33-20-1405. Obligations after transfer. After the transfer of a structured settlement payment right pursuant to this part:
(1) the structured settlement obligor and the annuity issuer are discharged and released from liability for the transferred payments to all parties except to 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 tax incurred by the structured settlement obligor or annuity issuer as a consequence of the transfer; and
(b) for any other liability or cost, including reasonable costs and attorney fees, arising:
(i) from compliance by the structured settlement obligor and annuity issuer with the order of the court or responsible administrative authority; or
(ii) as a consequence of the transferee's failure to comply with this part; and
(3) neither the structured settlement obligor nor the annuity issuer may be required to divide a periodic payment between a payee and a transferee or assignee or between two or more transferees or assignees.
History: En. Sec. 5, Ch. 351, L. 2005.