Senior Circuit Judge: This case involves whether an asset (classified as an annuity) of a debtor qualifies as an exemption from creditor claims in bankruptcy under Fla.Stat. § 222.14....

...is exempt under this statute. Although the plain language of the statute appears to exempt all annuity contracts from creditor claims, our research reveals that courts in jurisdictions other than Florida have held that statutes similar to Fla.Stat. § 222.14 do not exempt annuity contracts established in settlement of a debt....

...Le-Croy, has a claim against the debtor arising from an automobile accident that occurred on July 16, 1987, two years after the subject annuity contract was established. The debtor, on her bankruptcy schedule B-4, has claimed an exemption for the annuity under Fla.Stat. § 222.14, which provides: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall...

...Question To Be Certified To the Supreme Court of Florida The following question is certified to the Supreme Court of Florida: WHETHER, AS A MATTER OF LAW, AN ANNUITY CONTRACT WHICH IS ESTABLISHED IN LIEU OF A CREDITOR PAYING A DEBTOR A LUMP SUM PRESENTLY OWED IS EXEMPT FROM CREDITOR CLAIMS IN BANKRUPTCY UNDER FLA.STAT. § 222.14....

...In addition to the above-described monthly sum, PAULA COOMBS McCOLLAM, shall receive five (5) lump sum payments as follows: 1. $25,000.00 on November 18, 1988 2. $50,000.00 on November 18, 1991 3. $75,000.00 on November 18, 1996 4. $100,000.00 on November 18, 2001 5. $250,000.00 on November 18, 2006 3 . Fla.Stat. § 222.14 (emphasis added)....

...The debtor currently earns in excess of $60,000.00 per year, and resides with his wife in a luxury condominium which the debtor's wife purchased free and clear of any encumbrances within six *244 weeks of the issuance of the annuity policy. The debtor's schedules claim the annuity policy as exempt property pursuant to § 222.14 of the Florida Statutes....

...Second, Debtor contends that even if his plan is subject to Title I of ERISA, it is nevertheless exempt under Florida Statute Section 222.21(2). Finally, Debtor alternatively argues that his interest in the Plan is exempt as an annuity under Florida Statute Section 222.14....

...ode. § 222.20, Florida Statutes (1977). In their stead, the Florida legislature has promulgated its own set of exemptions. Article X, Section 4, Florida Constitution and Chapter 222, Florida Statutes. 4. One such exemption privilege is set forth in § 222.14, Florida Statutes....

...Exemptions under state law rest on considerations of public policy and should be liberally construed in favor of the debtor. Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980). With this goal in mind, the Court concludes that the debtor may claim the proceeds of the annuity contract as exempt. *393 6. Florida Statute § 222.14 exempts from legal process the proceeds of annuity contracts issued to citizens or residents of this state. All of the parties have stipulated that the debtor is a Florida resident. 7. Additionally, § 222.14 exempts the proceeds of annuity contracts from attachment, garnishment or legal process in favor of any creditor of the person who is the beneficiary of the annuity contract....

...In the instant case, the debtor is the annuitant under the First Colony policy because she is the one entitled to the annuity payments. Under the rationale set forth in Ebenger, she is the "beneficiary" of the annuity contract within the meaning of § 222.14, Florida Statutes, and she may thus claim the exemption....

...." (Exh. 3, from Merriam-Webster OnLine Dictionary, www.webster.com). The Debtor argues that the amount of the annuity at the time of filing, $47,616.59, was properly listed as an asset on Schedule B and exempted on Schedule C pursuant to Fla. Stat. § 222.14, without objection....

...ances at the 2004 examination. No attempt was made to conceal her finances or the source of her support. Last, but certainly not least, the Debtor had no motive to conceal her annuity payments, as the annuity was exempt under Florida law. Fla. Stat. § 222.14; See, also, In re McCollam, 986 F.2d 436 (11th Cir.1993)....

...contract; Solomon is not a party to that annuity contract. Solomon filed a Chapter 7 bankruptcy petition in December 1993. Solomon listed the settlement agreement as property exempt from his bankruptcy estate as an annuity under Fla.Stat. § 222.14 (West 1989), which provides, in relevant part: the 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 ......

...had no interest in the Transamerica annuity. Id. The district court affirmed in part and reversed in part. The court agreed with the bankruptcy court that the payment earmarked as attorney's fees by the agreement did not qualify under section 222.14 for an exemption....

...678 (11th Cir.1992), answer conformed to, 986 F.2d 436 (11th Cir.1993), it was bound to hold that the payments other than the attorney's fees required by the settlement agreement constituted an annuity contract, exempt under section 222.14 from Solomon's bankruptcy estate....

...DISCUSSION On appeal, we are presented with the same issue addressed by the district court: whether Solomon's settlement agreement with Union Mutual constitutes an annuity contract within the meaning of Fla.Stat. § 222.14, so that it is exempt from Solomon's bankruptcy estate....

...exempt from Solomon's bankruptcy estate.1 Guardian Life asserts 1 Guardian Life also argues that the Transamerica annuity purchased by Union Mutual to ensure adequate funding of the agreement does not qualify for an exemption under § 222.14....

...ar any similarity to an annuity. By contrast, Solomon urges that we affirm the district court, arguing that the court correctly relied upon McCollam 's broad definition of "annuity" to conclude that the settlement agreement qualifies for the section 222.14 exemption. We conclude that the agreement between Union Mutual and Solomon does not qualify for the exemption provided by section 222.14. We recognize that the Florida Supreme Court has broadly defined section 222.14 to include "all annuity contracts," stating that "had the legislature intended to limit the exemption to particular annuity contracts, it would have included such restrictive language [in the statute]." McCollam, 9...

...But the statute does not shield all debts or "accounts receivable" structured to resemble annuities from a debtor's bankruptcy estate. We read McCollam to require the existence of an equitable interest in that annuity contract. See In re Pizzi, 153 B.R. 357, 360-61 (Bankr.S.D.Fla.1993) (construing § 222.14 to require that debtor be the beneficiary of annuity contract in question in order to qualify for exemption)....

...event can the lump-sum payment of $450,000 be classified as an annuity. Because of our disposition of this case, it is unnecessary for us to address separately this contention. actual annuity contract before a series of payments may be exempt under section 222.14....

...es"). The district court concluded that, because McCollam 's broad definition of "annuity" includes "debts structured as annuities," "the settlement agreement in this case constitutes proceeds of an annuity contract exempt under Fla.Stat. § 222.14." Solomon, 186 B.R....

...at 538. The district court read McCollam too broadly; the fact that Solomon received a series of payments under the settlement agreement does not necessarily transform the agreement into an annuity contract exempted by section 222.14....

...y" or "payee"). The settlement agreement wholly concerns itself with resolving Solomon's 1984 claims against Union Mutual; it is a garden variety release of liability. The district court therefore erred by concluding that section 222.14 applies to exempt the payments made under the agreement from Solomon's bankruptcy estate. CONCLUSION We reverse the district court's order overruling Guardian Life's objection to the c...

...0 from an IRA account to a deferred annuity contract. Because § 222.21(1) had not yet been enacted by the legislature, the Court was first called upon to *230 determine whether the debtor's IRA account qualified as an exempt annuity under Fla.Stat. § 222.14. This Court concluded that the debtor exercised unfettered dominion and control over the account and the debtor was, therefore, precluded from claiming the IRA as an exempt annuity contract under Fla.Stat. § 222.14....

...The Annuity, like the trust, was suggested by and drafted by an attorney engaged by the debtor for that purpose, as an estate planning instrument. The estate planning had been prompted by a talk given by the attorney at the debtor's synagogue. *438 Fla.Stat. § 222.14 This statute provides, effective July 1, 1978, in pertinent part: "the 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 ....

...On April 29, 1991, Miller filed a Complaint consisting of two Counts. In Count I, which is based on § 727 of the Bankruptcy Code, Miller alleged that the Debtors transferred a majority of their assets into annuities which were exempt pursuant to Fla.Stat. § 222.14 to prevent, hinder or delay payment of a debt due and owing to Miller....

...In that contested matter, the Trustee objected to the Debtors' claim that the IRAs and Mr. Gillett's interest in the Trust Account, were exempt property. This Court held that the IRAs were not annuity contracts falling within the protection of Florida Statutes § 222.14, as applied in bankruptcy proceedings pursuant to Bankruptcy Code § 522(b)(1) and therefore, were not exempt property....

...ciaries of the annuity. Guardian's objection to the exemption claimed by Solomon is two-fold. First, Guardian argues that the single lump-sum payment of $450,000 in 1985 cannot be considered the proceeds of an annuity contract under Florida Statutes § 222.14. Second, Guardian argues that because Solomon is not the beneficiary of the annuity actually purchased by Union Mutual, the exemption provided by Florida Statutes § 222.14 does not apply. Florida Statutes § 222.14 provides, in pertinent part: [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 ....

...The agreement provided for monthly payments of $1,320 during the life of the debtor or until the year 2015, and for five (5) lump sum payments on specified dates prior to the year 2015. The Court relied upon the above-referenced definitions to hold that the payments were exempt under Florida Statutes § 222.14....

...Beyond the monthly payments, the remaining payments under the settlement agreement in this case are not periodic and bear no resemblance to an annuity. If the balloon payment in this case were construed to constitute an annuity, it is hard to conceive of any limitation on the exemption provided by Florida Statutes § 222.14....

...S.D.Fla.1993), wherein Judge Robert A. Mark held that the proceeds of an annuity contract issued to the State of Connecticut to provide the funds for the payment of lottery winnings by the State of Connecticut to the debtor were not exempt under Florida Statutes § 222.14....

...Judge Mark reasoned that the annuity contract was issued to the State of Connecticut, and that the debtor was not the beneficiary of the annuity contract. Similarly, the annuity contract at issue herein does not meet the statutory requirements for exemption under Florida Statutes § 222.14 in that the annuity contract was not issued to Solomon and Solomon is not the beneficiary under the annuity....

...I am convinced by the trustee's argument that without proof of its current qualification under § 401(a) of the Internal Revenue Code, the exemption has not been properly claimed. The debtor now also argues, alternatively, that 80% of the assets of the plan are held in annuity contracts and therefore exempt under Fla.Stat. § 222.14....

...a petition has been filed. 11 U.S.C. § 362 (1999). The Court first notes that Wentworth does not contend that Debtor's structured settlement agreement with Life Colony does not qualify as an annuity under Florida law. (Doc. 25.); see FLA.STAT.ANN. § 222.14 (providing proceeds of annuities exempt under Florida law)....

...Under the terms of the annuity contract provided for him by his law firm, the debtor had, on the date of bankruptcy and at all times since then, the option of receiving the lump sum value of the annuity contract. The sole issue is whether that asset is exempt from the claims of creditors under Florida law. Fla.Stat. § 222.14, is controlling....

...ode. § 222.20, Florida Statutes (1977). In their stead, the Florida legislature has promulgated its own set of exemptions. Article X, Section 4, Florida Constitution and Chapter 222, Florida Statutes. 4. One such exemption privilege is set forth in § 222.14, Florida Statutes....

