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The Vermont Statutes Online
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.)