40-464. Same; discharge of structured settlement obligor and annuity issuer, when; liability of transferee. - Kansas Statutes

40-464

Chapter 40.--INSURANCE Article 4.--GENERAL PROVISIONS RELATING TO LIFE INSURANCE COMPANIES

      40-464.   Same; discharge of structured settlementobligor and annuity issuer, when; liability of transferee.Following a transfer of structured settlement payment rightsunder this act:(a) Thestructured settlement obligor and the annuity issuer shall be discharged andreleased from anyand all liability for the transferred payments as to all parties except thetransferee.

      (b)   The transferee shall be liable to the structured settlement obligor andthe annuity issuer:

      (1)   If the transfer contravenes the terms of the structured settlement, forany taxes incurredby such parties as a consequence of the transfer; and

      (2)   for any other liabilities or costs, including reasonable costs andattorneys' fees, arisingfrom compliance by such parties with the order of the court or responsibleadministrative authorityor arising as a consequence of the transferee's failure to comply with thisact.

      (c)   Neither the annuity issuer nor the structured settlement obligor may berequired to divide anyperiodic payment between the payee and any transferee or assignee or betweentwo or moretransferees or assignees.

      (d)   Any further transfer of structured settlement payment rights by the payeemay be made only aftercompliance with all of the requirements of this act.

      History:   L. 2005, ch. 57, § 4; July 1.