...Exemptions under state law rest on considerations of public policy and should be liberally construed in favor of the debtor. Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980). With this goal in mind, the Court concludes that the debtor may claim the proceeds of the annuity contract as exempt. 6. Florida Statute § 222.14 exempts from legal process the proceeds of annuity contracts issued to citizens or residents of this state. All of the parties have stipulated that the debtor is a Florida resident. 7. Additionally, § 222.14 exempts the proceeds of annuity contracts from attachment, garnishment or legal process in favor of any creditor of the person who is the beneficiary of the annuity contract....

...(1968). In the instant case, the debtor is the annuitant under the Transamerica policy because he is the one entitled to the annuity payments. Under the rationale set forth in Ebenger, he is the "beneficiary" of the annuity contract within the meaning of § 222.14, Florida Statutes and thus, the proceeds are exempt....

...$ 19,269 Tenants by the Entireties 750 shares of Flowers Industries $ 9,090 Tenants by the Entireties 375 shares of Flowers Industries $ 4,545 Tenants by the Entireties Merrill Lynch CMA Acct. No. XXX-XXXXX $ 2,558.01 Tenants by the Entireties Mass Mutual Annuity IRA $142,068.74 §§ 222.14, 21 Fla. Statutes Merrill Lynch IRA $ 2,778.87 § 222.21 Fla. Statutes Executive Life Ins. Co. Annuity $ 194.77/mo. § 222.14 Fla. Statutes TransAmerica Occidental Life Ins. Co. Annuity $ 88.89/mo. § 222.14 Fla. Statutes Metropolitan Life Ins. Co. Annuity $ 94.44/mo. § 222.14 Fla. Statutes Otis Williams Annuity $ 100/mo. § 222.14 Fla. Statutes Michael Felts Annuity $ 72.60/mo. § 222.14 Fla....

...husband. The trustee timely objected to debtor's claim of exemption but abandoned his objections as to all exemptions except the objection to the claim of exemption for debtor's right to receive funds pursuant to the property settlement pursuant to Section 222.14 Fla.Stat....

...11 U.S.C. § 522. Florida has opted out of the federal exemption scheme provided in § 522(d), thus debtor's right to exempt property from the estate is controlled by Florida law. Section 222.20 Fla.Stat. Debtor claims as exempt, pursuant to Fla. Stat. 222.14, the payments received and the right to receive future payments pursuant to the property settlement and judgment. Section 222.14 states in relevant part: The cash surrender value of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever...

...policy or annuity contract was effected for the benefit of such creditor. The sole issue before the Court is whether the property settlement payments provided in the judgment of dissolution of marriage are proceeds of an annuity contract pursuant to section 222.14. The Florida Supreme Court addressed the definition of annuity contract in the context of section 222.14 in In re McCollam, 612 So.2d 572 (Fla.1993)....

...In McCollam, the Supreme Court answered the question "whether as a matter of law, an annuity contract which is established in lieu of a creditor paying a debtor a lump sum presently owed is exempt from creditor claims in bankruptcy *121 under Fla.Stat. 222.14" in the affirmative....

...The Court declined to focus on the underlying obligation, rather, the Court focused on the payment structure of the contract. In reaching its conclusion that the term should be broadly construed and that the contract qualified as an annuity contract pursuant to 222.14, the Court considered the definition of annuity used by other courts and Black's Law Dictionary....

...enable debtors to exempt payment streams that are not payments under an actual annuity contract." Id. at 362. This Court agrees with the Pizzi court that McCollam requires an actual annuity contract before payments received may be exempt pursuant to section 222.14....

...It is well settled that exemptions should be liberally construed to prevent forcing citizens to become public charges. Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980). However, this principle cannot change the law which requires an annuity contract to qualify for the section 222.14 exemption....

...The trustee's objection to the debtor's claim of exemption pursuant to Article X, § 4, Florida Constitution is withdrawn. 2. The trustee's objection to the debtor's claim of exemption for the property settlement pursuant to section 222.11 Fla.Stat. is withdrawn. 3. The trustee's objection to claim of exemption pursuant section 222.14 Fla.Stat....

...n it terminated a company pension plan upon its bankruptcy. The debtor originally scheduled the property as exempt as "pension disability payments" pursuant to § 222.21, Florida Statutes but, by amendments, has claimed the annuity as exempt under §§ 222.14, 222.18, and 222.201, Florida Statutes....

...on the basis of his disability, *790 although his ability to receive proceeds of the annuity earlier than his normal retirement age by virtue of his disability does create doubt in the Court's mind. However, given the Court's ruling with respect to § 222.14, Florida Statutes, infra, it is not necessary to decide this issue....

...btor and any dependent of the debtor." The Court feels that, on the record before it, it cannot conclude that § 222.201 serves to exempt the annuity in question. The thrust of the trustee's position is that the annuity, while literally protected by § 222.14, Florida Statutes, [5] is not exempt because, he argues, § 222.14 violates the exemption provisions of the Florida Constitution, found in Article X, Section 4....

...he Court's decision results in its upholding a state statute. See 28 U.S.C. § 1334(c)(1). [6] The trustee's argument is that Article X, Section 4 of the Florida Constitution [7] limits personal property exemptions *791 to a value of $1,000 and that § 222.14, by exempting an annuity in an unlimited amount, violates that constitutional provision. [8] Since he is unable to refer to any decisions of Florida courts or of federal courts in Florida to that effect, he relies on the reasoning of bankruptcy courts in Arkansas which have held a statute similar to § 222.14 as invalid under the Arkansas Constitution....

...In other words, "the organic provision exempting a stated amount of the general personal property of the insured is not exclusive and is not a limitation upon any and all statutory exemptions in property of any kind or nature." Milam v. Davis , 123 So. at 690 (emphasis added). Section 222.14 as originally enacted in 1925 exempted only the cash surrender values of life insurance policies but was amended in 1978 to add proceeds of annuity contracts....

...When the Florida Constitution of 1968 was adopted, "[i]t basically *793 restate[d] Article X, Section 1, of the 1885 Constitution." [13] D'Alemberte, "Commentary", Florida Constitution—1968 Revision, 26A FLORIDA STATUTES ANNOTATED 385 (1970). When the 1968 Constitution was adopted, again using the words of Milam v. Davis , § 222.14 "was in force, and its validity not challenged," 123 So....

...denied, 286 U.S. 554, 52 S.Ct. 579, 76 L.Ed. 1289 (1932), which is binding on this Court, Bonner v. City of Prichard, 661 F.2d 1206 (11th Cir.1981), also mandates the same conclusion. In Cooper v. Taylor , the constitutionality of the predecessor of § 222.14 was challenged....

...n was not intended to apply to it. The trustee, apparently seizing upon the second proposition, distinguishes at length between insurance and annuities and argues that, accordingly, the holdings in Milam v. Davis and Cooper v. Taylor do not validate § 222.14 to the extent that it applies to annuities....

...rs beyond all reasonable doubt that there is a positive conflict. City of Jacksonville v. Bowden, 67 Fla. 181, 64 So. 769, L.R.A. 1916D, 913, Ann.Cas. 1915D, 99. Since this Court cannot find an inconsistency between the constitutional exemptions and § 222.14, it certainly cannot find a "positive conflict." Accordingly, on the basis of all of these authorities, this Court concludes that § 222.14, Florida Statutes, as applied to *794 annuities is not violative of the Florida Constitution....

...ay exempt, in addition to any other exemptions allowed under state law, any property listed in subsection (d)(10) of s. 522 of that act. (2) The provisions of this section apply to any bankruptcy action that is filed on or after October 1, 1987. [5] 222.14 Exemption of cash surrender value of life insurance policies and annuity contracts from legal process....

...such creditor. [6] The Court notes that, in the event this decision is ultimately appealed to the U.S. Court of Appeals for the Eleventh Circuit, that court, if it so desires, may certify to the Florida Supreme Court the question of the validity of § 222.14 under the Florida Constitution....

...[13] Subsequently, in 1984, the electorate of Florida amended Article X, Section 4, to substitute "a natural person" for "the head of a family" as being entitled to the constitutional exemption. [14] The exemption for cash surrender value of an insurance policy found in § 222.14 was constitutionally challenged in Slatcoff v....

...mine this issue. DISCUSSION A Florida debtor may claim as exempt only those assets exempt pursuant to state law. Fla.Stat. § 222.20. The Debtors claim the payments they receive from John Hancock under the Settlement Agreement are exempt pursuant to § 222.14, Fla.Stat. Section 222.14, Fla.Stat., provides in pertinent part: [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 who is the beneficiary of such annuity contract unless the . . . annuity contract was effected for the benefit of such creditor. Fla.Stat. § 222.14 (1993)....

...the debtor as the beneficiary/payee. The McCollam court was faced with the question of "[w]hether, as a matter of law, an annuity contract which is established in lieu of a creditor paying a debtor a lump sum presently owed is exempt under Fla.Stat. § 222.14." Id. at 436. The Eleventh Circuit, in a four to three decision, found that the annuity contract Travelers purchased to effectuate the payments under the structured settlement agreement was exempt from the claims of creditors under § 222.14, Fla.Stat....

...The McCollam court did not find that the structured settlement agreement between the debtor and Travelers constituted an annuity contract. Rather, the Eleventh Circuit held that the actual annuity contract underlying the structured settlement agreement fell within the definition of annuity under § 222.14 Fla. Stat. This Court has acknowledged that: As [§ 222.14 Fla.Stat.] now reads and as it has been interpreted by the Florida Supreme Court, the payment of lottery winnings, litigation settlements and other obligations through the vehicle of an annuity could allow debtors to successfully exempt the payments in a bankruptcy case....

...Instead, John Hancock agreed to make the annual payments directly to the Debtor. Accordingly, the McCollam decision is not analogous and, therefore, it is not controlling. Further, the Court does not find persuasive Debtors' argument that the Settlement Agreement constitutes an annuity contract under § 222.14 Fla.Stat....

...Having determined that the annual payments from John Hancock to the Debtor under the Settlement Agreement are not payments made under an "actual annuity contract", the Court must decide whether the stream of payments from John Hancock to the Debtor constitute an annuity under § 222.14 Fla.Stat....

...However, the State of Connecticut was the named beneficiary on such annuity, not the debtor. Id. at 359-60. After examining Florida law, the Pizzi court held that a stream of payments flowing directly to a debtor does not fall within the annuity exemption set forth in § 222.14, Fla.Stat....

...the Debtor's argument here. Id. The Pizzi court concluded that "[e]ven under the broad definition of annuity adopted in McCollam, the monies Ms. Pizzi receives from Connecticut each year are not the `proceeds of an annuity contract' under Fla.Stat. § 222.14." Id. Notwithstanding the Pizzi decision, the Debtors argue that the settlement payments are exempt under § 222.14, Fla.Stat....

...t as an "annuity contract" entitled to exempt status. Such a result would require courts to interpret the statute as encompassing all documents which provide for annual payments to a debtor over a period of time. Thus, the Debtors' interpretation of § 222.14, Fla.Stat., would render the purchase of an actual annuity contract meaningless....

