78B-6-1505 - Effects of transfer of structured settlement payment rights.
78B-6-1505. Effects of transfer of structured settlement payment rights.
Following a transfer of structured settlement payment rights under this chapter:
(1) The structured settlement obligor and the annuity issuer shall, as to all parties exceptthe transferee, be discharged and released from any and all liability for the transferred payments.
(2) The transferee shall be liable to the structured settlement obligor and the annuityissuer:
(a) if the transfer contravenes the terms of the structured settlement, for any taxesincurred by the parties as a consequence of the transfer; and
(b) for any other liabilities or costs, including reasonable costs and attorney fees, arisingfrom compliance by the parties with the order of the court or arising as a consequence of thetransferee's failure to comply with this part.
(3) Neither the annuity issuer nor the structured settlement obligor may be required todivide any periodic payment between the payee and any transferee or assignee or between two ormore transferees or assignees.
(4) Any further transfer of structured settlement payment rights by the payee may bemade only after compliance with all of the requirements of this part.
Renumbered and Amended by Chapter 3, 2008 General Session