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Has the lottery ever failed to pay annuity?

Topic closed. 9 replies. Last post 4 years ago by KY Floyd.

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redhot7's avatar - SetforLifeLogo
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Posted: April 14, 2013, 4:04 pm - IP Logged

Have they ever failed to play annuity to lottery winners through no fault of the winners?

Please note that I am only interested in historical facts of this very question and not a political discussion.

    helpmewin's avatar - dandy
    u$a
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    Posted: April 14, 2013, 4:29 pm - IP Logged

    you mean pay? Not that i know of Smiley

    Let it Snow Snowman

      redhot7's avatar - SetforLifeLogo
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      Posted: April 14, 2013, 4:34 pm - IP Logged

      you mean pay? Not that i know of Smiley

      Ooops, my bad. Embarassed You are right. I meant pay and not play.

        helpmewin's avatar - dandy
        u$a
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        Posted: April 14, 2013, 4:37 pm - IP Logged

        Ooops, my bad. Embarassed You are right. I meant pay and not play.

        See Ya!I Like the idea of annuity payments that way i get all the winnings and not just HalfHurray! whoa i am getting excited about that right now.

        Let it Snow Snowman

          BobP's avatar - bobp avatar.png
          Dump Water Florida
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          Posted: April 14, 2013, 4:45 pm - IP Logged


          I have never heard of an official government run lottery failing to buy an annunity for their jackpot winner. 

          I have never heard of an annunity company failing to make payments to the winner except where the court has ordered back taxes,  child support, welfare payments to be subtracted, etc.

          In my opinion much of what could happen would be dependent on the contract agreed to and the official rules of that particular lottery (not the partial stuff on the website).

          There is the one famous case out there where the Texas lottery refused to pay a jackpot on a ticket purchased out of state throught a butler service. 

          BobP

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            NASHVILLE, TENN
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            Posted: April 14, 2013, 4:50 pm - IP Logged

            Yes, many long years ago.  When annuity was the only way the jackpot was awarded, Illinois gave the money to some private investment firm.  This firm went bankrupt a few years later, leaving the Lotto winner holding an empty bag.  The winner sued the lottery commission.  I have no idea how the case was decided but I would wager my next powerball ticket the winner left court holding an two empty bags.

              redhot7's avatar - SetforLifeLogo
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              Posted: April 14, 2013, 4:56 pm - IP Logged

              Yes, many long years ago.  When annuity was the only way the jackpot was awarded, Illinois gave the money to some private investment firm.  This firm went bankrupt a few years later, leaving the Lotto winner holding an empty bag.  The winner sued the lottery commission.  I have no idea how the case was decided but I would wager my next powerball ticket the winner left court holding an two empty bags.

              Nowadays, is lottery restricted to invest only at US Government Bonds instead of a private company?

                noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
                Bay Area - California
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                Posted: April 14, 2013, 5:02 pm - IP Logged

                Have they ever failed to play annuity to lottery winners through no fault of the winners?

                Please note that I am only interested in historical facts of this very question and not a political discussion.

                Cannot happen with the major ones - MM/PB.Others l know not of.
                Unlike a bank which only pays you out up to $100, 000 if it bellies up. Had you put $200, 000 in that bank- your other $100, 000 is history and gone forever like it never existed.  Motto being: Never put all your eggs in one basket..or one bank.
                That's a fact Jack.

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                  NASHVILLE, TENN
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                  Posted: April 15, 2013, 9:43 am - IP Logged

                  I was hoping a member would clarify my previos post.  Whereas I believe Illinois is the State involved, I could be mistaken.  And I would like to know the outcome of the legal suit.

                   

                  And I believe the game involved was not PB or MMbit but Illinois' P6 game.

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                    NY
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                    Posted: April 16, 2013, 12:44 am - IP Logged

                    Lottery prizes are offered by the state lotteries, and the state lotteries are responsible for making sure that winners are paid. It's possible that a state lottery has bought an annuity from a private firm that was unable to make the payments, but if that ever happened the state lottery would then be responsible for making the payments.