...o the Debtor under the Settlement Agreement are annuity payments within the statutory exemption. Accordingly, the unpaid annual payments from John Hancock to the Debtor under the Settlement Agreement are not exempt from the claims of creditors under § 222.14, Fla.Stat., and must be turned over to the Trustee. Based upon the foregoing findings and conclusions, it is ORDERED: 1. The Settlement Agreement is not an annuity under § 222.14, Fla.Stat. 2. The payments from John Hancock to the Debtor, John P. Dillon, under the Settlement Agreement are not exempt under § 222.14, Fla.Stat....

...he Internal Revenue Code. It maintained that any amount owed to Ms. Parker was actually owed by Jamestown Life and that First Colony was only a legal guarantor. It also raised the statutory exemption from garnishment of annuity contracts pursuant to section 222.14, Florida Statutes (1997)....

...Thus, the Court concludes that the spendthrift clause contained in Section 10.03 of the retirement plan adequately excludes the retirement benefits from the bankruptcy estate. 10. The Court finds it unnecessary to determine whether the retirement plan qualifies as an annuity under the exemption granted in Section 222.14, Florida Statutes....

...s direction. Solomon filed a chapter 7 bankruptcy petition on December 14, 1993. On his Schedule C of Property Claimed as Exempt, Solomon listed the settlement agreement and claimed *536 it and its proceeds exempt as an annuity under Florida Statute § 222.14....

...Under § 522 of the Code, the debtor may exempt from the estate certain assets, under a federal or state exemption scheme. 11 U.S.C. § 522. The state of Florida has opted out of the federal exemptions, providing instead its own set of exemptions in Chapter 222, Florida Statutes. Fla.Stat. § 222.20. Section 222.14 provides, in pertinent part: [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 who is the beneficiary of such annuity contract, unless the . . . annuity contract was effected for the benefit of such creditor. Fla.Stat. § 222.14....

...In his Schedule C of exempt property Solomon listed the following: "structured settlement annuity received as settlement of a 1984 lawsuit . . ." The issue on appeal is whether or not Solomon's settlement agreement with Union Mutual constitutes an annuity contract exempt under Fla.Stat. § 222.14....

...[2] Solomon has "no right to change the beneficiaries or exert other control with respect to the annuity . . ." Agreement ¶ 5, p. 7. The Florida exemption provision exempts "the proceeds of annuity contracts issued to citizens or residents of the state . . ." Fla. Stat. § 222.14....

...ntract . . ." Solomon is not the beneficiary; Union Mutual is. Solomon's creditors, not Union Mutual's seek to recover the proceeds. This court must determine whether or not the settlement agreement itself constitutes an annuity contract pursuant to § 222.14. The Florida Supreme Court, answering a *537 certified question from the Eleventh Circuit, has held that an annuity contract established in lieu of a creditor paying a debtor a lump sum presently owed is exempt from creditor claims under § 222.14....

...In re McCollam, 986 F.2d 436 (11th Cir.1993) (attaching as Appendix full text of In re McCollam, 612 So.2d 572 (Fla.1993)). [4] "When the language of a statute is clear and unambiguous and conveys a clear meaning, the statute must be given its plain and ordinary meaning." McCollam, 612 So.2d at 573. "Section 222.14 clearly exempts all annuity contracts from creditor claims." Id. Although § 222.14 does not define "annuity contracts," the Florida Supreme Court surveyed several definitions....

...612 So.2d at 574 (citations withheld). The Florida Supreme Court concluded: Using these definitions as a guide to the plain and ordinary meaning of annuity, we find that the contract at issue in this case is an annuity and therefore is exempt under section 222.14 from creditor claims....

...tors of the beneficiary. Solomon, a resident of the state is the beneficiary trying to exempt the proceeds from the reach of his creditors. Thus, the payments under the settlement agreement constitute an annuity contract exempt under Florida Statute § 222.14....

...scussed earlier, the Debtor is not a beneficiary of that contract. Even under the broad definition of annuity adopted in McCollam, the monies Ms. Pizzi receives from Connecticut each year are not the `proceeds of an annuity contract' under Fla.Stat. § 222.14....

...nnuities, including those that derive from personal injury settlements. McCollam, 955 F.2d at 681 (footnote omitted). The Florida Supreme Court's holding indicates that not only annuities in the nature of retirement instruments can be exempted under § 222.14, but also debts structured as annuities. As the Pizzi court noted: As [§ 222.14] now reads and as it has been interpreted by the Florida Supreme Court, the payment of lottery winnings, litigation settlements and other obligations through the vehicle of an annuity could allow debtors to successfully exempt the payments in a bankruptcy case. Id. at 363. In light of the McCollam line of cases and the broad definition of annuity, this court concludes that the settlement agreement in this case constitutes proceeds of an annuity contract exempt under Fla.Stat. § 222.14 Guardian argues that even if the monthly payments are exempt as an annuity, the lumpsum payments under the Agreement should be treated separately and exempt....

...Accordingly, they warrant separate treatment and are not exempt. *539 Conclusion It is ORDERED AND ADJUDGED that the Bankruptcy Court's Order Sustaining Guardian Life Insurance Company's Objection to Exemption is REVERSED in PART and AFFIRMED in PART. The settlement agreement is exempt under Fla.Stat. § 222.14....

...The Debtors list on their Bankruptcy Schedules an annuity owned by Dorothy Covino valued at 1.5 million dollars, which they claim as exempt on their Schedule "C" pursuant to Florida Statute § 222.21. This exemption was amended on May 4, 1995 to assert a claim of exemption under Florida Statute § 222.14....

...Conclusions of Law OBJECTION TO EXEMPTIONS Pursuant to the terms of the Settlement Agreement, annuities were purchased for Dorothy Covino and her son Todd Covino. The parties do not dispute that the annuities were purchased, but rather, they dispute whether the annuities are exempt under Florida Statute Section 222.14....

...of funds to satisfy a purge amount in a contempt order.” Id. As with the IRA account in Siegel, in this case the Circuit court may properly look to the insurance policy. The protection for the insurance policy is statutory, not constitutional. See § 222.14, Fla....

...l Life Insurance Company as the issuer of an annuity for the benefit of Patricia Parker. We affirm. In Florida, the proceeds of annuity contracts "shall not in any case be liable to attachment, garnishment or legal process in favor of any creditor." § 222.14, Fla.Stat....

...Thus, it is doubtful that this legal action could proceed without AGASC as a party. American General Life Insurance Company also argued in its motion to quash the writ that Windsor-Thomas could not garnish future periodic payments, that the annuity funds were not subject to garnishment pursuant to section 222.14, Florida Statutes (1997), and that American General Life Insurance Company had not received written notice of the assignment as required in the annuity contract....

...[5] We hold that they are not subject to garnishment, and that American General Life Insurance Company has standing to raise this issue. Therefore, we affirm the order dissolving the writ, notwithstanding our disagreement with the trial court's rationale. In this appeal, Windsor-Thomas has conceded that section 222.14, Florida Statutes (1997), prohibits the garnishment or attachment of these benefits....

...The statutory protection for the proceeds of an annuity assures the owner and issuer of the annuity that they can fully comply with federal law and that they can minimize the price of the annuity because it will not be an asset subjecting them to constant lawsuits. Section 222.14 broadly states that the proceeds of an annuity "shall not in any case be liable to......

...olating this legislative directive. This calls into question whether the trial court should have issued the original writ of garnishment based upon Windsor-Thomas's motion. Windsor-Thomas may ultimately be able to obtain payment from Ms. Parker, but section 222.14 bars the judiciary from assisting Windsor-Thomas in its efforts to obtain payment directly from the issuer or owner of the annuity. In addition, once the trial court issued the writ, American General Life Insurance could raise section 222.14 as a defense to the garnishment....

...perty" to seek dissolution on the basis that "any allegation in plaintiff's motion for writ is untrue." These provisions, however, do not prohibit the garnishee from raising defenses to the writ, including the protection from garnishment provided in section 222.14....

...Moreover, section 77.07(4) allows the issues raised in a defendant's motion for dissolution to be tried together with the issues raised by the pleadings. As a result, nothing in section 77.07 prohibits American General from filing a motion or answer arguing that the writ was issued in violation of section 222.14....

...[5] Although the parties' briefs on appeal addressed, in part, the propriety of garnishing these funds, we ordered the parties to supplement their briefs to specifically address whether American General Life Insurance Company had standing to assert the provisions of section 222.14, Florida Statutes (1997), and whether that statute prohibited the garnishment of these payments....

...Given the express language of the release, we reject State Farm's argument that by signing the release Mr. Rash agreed to be bound by the terms and conditions of the annuity policy. Next, State Farm contends that the trial court erred in granting Florida Asset the right to garnish Mr. Rash's future annuity proceeds because section 222.14, Florida Statutes (1997), exempts such proceeds from garnishment. We agree that section 222.14 provides for such an exemption....

...Furthermore, under the explicit terms of the release and the annuity contract, it is evident that Mr. Rash is the person for whom the annuity was purchased, i.e. the beneficiary of the annuity contract within the meaning of the statute. See In re Benedict, 88 B.R. 390, 393 (Bankr.M.D.Fla.1988), see also § 222.14, Fla....

...Accordingly, the trustee's objection to the debtor's claim of exemption in personal property in excess of $ 1,000 is sustained. The trustee offers three independent theories as to why his objection to the debtor's claim of exemption in the life insurance policy should be sustained: 1) Fla. Stat. § 222.14 (1995) allows an owner of a life insurance policy, insuring the life of the owner, to exempt only the cash surrender value of the policy; 2) the debtor obtained the insurance policy for the purpose of hindering, delaying, or defrauding the...

...uld have an interest in the life insurance policy only to the extent of the policy's cash surrender value, which is determined at the date the bankruptcy petition is filed. That interest, however, would have been subject to the exemption provided in § 222.14, Fla....

...mpany's home office in Lynchburg, Virginia. Thus, the check was not negotiated until after the Debtor had filed his petition in bankruptcy at 2:27 p.m. on June 13, 1989. The Debtor has claimed the annuity he purchased as exempt under Florida Statute 222.14 in this proceeding....

...361 (1977); S.Rep. No. 95-989, 95 Cong., 2nd Sess. 76 (1978), U.S.Code Cong. & Admin.News 1978, pp. 5787, 5862, 6317. These comments were made in view of the federal exemptions which are more limiting than the exemptions provided under Florida Statute § 222.14 which is unlimited as to amount....

...Bakst, Ackerman, Bakst & Laver, P.A., West Palm Beach, Fla., for debtor. ORDER ON OBJECTION TO EXEMPTION A. JAY CRISTOL, Bankruptcy Judge. The debtor has claimed on her Schedule B-4 as an exemption from the claims of creditors: "Travelers Indemnity Co. annuity, exempt pursuant to Florida Statute 222.14." This statutory provision, Fla.Stat. § 222.14, provides an exemption for: "the proceeds of annuity contracts issued to citizens or residents of the state....

