(1) Following a transfer of a structured settlement payment right pursuant to this article:
The structured settlement obligor and the annuity issuer shall, as to all parties exceptthe transferee, be discharged and released from all liability for the transferred payments;
The transferee shall be liable to the structured settlement obligor and the annuityissuer:
If the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and
For any other liabilities or costs, including reasonable costs and attorney fees, arisingfrom compliance by such parties with the order of the court or responsible administrative authority or arising as a consequence of the transferee's failure to comply with the provisions of this article;
Neither the annuity issuer nor the structured settlement obligor may be required todivide any periodic payment between the payee and a transferee or assignee or between two or more transferees or assignees; and
Any further transfer of structured settlement payment rights by the payee may bemade only after compliance with all of the requirements of this article.
Source: L. 2004: Entire article added, p. 497, § 1, effective July 1.