§2480ee. Effects of transfer of structured settlement payment rights

Link to law: http://legislature.vermont.gov/statutes/section/09/063/e2480ee
Published: 2015

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Title

09

:
Commerce and Trade






Chapter

063

:
CONSUMER PROTECTION






Subchapter

005
:
TRANSFERS OF STRUCTURED SETTLEMENTS










 

§

2480ee. Effects of transfer of structured settlement payment rights

Following a

transfer of structured settlement payment rights under this subchapter:

(1) The

structured settlement obligor and the annuity issuer shall, as to all parties

except the 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 annuity

issuer:

(A) if the

transfer contravenes the terms of the structured settlement for any taxes

incurred by such parties as a consequence of the transfer; and

(B) for any

other liabilities or costs, including reasonable costs and attorney's fees,

arising from compliance by such parties with the order of the court or arising

as a consequence of the transferee's failure to comply with this subchapter;

(3) Neither the

annuity issuer nor the structured settlement obligor may be required to divide

any periodic payment between the payee and any transferee or assignee or

between two or more transferees or assignees; and

(4) Any further

transfer of structured settlement payment rights by the payee may be made only

after compliance with all of the requirements of this subchapter. (Added 2011,

No. 168 (Adj. Sess.), § 1.)
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