§676 4 - Effects of transfer of structured settlement payment rights. - Hawaii Statutes

     [§676‑4]  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, as to all parties except the transferee, shall be discharged and released from any and all liability for the transferred payments;

     (2)  The transferee shall be liable to the structured settlement obligor and the annuity issuer:

         (A)  For any taxes incurred by the parties as a consequence of the transfer, if the transfer contravenes the terms of the structured settlement; and

         (B)  For any other liabilities or costs, including reasonable costs and attorneys' fees, arising from compliance by the parties with the order of the court or responsible administrative authority, 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. [L 2006, c 146, pt of §1]