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CGA - When is the final payment?

  • 1.  CGA - When is the final payment?

    Posted 27 days ago
    One of our CGA annuitants passed away in September - before the end of the 3rd quarter. But we learned of her passing well into October - after we had issued the 3rd quarter payment. Our CGA contract specifies that the "agreement shall terminate with the regular payment next preceding the death of the last surviving donor." We take the phrase next preceding to mean that the payment immediately before - in this case, the 2nd quarter payment - should be the last. The trustee for the donor's estate disagrees, insisting that the agreement terminates after the payment following the death of the donor.

    Does anyone know of any specific legal or otherwise standard understanding of the phrase next preceding that can help us clear up this situation? Several internet searches didn't yield anything specific, at least not in the context of CGAs.  Thanks very much.

    Jason Black
    Columbia College

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    Jason Black
    Director of Advancement Services
    Columbia College
    jdblack@ccis.edu
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  • 2.  RE: CGA - When is the final payment?

    Posted 27 days ago
    Next preceding is a synonym for immediately preceding.  It's pretty common in statutory writing. 

    Isaac Shalev
    Data Strategy Expert
    (917) 859-0151
    isaac@sage70.com

    Autocorrect was used in composting this email, please excuse any typos