§ 27-9.3-5 - Effects of transfer of structured settlement payment rights. - Rhode Island Statutes

SECTION 27-9.3-5

   § 27-9.3-5  Effects of transfer ofstructured settlement payment rights. – Following a transfer of structured settlement payment rights under this chapter:

   (1) The structured settlement obligor and the annuity issuershall, as to all parties except the transferee, be discharged and released fromany and all liability for the transferred payments;

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

   (i) If the transfer contravenes the terms of the structuredsettlement, for any taxes incurred by the parties as a consequence of thetransfer; and

   (ii) For any other liabilities or costs, including reasonablecosts and attorneys' fees, arising from compliance by the parties with theorder of the superior court or arising as a consequence of the transferee'sfailure to comply with this chapter;

   (3) Neither the annuity issuer nor the structured settlementobligor may be required to divide any periodic payment between the payee andany transferee or assignee or between two (2) (or more) transferees orassignees; and

   (4) Any further transfer of structured settlement paymentrights by the payee may be made only after compliance with all of therequirements of this chapter.