...The first issue raised in the objection is that the statutory exemption for *601 proceeds of annuity contracts is not applicable to the payments made to the debtor. The creditor relies on the contrast of a comparable Louisiana statute [1] to Fla.Stat. § 222.14 to support this argument....

...., "whatever is received upon the collection of collateral". The debtor argues (Supplemental Response CP 11) that the logic of LeCroy's attack and conclusion is "strained to the limit" as it pertains to the interpretation of proceeds under Fla.Stat. § 222.14....

...nt with a grammatical and syntactical discourse on the word "issue". However, this court is convinced that the benefit received by the debtor which is derived from the issuance of the annuity brings this debtor within the class entitled to claim the § 222.14 exemption....

...arges." Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980). Under these circumstances, I find no merit in the objection on any of the points argued in the Brief. I am convinced that the debtor is entitled to claim the annuity as exempt under Fla.Stat. § 222.14....

...§ 20:33(1): "all pensions, all proceeds of and payments under annuity policies or plans . . . are exempt." [2] The exemption shields the proceeds of annuity contracts from: "attachment, garnishment or legal process . . . of any creditor of the person who is the beneficiary of such annuity contract." Fla.Stat. § 222.14....

...security disability benefits exempt). Therefore, the Motion for Partial Summary Judgment, as it relates to the Social Security Account, must be denied. This leaves for consideration the funds in the Annuity Account, claimed as exempt under Fla.Stat. § 222.14, which provides: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall...

...n 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. FLA.STAT. § 222.14. "Section 222.14 clearly exempts all annuity contracts from creditor claims." In re McCollam, 612 So.2d 572, 574 (Fla.1993)....

...arnishment. This exemption applies to any wages deposited in any bank account by the debtor for six months when funds can be traced and properly identified. It is the Trustee's contention *336 that since there is not a similar provision in Fla.Stat. § 222.14, the Legislature did not intend these funds to be immune from creditor claims....

...§ 522(d)(10)(E). Further, the Debtors contend that the Plan constitutes an annuity and is comprised of earnings of the head of a household, which facts render the Plan independently exempt and immune from creditors under Fla.Stat. §§ 222.11 and 222.14....

...living expenses in a bank account. Therefore, this Court is satisfied that the Debtor's argument that Mrs. Morrow's interests in the Plan are exempt as wages must fail. As a final argument, the Debtors claim the Plan is exempt pursuant to Fla. Stat. § 222.14, which protects from the reach of creditors "the cash surrender value of life insurance policies ....

...Morrow's Plan, the amount to be received by her will vary, based upon the manner in which the Plan contributions are invested. Thus, it is this Court's considered opinion that the Plan is not an annuity and thus cannot be claimed as exempt pursuant to Fla.Stat. § 222.14....

...ts to Schedule B (Personal Property) and C (Property Claimed Exempt). Debtor-Husband claimed entitlement to exemption in three of the newly-acquired property interests: the two annuities ($11,708.18 and $11,372.58 respectively) under Florida Statute § 222.14; and the IRA Account ($471.56) under Florida Statute § 222.21(2). Debtor-Husband did not claim entitlement to an exemption in any of the other property interests, the approximate value of which totals over $37,000.00. The Trustee does not dispute that Florida Statue § 222.14 permits the beneficiary of an annuity to claim the proceeds as exempt, nor that § 222.21(2) allows a beneficiary to claim the proceeds of an IRA as exempt....

...On January 3, 2008, the Chapter 7 Trustee filed a Motion to Turn Over Property of the Estate. (Doc. 68). On January 14, 2008, Judith Morrison filed an Amendment to her Bankruptcy Schedules and disclosed a "100% ownership" interest in the insurance policy. She also claimed the interest as exempt pursuant to § 222.13 and § 222.14 of the Florida Statutes....

...ewelry. Contempt Hrg.Tr. at 144; Yun Dep. at 15. In addition, Yun owns three separate annuity contracts, valued at approximately $315,663 on January 1, 2001 (SEC Ex. G). Although these annuities are immune from process under Florida law, Fla. Stats. § 222.14, this is not a Florida state court, and, as such, it is not bound by Florida law....

...survivors benefits received by B.J.R. for her two (2) minor children by a previous marriage. On Schedule B-4, the Debtors claimed the monies being held by the Garnishee, Harbor Federal Savings & Loan Association as being exempt pursuant to Fla.Stat. Section 222.14 (1987) and the Social Security disability payments were claimed as exempt pursuant to Fla.Stat....

...Sec. 522(d)(10)(A) claimed as exempt his Social Security disability benefits which were on deposit in the bank account at the time the Writ of Garnishment was served upon the garnishee bank. The Debtors, T.C.R. and B.J.R. pursuant to Fla. Stat. Sec. 222.14 also claimed as exempt on Schedule B-4, the monthly payments from the two respective annuity contracts which were also on deposit in the bank account at the time the Writ of Garnishment was served on the garnishee bank....

...ch became fixed on the monies in the debtors' bank account which was property the debtors had an interest in and that the Writ of Garnishment impairs the exemptions to which the debtors are entitled under 11 U.S.C. Sec. 522(b)(1), Fla.Stat. Sections 222.14 and 222.201 (1987) and 11 U.S.C....

...Although the parties have not provided the Court with the date of Boyd's death, it is undisputed that he has died. Thus, the Debtor is now receiving one half of $462.99 each month from the Annuity. The Debtor claims this payment is exempt under Florida Statute 222.14. The Trustee contends that the exemption statute applies only to the annuitant, Boyd, and not to the named beneficiaries, the Debtor and Vota. Florida Statute 222.14 provides — The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in a...

..."The plain meaning of legislation should be conclusive, except in the `rare cases [in which] the literal application of a statute will produce a result demonstrably at odds with the intentions of its drafters.'" United States v. Ron Pair Enter., Inc., 489 U.S. 235, 242, 109 S.Ct. 1026, 1031, 103 L.Ed.2d 290 (1989). Section 222.14 clearly and unambiguously exempts annuity proceeds from the claims of creditors of the beneficiaries of the annuity....

...eds from the claims of the creditors of third party beneficiaries. Unfortunately, the Legislature did not indicate its intention when it amended this provision in 1978. Thus, the Court cannot determine whether the application of the plain meaning of Section 222.14 will "produce a result demonstrably at odds with the intentions of its drafters." Judge Britton, in the case of In re Ebenger, 40 B.R. 463 (Bankr.S.D.Fla.1984), had the opportunity to interpret Section 222.14 and, while overruling the Trustee's objection to the claimed exemption of the debtor's annuity, stated: I reject the trustee's construction of the statute and agree with the debtor that the Florida legislature intended to exempt the va...

...The term is, for example, defined in the Restatement, Trusts 2d § 3(4): "The person for whose benefit property is held in trust is the beneficiary." Ebenger, 40 B.R. at 464. The Court, having considered the authority submitted by the parties, finds no basis to construe Florida Statute Section 222.14 differently than did the court in Ebenger and interprets this provision to exempt annuity proceeds from the claim of the creditors of third party beneficiaries....

...The conversion of these funds and the use of same to purchase the insurance policies occurred one day after the rendition of the jury verdict. The Debtors immediately filed a Motion to Dissolve the Writ of Garnishment claiming that their interest in the life insurance policies described earlier are exempt pursuant to § 222.14 of the Florida Statutes....

...side in response to TCPI's two writs. [2] The trial court's denial of that motion to dissolve the writ of garnishment, and the final judgment thereon, are the subject of the appeal in Case No. 00-3219. In both appeals, Faro contends that pursuant to section 222.14, Florida Statutes, the cash surrender value of his life insurance policies continues to be exempt from garnishment even though he has taken possession of it and converted it into another form. Section 222.14, Florida Statutes (2000), provides: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, up...

...ng policy that favors liberally construing exemption statutes so as to prevent debtors from becoming public charges. See Killian v. Lawson, 387 So.2d 960, 962 (Fla.1980); Sneed v. Davis, [135 Fla. 271,] 184 So. 865, 869 (Fla.1938). We have construed section 222.14 both prior to and after the 1978 amendment....

...Hofrichter & Quiat, P.A., 646 So.2d 187 (Fla. 1994), the clarity of these words indicate [sic] that the form of payment is not relevant for purposes of having the exemption apply. Goldenberg, at 1081-82 (footnotes omitted). Accordingly, we hold that the exemption of section 222.14 applies to the certificate of deposit purchased with the cash surrender value proceeds of Faro's life insurance policies....

...This court in Technical Chemicals & Products, Inc. v. Porchester Holdings, Inc., 785 So.2d 636 (Fla. 4th DCA 2001), held that the cash surrender value of the life insurance policies in the possession of Massachusetts Mutual was exempt from garnishment pursuant to section 222.14, Florida Statutes (1997), but declined to decide whether TCPI could proceed against the funds once Faro received them....

...eponderance of the evidence that the debtor is not entitled to the exemption claimed. Fed. R. Bankr.P. 4003(c) (2005); See also In re Ehnle, 124 B.R. 361, 363 (Bankr.M.D.Fla.1991). Cadle asserts the Jackson policy is not exempt under Florida Statute § 222.14, because Debtors fraudulently converted non-exempt funds to exempt funds by paying annual premium payments to the Jackson policy....

...e the annual payments to the Jackson policy. CONCLUSION Based upon the foregoing, the Court finds Cadle failed to prove by a preponderance of the evidence that Debtors are not entitled to the exemption claimed. Therefore, pursuant to Florida Statute § 222.14 the Jackson policy is exempt....

...KILLIAN, JR., Bankruptcy Judge. THIS MATTER came before the court on July 1, 2005, on Singer Asset Finance Company, L.L.C.'s Objection to Exemption based on the Debtor's Schedule C exemption of the "Annuity-PI Settlement" pursuant to Florida Statutes § 222.14....

...ef on May 5, 2005. On the Debtor's Schedule C, she claimed the annuity as exempt. Singer Asset Finance Company, L.L.C. filed an Objection to Exemption on July 1, 2005, alleging that the Debtor could not exempt the Annuity pursuant to Florida Statute § 222.14 since she was not the owner....

...Agreement constitutes an annuity contract. If the Debtor is a beneficiary to the Annuity or if the Agreement constitutes an annuity contract, then the Debtor may exempt her settlement proceeds from the bankruptcy estate pursuant to Florida Statutes § 222.14. I find that the Debtor is not a beneficiary of the Annuity and the Agreement does not constitute an annuity contract. Therefore, the Debtor is not entitled to exempt the settlement proceeds from the bankruptcy estate pursuant to Florida Statutes § 222.14. Proceeds from an annuity contract are exempt from the bankruptcy estate pursuant to Florida Statutes § 222.14, which in relevant part provides: the 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 . . . who is the beneficiary of such annuity contract, unless . . . the annuity contract was effected for the benefit of such creditor. Fla. Stat. Ch. 222.14 (2005)....

...However, an individual not named as a beneficiary in an annuity contract is not entirely precluded from exemption. The court may still determine that the settlement agreement between an individual and the settling party constitutes an annuity contract qualified for exemption under Florida Statutes § 222.14....

