The Vermont Statutes Online
Commerce and Trade
TRANSFERS OF STRUCTURED SETTLEMENTS
2480gg. General provisions; construction
provisions of this subchapter may not be waived by any payee.
(b) Any transfer
agreement entered into on or after the effective date of this subchapter by a
payee who resides in this State shall provide that disputes under such transfer
agreement, including any claim that the payee has breached the agreement, shall
be determined in and under the laws of this State. No such transfer agreement
shall authorize the transferee or any other party to confess judgment or
consent to entry of judgment against the payee.
(c) No transfer
of structured settlement payment rights shall extend to any payments that are
life-contingent unless, prior to the date on which the payee signs the transfer
agreement, the transferee has established and has agreed to maintain procedures
reasonably satisfactory to the annuity issuer and the structured settlement
confirming the payee's survival; and
(2) giving the
annuity issuer and the structured settlement obligor prompt written notice in
the event of the payee's death.
(d) No payee who
proposes to make a transfer of structured settlement payment rights shall incur
any penalty, forfeit any application fee or other payment, or otherwise incur
any liability to the proposed transferee or any assignee based on any failure
of such transfer to satisfy the conditions of this subchapter.
contained in this subchapter shall be construed to authorize any transfer of
structured settlement payment rights in contravention of any law or to imply
that any transfer under a transfer agreement entered into prior to the
effective date of this subchapter is valid or invalid.
with the requirements set forth in section 2480cc of this title and fulfillment
of the conditions set forth in section 2480dd of this title shall be solely the
responsibility of the transferee in any transfer of structured settlement
payment rights, and neither the structured settlement obligor nor the annuity
issuer shall bear any responsibility for or any liability arising from
noncompliance with such requirements or failure to fulfill such conditions.
(Added 2011, No. 168 (Adj. Sess.), § 1.)