General Obligations Law 5-1707 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 5-1706 Approval of transfers of structured settlement payment rights up TITLE 17 Structured Settlement Protection Act next SECTION 5-1708 General provisions; construction Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 5-1707 Effects of transfer of structured settlement payment rights General Obligations (GOB) CHAPTER 24-A, ARTICLE 5, TITLE 17 § 5-1707. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this title: (a) 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; (b) The transferee shall be liable to the structured settlement obligor and the annuity issuer: (i) if the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and (ii) for any other liabilities or costs, including reasonable costs and attorneys' 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 title; (c) 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 (d) Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of this title.