...Under the Agreement, the Debtor receives monthly structured payments of $500.29. However, "the fact that [the Debtor] receive[s] a series of payments under the settlement agreement does not necessarily transform the agreement into an annuity contract exempted by section 222.14." Solomon, 95 F.3d at 1079....

...The Debtor has failed to show that the language of the Agreement intended to create an annuity contract and therefore, she may not exempt the Agreement's proceeds from the bankruptcy estate. CONCLUSION The Debtor was not named a beneficiary of the Annuity as required under Florida Statutes § 222.14....

...m by the Trustee should be overruled and the claim allowed. This leaves for consideration the Debtor's claim of exemption of the proceeds of the life insurance policies which, according to the Debtor, are exempt pursuant to Fla.Stat. §§ 222.13 and 222.14. It should be noted at the outset that Fla.Stat. § 222.14 is clearly inapplicable in that this Statute exempts the debtors interest in annuities and the cash surrender value of life insurance policies and has nothing to do with the proceeds of life insurance policies which is governed by Fla.Stat....

...Counsel for the Debtor relies on the case of In re Zeitz, 171 B.R. 903 (Bankr. S.D.Fla.1994). Even a cursory reading of this case leaves no doubt that this reliance is misplaced. This is so because the claim of exemptions in Zeitz was asserted pursuant to Fla.Stat. § 222.14 and related to an annuity contract rather than to a life insurance policy....

...of creditors of the insured, they are not exempt from the claims of creditors of the beneficiary under the insurance policies. In the case of In re Butcher, 62 B.R. 162 (Bankr.E.D.Tenn.1986), where the claim of exemption was also based on Fla.Stat. § 222.14, the Court noted that while both §§ 222.13 and 222.14 prevents creditors of the insured from reaching the proceeds intended for the beneficiary, these Statutes were not intended to protect such proceeds from the claims of the beneficiary's own creditors....

...Rensin included the same statement in each of his amended schedules. More recently, in May 2018, Mr. Rensin filed a "Debtor's Notice of Filing Amended Schedule C" in which he claimed as exempt the "[p]roceeds of annuity contracts" pursuant to Fla. Stat. § 222.14 ....

...a fraudulent transfer. Mr. Rensin argues that Fla. Stat. § 222.30 does not apply, because Mr. Rensin did not purchase the annuities and because Mr. Rensin did not own the property used to purchase the annuities. The plaintiff argues that Fla. Stat. § 222.14 , which governs exemption of annuity payments, does not apply in this case because *879 the owner of the annuities, the Joren Trust, is not a citizen or resident of Florida....

...Rensin holds irrevocable payment rights under the fixed annuity. He holds payment rights under the variable annuity, subject to the Joren Trustee's right to surrender that contract prior to the annuity starting date. Mr. Rensin claims all of these payment rights as exempt under Fla. Stat. § 222.14 . Florida Statutes § 222.14 provides, in relevant part: "The ......

...Rensin is a "beneficiary" under this provision as he is entitled to payments under the annuities. 1 The Florida annuity exemption protects Florida citizens and residents who receive payments under annuity contracts. At least one court has ruled that section 222.14 requires that the annuity contract also be issued to, and thus owned by, a Florida citizen or resident, even if that person is not receiving the annuity payments....

...The latter view is the majority view and most closely reflects the obvious intent of the statute. It does not matter that the Joren Trust is the owner of the annuity contracts. Mr. Rensin is a citizen and resident of Florida. Mr. Rensin's rights to payment under the annuities are exempt under Fla. Stat. § 222.14 ....

...There are a variety of valid reasons why an annuity contract may be owned by a person other than those entitled to payment. For example, an estate plan may include an annuity contract providing payments to the testator while alive with the remainder paid to a trust that is also designated the owner of the contract. If section 222.14 is interpreted to require the owner of the annuity contract to also be a Florida citizen or resident, this would greatly restrict the selection of a trustee, without any valid purpose....

...Even assuming this is correct, for section 222.30 to apply, the conversion of assets must result in the assets becoming exempt from creditors of the converting party. But the Joren Trust is not a Florida citizen or resident and so obtains no protection under section 222.14....

...law, through 11 U.S.C. § 522(b)(2). Florida law provides that proceeds of annuity contracts are exempt from attachment, garnishment or legal process in favor of any creditor of the person who is the beneficiary of such annuity contract. Fla. Stat. § 222.14 (1998)....

...[2] A companion action was pending in the New York State Court with Fleet Bank as Plaintiff versus Electruk Battery Enterprises, Ltd. and Edward M. States as Defendants. Powerlab's judgment was co-equal with Fleet Bank's judgment as a senior judgment, and Powerlab was a senior judgment creditor co-equal with Fleet Bank. [3] Section 222.14 reads as follows: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process — The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state...

...the "surrender value" or "net surrender value." According to Sawczak, no maturity dates have yet arrived. Before the bankruptcy court, Sawczak objected to Dr. Goldenberg's claim that the annuity contracts were exempt under Fla. Stat. Ann. § 222.142. She argued that § 222.14 did not apply because the contracts were not mature and thus did not constitute "proceeds of annuity contracts" under the statute. The bankruptcy court disagreed and overruled her objection, concluding that Dr. Goldenberg's annuity contracts were exempt from legal process under Fla. Stat. Ann. § 222.14. Sawczak appealed the bankruptcy court's decision to the district court for the Southern District of Florida....

...Goldenberg was not entitled to an exemption as to the $355,894 and that, as a judgment creditor, Sawczak could attempt to reach those assets by process. Dr. Goldenberg appealed, and we expressed no opinion regarding whether annuity contracts fell under Fla. Stat. § 222.14....

...Finding no clear, controlling precedent in the decisions of the Supreme Court of Florida, we certified the following question of law to the Supreme Court of Florida for instruction: "Are the cash surrender values of Dr. Goldenberg's 'annuity contracts' exempt from legal process under Fla. Stat. Ann. § 222.14 (West....

...1998)?" In a unanimous decision, the Florida Supreme Court answered our question in the affirmative. See Goldenberg v. Sawczak, --- So.2d ----, ---- (Fla.2001). The court held that "the proceeds of an annuity contract where there is a surrender penalty are exempt from legal process by virtue of section 222.14." Thus, under Florida law, Dr. Goldenberg's annuity contracts are exempt. It follows from this that the district court erred in concluding that such annuities were not exempt under § 222.14. Accordingly, as to the $355,894 in 2 Florida Statute Annotated § 222.14 states: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents...

...the "surrender value" or "net surrender value." According to Sawczak, no maturity dates have yet arrived. Before the bankruptcy court, Sawczak objected to Dr. Goldenberg's claim that the annuity contracts were exempt under Fla. Stat. Ann. § 222.142 . She argued that§ 222.14 did not apply because the contracts were not mature and thus did not constitute “proceeds of annuity contracts” under the statute. The bankruptcy court disagreed and overruled her objection, concluding that Dr. Goldenberg’s annuity contracts were exempt from legal process under Fla. Stat. Ann. § 222.14. Sawczak appealed the bankruptcy court's decision to the district court for the 2 Florida Statute Annotated § 222.14 states: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever for...

...Goldenberg was not entitled to an exemption as to the $355,894 and that, as a judgment creditor, Sawczak could attempt to reach those assets by process. Dr. Goldenberg appealed, and we expressed no opinion regarding whether annuity contracts fell under Fla. Stat. § 222.14....

...Finding no clear, controlling precedent in the decisions of the Supreme Court of Florida, we certified the following question of law to the Supreme Court of Florida for instruction: “Are the cash surrender values of Dr. Goldenberg’s ‘annuity contracts’ exempt from legal process under Fla. Stat. Ann. § 222.14 (West....

...1998)?” In a unanimous decision, the Florida Supreme Court answered our question in the affirmative. See Goldenberg v. Sawczak, __ So.2d __, 2001 WL 469074, *1 (Fla. 2001). The court held that “the proceeds of an annuity contract where there is a surrender penalty are exempt from legal process by virtue of section 222.14.” Thus, under Florida law, Dr. Goldenberg’s annuity contracts are exempt. It follows from this that the district court erred in concluding that such annuities were 4 not exempt under § 222.14....

...court that the cash surrender values of the annuity contracts were not exempt under 1 Sawczak claims that the earliest maturity date for these annuities falls in the year 2009. 3 Fla. Stat. Ann. § 222.14 (West 1998).2 Applying Florida law,3 the United States Bankruptcy Court for the Southern District of Florida concluded that: Neither the title of [§ 222.14] nor its text distinguishes the proceeds received from a surrender of the annuity contract from the proceeds received after the contract is annuitized....

...Goldenberg did not have annuity contracts until the funds in the annuity account reached maturity. He had, instead, option contracts to buy annuities at a future date which options could be revoked by him at anytime prior to the maturity dates. . . . When the judgment was entered 2 Section 222.14 reads: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and...

...held in the “annuity contracts” and that that money was reachable by process to partially satisfy Sawczak’s judgment. Dr. Goldenberg appeals to this Court arguing that the contracts at issue are in fact annuity contracts exempt under § 222.14 and that the cash surrender values of the annuities are included in the § 222.14 exemption. Sawczak, in turn, makes two alternative arguments to this Court: 1) that Goldenberg did not have “annuity contracts” when he filed for bankruptcy, but only options to buy annuities at future dates which are not exempt under § 222.14, and 2) that § 222.14 exempts only the proceeds of annuity contracts, which does not include cash surrender value....

...law to the Supreme Court of Florida for instructions: 5  ARE THE CASH SURRENDER VALUES OF DR. GOLDENBERG’S “ANNUITY CONTRACTS” EXEMPT FROM LEGAL PROCESS UNDER FLA. STAT. ANN. § 222.14 (WEST 1998)? In certifying this question, we do not intend the particular phrasing of it to limit the court in its consideration of the problem posed by the case....

...Johnson (Johnson) filed her voluntary Petition for Relief under Chapter 7 of the Bankruptcy Code on July 24, 1990, Case No. 90-7217. On her B-4 Schedule, Johnson claimed her interest in an employee profit sharing Plan with Fuller and Lane, M.D., P.A., (Fuller and Lane) as exempt pursuant to Florida Statutes § 222.14, § 222.18, § 222.201, § 222.21; 29 U.S.C....

...ss, disability, death, age or length of service, nor have they argued that the payments are necessary for their support or the support of their dependents. Therefore, any argument in this regard must fail. The Debtor Johnson also relies on Fla.Stat. § 222.14, which deals with the exemption of the cash surrender value of life insurance policies, and Fla.Stat....

..." (Settlement Agreement, ¶ 5.2). 5. On January 28, 1997, Debtor filed a voluntary petition under chapter 13 of the Bankruptcy Code. On his Schedule C, "Property Claimed as Exempt," Debtor claimed the annuity proceeds as exempt under Florida Statute § 222.14....

