32-03.4-04. Effects of transfer of structured settlement payment rights

32-03.4-04. 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 are discharged and released

from all liability for the transferred payments as to all parties except the transferee;

2. The transferee is 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 those 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 those parties with the order of the court or arising as a

consequence of the transferee's failure to comply with this chapter;

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 chapter.