§ 27-9.3-7 - General provisions – Construction. - Rhode Island Statutes

SECTION 27-9.3-7

   § 27-9.3-7  General provisions –Construction. – (a) The provisions of this chapter may not be waived by any payee.

   (b) Any transfer agreement entered into on or after July 13,2001 by a payee who resides in this state shall provide that disputes under thetransfer agreement, including any claim that the payee has breached theagreement, shall be determined in and under the laws of this state. No transferagreement shall authorize the transferee or any other party to confess judgmentor consent to entry of judgment against the payee.

   (c) No transfer of structured settlement payment rights shallextend to any payments that are life-contingent unless, prior to the date onwhich the payee signs the transfer agreement, the transferee has establishedand has agreed to maintain procedures reasonably satisfactory to the annuityissuer and the structured settlement obligor for: (1) periodically confirmingthe payee's survival, and (2) giving the annuity issuer and the structuredsettlement obligor prompt written notice in the event of the payee's death.

   (d) No payee who proposes to make a transfer of structuredsettlement payment rights shall incur any penalty, forfeit any application feeor other payment, or incur any liability to the proposed transferee or anyassignee based on any failure of the transfer to satisfy the conditions of thischapter.

   (e) Nothing contained in this chapter shall be construed toauthorize any transfer of structured settlement payment rights in contraventionof any law or to imply that any transfer under a transfer agreement enteredinto prior to July 13, 2001 is valid or invalid.

   (f) Compliance with the requirements set forth in §27-9.3-3 and fulfillment of the conditions set forth in § 27-9.3-4 shallbe solely the responsibility of the transferee in any transfer of structuredsettlement payment rights, and neither the structured settlement obligor northe annuity issuer shall bear any responsibility for, or any liability arisingfrom, noncompliance with the requirements or failure to fulfill the conditions.