...nsecured claim is not less than the amount that would be paid on such claim if the estate of the debtor were liquidated under chapter 7 of this title on such date. . . . 11 U.S.C. § 1325(a)(4) (1997). If the annuity proceeds are exempt, pursuant to § 222.14, then the proceeds are not subject to liquidation under a hypothetical chapter 7 case....

...However, a debtor may claim certain property as exempt from the estate. 11 U.S.C. § 522 (1997). Because Florida has opted out of the federal exemption scheme provided in § 522(d), Florida law controls a debtor's exemption rights. FLA.STAT.ANN. § 222.20 (West 1989). Florida Statute § 222.14 provides, in relevant part: 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 who is the beneficiary of such annuity contract. . . . FLA.STAT.ANN. § 222.14 (West 1989). In In re McCollam, 612 So.2d 572 (Fla. 1993), the Florida Supreme Court addressed the definition of annuity contracts in the context of § 222.14....

...Because the debtor was not a party to the annuity contract and therefore had no legal or equitable interest in the annuity, the Court looked at the settlement agreement to determine whether the debtor could successfully claim the agreement as exempt within the meaning of § 222.14....

...The Court concluded that the agreement did not qualify for the exemption despite McCollam's expansive definition of annuity contracts: "[w]e read McCollam to require the existence of an actual annuity contract before a series of payments may be exempt under section 222.14." Id....

...119, 121 (Bankr.M.D.Fla.1994), for the proposition that an annuity must be identified as such within the contract's four corners. In Conner, the issue was whether property settlement payments, provided in a judgment of dissolution of marriage, constituted an annuity contract pursuant to § 222.14....

...However, the debtor was to be designated as the "measuring life" and irrevocable payee under the annuity contract. Id. The court held that because the facts were sufficiently similar to McCollam the debtor was entitled to claim the exemption pursuant to § 222.14. Id. at 778. In addition to determining whether a stream of payments qualifies as annuity proceeds, it must also be determined whether those proceeds are "issued to citizens or residents of the state." This Court has held that § 222.14 does not require the annuity contract to be issued to a resident of Florida....

...rights in the annuity contract. The Trustee's assertion that Debtor is not entitled to claim the proceeds exempt, because the annuity contract was not issued to a Florida resident, is without merit. As discussed previously, this Court has held that § 222.14 merely requires the annuity proceeds to be issued to residents of Florida. See Benedict, 88 B.R. at 389. It is irrelevant for purposes of § 222.14 that the annuity contract itself was issued to a nonresident....

...ayee. Thus, the Court need not examine whether the parties to the Settlement Agreement intended to create an annuity contract. But, this Court must determine whether Metropolitan's right to change the payee causes Debtor to lose his entitlement to a § 222.14 exemption. Debtor's revocable payee status does not prevent him from claiming the annuity proceeds as exempt under § 222.14....

...Rather, the Court examines the facts presently before it, and those facts establish that Debtor is currently the payee under the terms of the annuity contract. Therefore, the annuity proceeds are exempt from the property of the bankruptcy estate pursuant to § 222.14. CONCLUSION Debtor is entitled to claim his interest in the annuity proceeds as exempt under § 222.14....

...rty"; (iii) household goods and furnishings owned by Debtor and his nonfiling spouse, Joyce Mathews ("Mrs.Mathews"); and (iv) stock in First National Bank of Orange Park (the "Stock"). Debtor also claimed as exempt: (i) pursuant to Florida Statutes, § 222.14, an American Express Mutual Fund account (the "Mutual Fund Account") and (ii) as homestead, his and Mrs....

...and Stock are not owned as tenants by the entireties; (ii) the Highway Avenue Property and Picketville Property are not exempt pursuant to §§ 222.29 and 222.30, Florida Statutes; (iii) the Mutual Fund Account is not exempt under Florida Statutes, § 222.14; and (iv) pursuant to 11 U.S.C....

...24.) Both names appear on the Deed with an ampersand between their names. ( Id. ) D. The Mutual Fund Account. On his Schedule B, Debtor listed the Mutual Fund account as jointly owned having a value of $10,659.52. He claimed it as exempt pursuant to Florida Statutes, § 222.14....

...The Trustee's objection to the claim of exemption for the Boat Slip, therefore, is overruled. E. The American Express Mutual Fund. Account is not owned as tenants by the entireties. Debtor claimed the Mutual Fund Account exempt pursuant to Florida Statutes § 222.14, which states that annuities and the cash surrender value of insurance policies are exempt under certain circumstances. FLA. STAT. ANN. § 222.14 (West 2005)....

...In previous rulings, this Court has held that commingled funds, that are traceable to exempt assets, retain their exempt status. In In re Benedict, the Court addressed whether the depositing of annuity contract proceeds in a checking account causes a debtor to lose the exemption provided in Florida Statute § 222.14....

...Sections 403(a) and 403(b) discusses the taxation of employment annuities. 26 U.S.C.A. § 403(a) (1997); 26 U.S.C.A. § 403(b) (1997). Lastly, § 409 pertains to tax credit employee stock ownership plans. 26 U.S.C.A. § 409 (1997). [2] Florida Statute § 222.14 exempts from legal process annuity contracts proceeds issued to Florida citizens or residents. FLA. STAT. ANN. § 222.14 (West 1989)....

...Aetna has not exercised its right to change the payee under the Annuity and for fifteen years, the Debtor has been receiving his Annuity payments. On January 27, 1998 the Debtor filed a joint voluntary petition with his wife under Chapter 7 of the Bankruptcy Code. The Debtor listed the Annuity as exempt under Fla.Stat. § 222.14....

...s exemption rights. Fla.Stat. § 222.20. The issue before the Court is whether the annuity contract exemption provided by Florida law applies here where the Debtor is named only as the payee/beneficiary, but is not the owner of the policy. Fla.Stat. § 222.14 is controlling. In relevant part, section 222.14 provides as follows: The 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 ....

...He contends that the parties intended for the Annuity to be for the benefit of the Debtor and that he has remained the beneficiary since the Annuity was issued. Since he was still the beneficiary under the Annuity when the bankruptcy petition was filed, he claims entitlement to the exemption in § 222.14....

...The bankruptcy and district court concluded that the contract was an annuity contract and held that the proceeds were exempt assets in the debtor beneficiary's bankruptcy case. On further appeal, the 11th Circuit deemed it appropriate for the Florida Supreme Court to determine the scope of the annuity exemption in Fla.Stat. § 222.14....

...It certified the following question to the Florida Supreme Court: Whether, as a matter of law, an annuity contract which is established in lieu of a creditor paying a debtor a lump sum presently owed is exempt from creditor claims in bankruptcy under Fla.Stat. § 222.14....

...Based upon the Florida Supreme Court's decision, the Eleventh Circuit affirmed the district court's holding that the annuity was exempt. In re McCollam, 986 F.2d 436 (11th Cir.1993). The Florida Supreme Court's broad interpretation of the Florida annuity exemption in § 222.14 did not result in blanket approval of exemption claims for all debtors who were receiving payments funded through annuities at the time they filed bankruptcy petitions....

...The debtor filed a Chapter 7 petition on March 24, 1992, and scheduled as exempt the twelve remaining annual payments of $128,105.17 owed by the State of Connecticut to complete the 20 year payout of her prize. Pizzi claimed the income was exempt under the annuity exemption in Fla.Stat. § 222.14....

...tlement agreement. Under the annuity contract, Union Mutual was named as the payee. The debtor was not a party to the annuity contract. In December, 1993, the debtor filed a chapter 7 bankruptcy and listed the annuity as exempt pursuant to Fla.Stat. § 222.14....

...The Eleventh Circuit reasoned that the statute does not function to shield all transactions which are made to resemble annuity contracts. Instead, the Court interpreted McCollam "to require the existence of an actual annuity contract before a series of payments may be exempt under § 222.14." Id....

...m the proceeds as exempt. B. Aetna's Legal Right to Remove the Debtor as Beneficiary Does Not Defeat the Claim of Exemption The Florida exemption applies to "the proceeds of annuity contracts issued to citizens or residents of the state." Fla. Stat. § 222.14 (emphasis added)....

...able with the owner having the right to designate an alternative payee. The payments began and the debtor subsequently filed a voluntary petition under Chapter 13 of the Bankruptcy Code. The Debtor claimed the annuity proceeds exempt under Fla.Stat. § 222.14. The trustee objected. *223 The court in Bennett held that debtor's "revocable payee status does not prevent him from claiming the annuity proceeds as exempt under § 222.14." 217 B.R....

...Rather, the Court examines the facts presently before it, and those facts establish that Debtor is currently the payee under the terms of the annuity contract. Therefore, the annuity proceeds are exempt from the property of the bankruptcy estate pursuant to § 222.14....

...However, at the time of filing his joint bankruptcy petition, the Debtor was still listed as the "Payee" on the Annuity and the "Owner" had not taken any action to change that status. Therefore, the Debtor is entitled to claim the proceeds from the Annuity as exempt under § 222.14. Conclusion Section 222.14 of the Florida Statutes allows debtors to exempt the payments received under annuity contracts....

...The Debtor is the named payee/annuitant of an annuity contract that was purchased to fund payments owed under a structured settlement agreement. That is all that is necessary to entitle the Debtor to claim his interest in the annuity payments as exempt under section 222.14....

...The Trustee's Objection to Amended Exemptions and Application for Turnover from Debtor and Aetna Casualty and Surety Company is overruled. 2. The Debtor's interest in the payments received under the annuity contract is exempt pursuant to Fla.Stat. § 222.14.

..., and since Ward is a resident of California, the statute is not available to him and the trial judge erred in dissolving the writ. Appellant contends that Slatcoff v. Dezen 1 implies that garnishment would lie in the absence of a situation in which Section 222.14 was applicable....

...f the insured cannot obtain same by garnishment proceedings until the option has been exercised because there is no such present fixed liability or existing indebtedness as is requisite to the maintenance of garnishment. Long before the enactment of Section 222.14 this principal was adopted by the Florida Supreme Court in West Florida Grocery Co....

...der converting the case to Chapter 7 on January 20, 1993. On March 17,1993, the Debtor filed an Amendment to his Schedule E-4, again claiming as exempt the Plan pursuant to Art. X, § 4 of the Florida Constitution, and additionally, Florida Statutes § 222.14 and § 522(d)(10) of the Bankruptcy Code made applicable by Florida Statutes § 222.201....

...e as follows. On May 8, 1990, the Debtors filed their first Petition for Relief under Chapter 7 of the Bankruptcy Code. In the Schedules submitted with their Petition, the Debtors claimed as exempt an annuity valued at $175,000.00 based on Fla.Stat. § 222.14 and § 222.18....

