407.1066. Right to rescind--limitation of liability--limitation of jurisdiction. - Missouri Statutes

Right to rescind--limitation of liability--limitation of jurisdiction.

407.1066. 1. A payee who enters into a transfer agreement shall havean absolute, irrevocable right to rescind and cancel such transferagreement, with no penalty or other obligation, by giving written notice ofrescission to the transferee at any time during the five days following thesigning of the transfer agreement.

2. Any provision in a transfer agreement to pay liquidated damages,penalties, fees, actual or punitive damages, attorneys' fees or costs ofany kind or nature to any person, firm, corporation or other entity whichwill be a party or third-party beneficiary to the transfer or transferagreement shall be unenforceable.

3. Nothing contained in sections 407.1060 to 407.1068 shall beconstrued to authorize any transfer of structured settlement payment rightsor other rights arising under a tort claim or a workers' compensation claimin contravention of applicable law or to give effect to any transfer ofsuch rights that is invalid under applicable law.

4. Any provision in a transfer agreement that consents tojurisdiction in the courts of another state, requires appointment of anagent for service of process, confesses judgment, or selects a forum forresolution of disputes arising out of a transfer agreement shall beunenforceable.

(L. 1999 S.B. 1, et al. § 6)