...That order overruled the trustee’s objection to the debtor’s claimed exemption under Florida law of the annuity contract (then worth $98,477), which he subsequently withdrew in cash. That order is presently on appeal by the trustee, but it has not been stayed. Therefore, it is presumptively valid. The Florida statute, § 222.14 exempts from the claims of creditors not only the proceeds of annuity contracts, but also the cash surrender value....

completely exempt from garnishment pursuant to section 222.14, Florida Statutes (1997).1 Mass Mutual asserted

...The trustee relies on the decision of In re Hudspeth, 92 B.R. 827 (Bankr. W.D.Ark.1988) which held a statute similar to § 222.21 as invalid under the Arkansas Constitution. In In re Wines, 113 B.R. 787, this Court ruled upon a similar challenge to the constitutionality of Florida Statute § 222.14 which declares as exempt, without limitation as to dollar amount, the cash surrender value of insurance policies and annuities....

...Although in Wines the trustee and objecting creditor questioned the constitutionality of a different statute, the grounds asserted by the objectors in that case are the same being raised by the trustee in this instance. In Wines, this Court held that Florida Statute § 222.14 was not violative of the Florida Constitution....

TORPY, C.J. The question we deem dispositive in this case is whether the proceeds of certain annuity contracts are exempt from garnishment pursuant to section 222.14, Florida Statutes (2013)....

...Appellant then filed a motion to dissolve the writs, asserting the statutory exemption based on her beneficial interest in the annuities. After hearing, the lower court concluded that Appellant was not the “beneficiary” of the proceeds, pursuant to section 222.14, because she was not the named annuitant. Consequently, it denied her motion to dissolve the writs. This appeal timely followed. Because we hold that Appellant was the beneficiary of the annuities, we reverse. Section 222.14 provides an exemption from garnishment for the proceeds of an annuity contract in favor of the “beneficiary of such annuity contract.” The term beneficiary is not defined in chapter 222....

...Id. at 359 . The annuity contract issued by Met Life listed the State of Connecticut as the owner and beneficiary of the contract. Id. The debtor subsequently filed bankruptcy in Florida and sought to exempt the proceeds of the annuity contract under section 222.14....

...as past lost wages or earning ability” ($130,000.00). (Doc. # 1-2, Doc. # 1-15, Doc. # 12 at 11-12). According to Chesley, the “monetary assets” were exempt from creditors’ claims as “disability income benefits” pursuant to Fla. Stat. §§ 222.14 , 222.18, 222.201, and the liquid assets were exempt under 11 ' U.S.C....

...y insurance policy or were specifically for disability income benefits, as occurred in Zuckerman. See also (Doc. # 1-26 at 14-15). Moreover, Goldenberg v. Sawczak, 791 So.2d 1078, 1079 (Fla.2001), dealt with a certified question involving Fla. Stat. § 222.14 , which Chesley concedes is inapplicable to the instant action....

...de may be claimed as exempt under Florida law and the Bankruptcy Code.” Id. In making its determination that annuities issued pursuant to terms of structured settlements could be exempt, the Court focused on the exemptions provided in Fla. Stat. §§ 222.14 and 222.11, which ..are inapplicable to the present action....

...Woodard as the Chapter 7 Trustee on November 21, 2013. (Id. at Doc. #484). .Therefore, Susan K. Woodard is the Appellee in this action. . In the Bankruptcy Court case, Chesley conceded in his response to the motion for summary judgment that Fla. Stat. § 222.14 and 11 U.S.C § 522(d) do not apply....

...the “surrender value” or “net surrender value.” According to Sawczak, no maturity dates have yet arrived. Before the bankruptcy court, Sawczak objected to Dr. Goldenberg’s claim that the annuity contracts were exempt under Fla. Stat. Ann. § 222.14 2 . She argued that § 222.14 did not apply because the contracts were not mature and thus did not constitute “proceeds of annuity contracts” under the statute. The bankruptcy court disagreed and overruled her objection, concluding that Dr. Goldenberg’s annuity contracts were exempt from legal process under Fla. Stat. Ann. § 222.14 ....

...Gold-enberg was not entitled to an exemption as to the $355,894 and that, as a judgment creditor, Sawczak could attempt to reach those assets by process. Dr. Goldenberg appealed, and we expressed no opinion regarding whether annuity contracts fell under Fla. Stat. § 222.14 ....

...Finding no clear, controlling precedent in the decisions of the Supreme Court of Florida, we certified the following question of law to the Supreme Court of Florida for instruction: “Are the cash surrender values of Dr. Goldenberg’s ‘annuity contracts’ exempt from legal process under Fla. Stat. Ann. § 222.14 (West....

...1998)?” In a unanimous decision, the Florida Supreme Court answered our question in the affirmative. See Goldenberg v. Sawczak, — So.2d -, -, 2001 WL 469074, *1 (Fla.2001). The court held that “the proceeds of an annuity contract where there is a surrender penalty are exempt from legal process by virtue of section 222.14.” Thus, under Florida law, Dr. *1274 Goldenberg’s annuity contracts are exempt. It follows from this that the district court erred in concluding that such annuities were not exempt under § 222.14....

...pholding the exempt status of Dr. Goldenberg's $2,546,319 in IRAs. See In re Goldenberg, 218 F.3d at 1266. That affirmance is not affected by the instant decision reversing on the issue of $355,894 in annuity contracts. 2 . Florida Statute Annotated § 222.14 states: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in an...

...ty of the estate. (Main, Case Doc. 11). 11. This Court held a hearing on Plaintiffs objection to Defendant’s claim of exemptions on July 18 and 19, 1996, and subsequently ruled, inter alia, that the Mass Mutual IRA was exempt under Florida Statute § 222.14....

...396, 399 (Bankr.E.D.Va.1992). One of the goals of Chapter 7 is the liquidation of nonexempt assets by the Chapter 7 Trustee for the benefit of the debtor’s creditors. This Court has previously held that the Mass Mutual IRA is exempt under Florida Statute § 222.14....

...ecured. Debtor lists a homestead valued at $45,-000.00 with a secured claim of $29,441.11 for a first mortgage on his home. Debt- or’s Schedule C — Property Claimed as Exempt lists the Prudential Annuity as an exempt asset under Florida Statutes § 222.14 and having a current market value of $325,000.00....

...m. c. Objection to Exemption Wentworth’s Objection to Exemptions is also before the Court. Annuities used to fund structured settlement agreements have been found not to fall within Florida’s exemptions for annuities provided in Florida Statutes § 222.14....

...However, upon the distinguishable facts of this case 14 and the broad interpretation of the meaning of annuity by the Supreme Court of Florida, the Court finds that any interest that Debtor did not sell under the Purchase Agreement and amendments thereto is exempt property under Florida Statutes § 222.14....

...of J.G. Wentworth, S.S.C., Limited Partnership. *694 2. Annuity payments and the right to receive such payments, not included in the Purchase Agreement and amendments thereto are exempt property belonging solely to Debtor pursuant to Florida States § 222.14....

...therwise. . Wentworth has the burden of proving that *692 the debt should be excepted from Debtor’s discharge by a preponderance of the evidence. Grogan v. Garner, 498 U.S. 279, 291 , 111 S.Ct. 654, 661 , 112 L.Ed.2d 755 (1991). . Florida Statutes § 222.14 states: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, shall not in an...

...n 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. Fla.Stat. § 222.14 (West 1998). . The Solomon case is factually distinguishable from this case. See In re Solomon, 166 B.R. 998 (Bankr.S.D.Fla.1994). Both cases involved claims for exemptions under Florida Statutes § 222.14 for annuities purchased by parties to whom the debtors released liability and settled claims....

...Residents of the State of Florida are subject to Florida’s own set of exemptions under the Homestead protection of Article X, Section 4 of the Florida Constitution. In re Benedict, 88 B.R. 387, 389 (M.D.Fla.1988). These exemptions are the sole protection for Florida debtors. Id. Florida Statute § 222.14, under the Homestead and Exemptions chapter, specifically provides that: The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citize...

...vor 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. Fla.Stat.Ann. § 222.14 (West 1990) (emphasis added)....

...See, General Release and Settlement Agreement between Paula Lea Coombs (McCo-llam), et al. and Travelers Insurance Co., et al., dated July 9, 1985. The Court, therefore, concludes that McCollam’s annuity contract is exempt property under the Homestead protection of Florida Statute § 222.14, and that as a creditor of McCollam, LeCroy cannot at *131 tach, garnish or serve legal process against McCollam’s annuity contract....

...The appellant’s argument over the semantics behind the term “proceeds” do not carry any weight, as the settlement agreement clearly entitles McCollam to payments under the annuity. There is no dispute that McCollam is a Florida resident. McCollam is the named beneficiary in the annuity policy and is protected by § 222.14....

...’s entitlement to statutory exemption. The creditor’s arguments in his reply brief similarly do not compel this Court to remove McCollam’s annuity proceeds from statutory exemption. The annuity itself is not what is exempted by Florida Statute § 222.14....

...The proceeds from the annuity contracts, because they are paid directly to a beneficiary who is a Florida resident, are protected by the exemption. The fact remains, therefore, that debtor McCollam meets the statutory requirements of Florida Statute § 222.14....

...tes Bankruptcy Code. After the case was filed, Francis Williams died. Dorothy Williams then became entitled to $25,000 as a beneficiary of Francis Williams' life insurance policy. The Debtor has claimed these proceeds as exempt under Florida Statute Section 222.14. Section 222.14 provides — *663 The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and the proceeds of annuity contracts issued to citizens or residents of the state, upon whatever form, s...

...The Annuity Contracts Sawczak objected to Goldenberg's claim of exempt status with respect to the annuities, "to the extent of the surrender value of each." She argued to the bankruptcy court that the cash surrender values of the annuity contracts were not exempt under Fla. Stat. Ann. § 222.14 (West 1998).2 Applying Florida law,3 the United States Bankruptcy Court for the Southern District of Florida concluded that: Neither the title of [§ 222.14] nor its text distinguishes the proceeds received from a surrender of the annuity contract from the proceeds received after the contract is annuitized.......

...life insurance policy. Accordingly, the bankruptcy court overruled Sawczak's objection and upheld Goldenberg's exemption. 1 Sawczak claims that the earliest maturity date for these annuities falls in the year 2009. 2 Section 222.14 reads: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process The cash surrender values of life insurance policies issued upon the lives of citizens or...

...,894 held in the "annuity contracts" and that that money was reachable by process to partially satisfy Sawczak's judgment. Dr. Goldenberg appeals to this Court arguing that the contracts at issue are in fact annuity contracts exempt under § 222.14 and that the cash surrender values of the annuities are included in the § 222.14 exemption. Sawczak, in turn, makes two alternative arguments to this Court: 1) that Goldenberg did not have "annuity contracts" when he filed for bankruptcy, but only options to buy annuities at future dates which are not exempt under § 222.14, and 2) that § 222.14 exempts only the proceeds of annuity contracts, which does not include cash surrender value....

...reme Court of Florida, we certify the following question of law to the Supreme Court of Florida for instructions: ARE THE CASH SURRENDER VALUES OF DR. GOLDENBERG'S "ANNUITY CONTRACTS" EXEMPT FROM LEGAL PROCESS UNDER FLA. STAT. ANN. § 222.14 (WEST 1998)? In certifying this question, we do not intend the particular phrasing of it to limit the court in its consideration of the problem posed by the case....

cause of action is created.” 16 Couch on Insurance § 222:14 (3d ed. 2013). In the instant action, Steadfast

...rom Chapter 7 Trustee. The Motion was filed by the Debtor, Ray W.Holt. The issue in this case is whether certain monthly amounts payable to the Debtor pursuant to a Promissory Note constitute the proceeds of an annuity contract within the meaning of § 222.14 of the Florida Statutes. The Court finds that the Promissory Note is not an annuity contract, and that the proceeds of the Note are not exempt from property of the Debtor's Chapter 7 estate pursuant to Fla. Stat. § 222.14....

...stee. The Debtor subsequently filed the Motion for Replevin of Annuity from Chapter 7 Trustee that is currently before the Court. (Doc. 30). In the Motion for Replevin, the Debtor contends that the Promissory Note is an annuity within the meaning of § 222.14 of the Florida Statutes, and that the proceeds of the annuity are therefore exempt from property of his Chapter 7 estate. Discussion The issue in this case is whether the Promissory Note constitutes an annuity contract within the meaning of § 222.14 *781 of the Florida Statutes. Section 222.14 provides: 222.14....

...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. Fla. Stat. 222.14....

...Generally, an annuity contract is a "right to receive fixed, periodic payments, either for life or for a term of years." In re McCollam, 612 So.2d 572, 574 (Fla.1993)(quoting Black's Law Dictionary 90 (6th ed.1990)). If the Promissory Note in this case constitutes an annuity contract within the meaning of § 222.14, the Debtor may exempt the proceeds of the Note from his bankruptcy estate....

...Pursuant to the settlement agreement, the insurance company was required to make monthly payments to the individual for a period of ten years. In re Solomon, 95 F.3d at 1077. The individual subsequently filed a chapter 7 petition and claimed the settlement agreement as exempt in his bankruptcy case pursuant to § 222.14 of the Florida Statutes. A creditor objected to the claimed exemption, and the issue presented to the Eleventh Circuit Court of Appeals was whether the debtor's settlement agreement with the insurance company constituted an annuity contract within the meaning of § 222.14....

...[T]he statute does not shield all debts or "accounts receivable" structured to resemble annuities from a debtor's bankruptcy estate. We read McCollam to require the existence of an actual annuity contract before a series of payments may be exempt under section 222.14....

...contract. Id. at 1079. In a subsequent case, the Bankruptcy Court applied the Eleventh Circuit's reasoning in Solomon to determine that a Chapter 7 debtor was not entitled to exempt certain settlement proceeds from her bankruptcy estate pursuant to § 222.14 of the Florida Statutes....

...The Court finds that parties did not intend to create an annuity contract when they executed the Promissory Note. Conclusion The issue in this case is whether a Promissory Note made payable to the Debtor is an annuity contract within the meaning of § 222.14 of the Florida Statutes. The Court finds that the Promissory Note is not an annuity contract, and that the proceeds of the Note are not exempt from property of the Debtor's Chapter 7 estate pursuant to Fla. Stat. 222.14....

...*827 The preservation of the Florida exemptions in the bankruptcy arena is well documented in the case law. In In re Benedict, 88 B.R. 390 (Bankr.M.D.Fla.1988), Judge Proctor examined the exempt status of the proceeds of an annuity arising from a personal injury settlement. He held that the exemption contained in F.S. § 222.14 exempted the proceeds of the annuity contract from legal process, and that such traceable funds, when deposited into a bank account, retained their exempt status....

...ode. On Schedule C, Debtors claimed exempt a $30,000 Annuity ("Annuity") which they received from State Farm Insurance Company as part of a $59,000 settlement on an auto insurance claim. [1] The Annuity was claimed exempt pursuant to Florida Statute 222.14....

...NOTES [1] Under the terms of the $59,000 settlement, $19,664.70 went to pay Debtors' attorney, $800 went to the mediator, $8,535.30 went directly to Debtors, and $30,000 was placed into an Annuity with the proceeds payable to Debtors. [2] Florida Statute 222.14 provides in pertinent part: The cash surrender values of ....

...The value of the Fidelity IRA is stated as of ’ February 28, 2014 and reflects the entire value of the IRA, not just the Debtor’s one-half interest. (Trustee’s Exhibits 6, 9.) . (Amended Schedule C, Doc. No. 23.) See Fla. Stat. §§ 222.21 (2), 222.14....

...834, 840 (Bankr.M.D.Fla.1998). . 11 U.S.C. § 522 (b)(2), (3). The domicile test laid out in § 522(c)(3)(A) dictates which state's exemptions apply. Here, Florida exemptions apply. . Fla. Stat. § 222.20 (2) (2014). . Swarup also claimed her interests as exempt under § 222.14 of the Florida Statutes....

...In re Turner, 332 B.R. 461, 464 (Bankr.N.D.Fla.2005) (holding that debtor could not be considered a beneficiary to an annuity because she was not the named beneficiary of the annuity). As such, the Debtor cannot claim the Accounts as exempt under Florida Statute Section 222.14....

...nd Conclusions of Law. FINDINGS OF FACT Debtors are residents of the State of Florida. On Schedule C of their bankruptcy petition, Debtors claimed the cash surrender value of the following six life insurance policies as exempt pursuant to Fla. Stat. § 222.14 : Policy Number 1-Jackson National Life-Debtor Charles V....

...Lowery holds only legal title to policies 4 and 5 as trustee for William C. Lowery, II and Chance V. Lowery. *319 CONCLUSIONS OF LAW Debtors seek summary judgment in their favor as to policies 1, 2, 4, 5, and 6. 1 Debtors argue that the cash surrender value of policies 1, 2, and 6 is exempt pursuant to § 222.14 of the Florida Statutes....

...the beneficial interest is held by William C. Lowery, II and Chance V. Lowery, Debtors’ grandsons. Cadle seeks summary judgment as to policies 1-6. Cadle argues the cash surrender value of policies 2 and 6 is not exempt because the requirements of § 222.14 are not satisfied. Cadle does not dispute that policy 1 satisfies the requirements of § 222.14 but asserts that most of the cash surrender value of the policy was created by a series of fraudulent transfers or the conversion of non-exempt funds into exempt assets in contravention of §§ 222.29 and 222.30 of the Florida Statutes....

...A nonmoving party must do more than simply show that there is some metaphysical doubt as to the material facts. See id. Therefore, the burden is on Debtors to show that there is no genuine dispute over the qualification of policies 1, 2 and 6 as exempt pursuant to § 222.14 of the Florida Statutes and that there is no genuine dispute that policies 4 and 5 are held in a trust by Debtor Charles V. Lowery and are therefore not property of the estate. The burden is on Cadle to show there is no genuine dispute that policies 2 and 6 do not qualify as exempt pursuant to § 222.14 and that there is no genuine dispute that the cash surrender value of policy 1 resulted from a fraudulent conveyance or the conversion of non-exempt assets into exempt life insurance. Finally, Cadle must show there is no genuine dispute that poli *320 cies 4 and 5 are not held in a trust and are therefore property of the estate. Fla. Stat. § 222.14 provides as follows: Exemption of cash surrender value of life insurance policies and annuity contracts from legal process The cash surrender values of life insurance policies issued upon the lives of citizens or residents of the state and...

...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. Fla. Stat. § 222.14 . Policies 2 and 6 Debtors contend they are entitled to summary judgment as to policies 2 and 6 because they are both residents of Florida and Cadle is a creditor of the person whose life is insured by the policy. Cadle argues that § 222.14 requires that the owner of the policy claiming the exemption must be identical to the insured....

...In Butcher , the trustee objected to a debtor’s claim of exemption of the cash surrender value of certain life insurance policies because the debtor, who was the owner and beneficiary of the policy, was not the insured. The debtor argued that the purpose of § 222.14 was to protect the cash surrender value of insurance policies from creditors of all policy owners, not just owner-insureds....

...prevents] creditors of the insured from reaching proceeds intended for the beneficiary. Th[i]s[ ] statute[ ][was] obviously not intended to protect such proceeds from the claims of the beneficiary’s own creditors. This court does not believe ... that § 222.14 was intended to prevent a creditor of the beneficiary from reaching the cash surrender value of the policy where the beneficiary, by virtue of ownership of the policy, has a right to those proceeds prior to the insured’s death.” (emphasis in original). Id. at 168-169. The Court holds that § 222.14 only exempts the cash surrender value of life insurance policies of which the debtor is both the owner and the insured....

...There is therefore no genuine issue of material fact as to policy 6. The Court will therefore grant Cadle’s Cross Motion for Summary Judgment as to policies 2 and 6. The cash surrender value of Policies 2 and 6 is not exempt. Policy 1 It is clear that Policy 1 satisfies the requirements of § 222.14....

...se the issue as to those policies is whether they are property of the estate, not whether they are exempt. Debtors are not claiming policies 4 and 5 as exempt. Debtors acknowledge that the insured are not residents of Florida and the requirements of § 222.14 are therefore not met....

...The Court will enter an order sustaining Cadle’s objection to policy 3. The Court will enter a separate order consistent with these Findings of Fact and Conclusions of Law. . Debtors concede that Cadle is entitled to an order sustaining its objection to the exemption of policy 3. Section 222.14 exempts the cash surrender value of life insurance policies from the claims of a creditor of the person whose life is insured. Because the insured, Steven P. Lowery, is not a debtor, § 222.14 is not satisfied....

...s and these attempts to do so are forcefully resisted by the debtor. The controversy over lottery winnings is usually presented in this State in the form of a challenge of the debtor’s right to claim the winnings as exempt based on Florida Statute 222.14 which exempts “the proceeds of annuity contracts issued to citizens or residents of this state, upon whatever form ...” Fla. Stat. 222.14....

...The State Board of Administration does not purchase annuity contracts and use the proceeds to pay lottery winners. On March 10, 1998, the Debtor filed his Petition for Relief under Chapter 11 of the Bankruptcy Code. On Schedule C filed with the Petition, the Debtor claimed his lottery winnings exempt pursuant to Fla. Stat. § 222.14 ....

...It is the Debtor’s contention that based on the clear unambiguous language of the Statute, the installment payments to be received form the State Board of Administration during the next twenty years are annuity payments, exempt under Florida Statute 222.14 which provides, ......

...annuity contract was effected for the benefit of such creditor. Based on this language, some courts have concluded that all installment payments in settlement of a claim of the debtor are deemed to be within the protection provided by Florida Statute 222.14....

...the parties to the agreement did not intend for the settlement agreement to be an annuity. The Court agreed with the Pizzi Court, which held that there must be an actual annuity contract before the payments may be exempt pursuant to Florida Statute 222.14....

...The Eleventh Circuit Court of Appeals had an occasion to revisit the issue in In re *507 Solomon, 95 F.3d 1076 (11th Cir.1996), stating that McCollam required the existence of an actual annuity contract before a series of payments may be exempt under Florida Statute 222.14....

...sform the settlement agreement into an annuity contract. Based on the holdings, of McCollam, supra and Solomon, supra, it is evident that the periodic payments that the Debtor is to receive do not fall within the exemption provided for by Fla. Stat. 222.14....