59.1-476.1 - Effects of transfer of structured settlement payment rights. - Virginia Statutes

§ 59.1-476.1. Effects of transfer of structured settlement payment rights.

Following a transfer of structured settlement payment rights under thischapter:

1. The structured settlement obligor and the annuity issuer shall, as to allparties except the transferee, be discharged and released from any and allliability for the transferred payments;

2. The transferee shall be liable to the structured settlement obligor andthe annuity issuer:

a. If the transfer contravenes the terms of the structured settlement, forany taxes incurred by such parties as a consequence of the transfer; and

b. For any other liabilities or costs, including reasonable costs andattorneys' fees, arising from compliance by such parties with the order ofthe court or responsible administrative authority or arising as a consequenceof the transferee's failure to comply with this chapter;

3. Neither the annuity issuer nor the structured settlement obligor may berequired to divide any periodic payment between the payee and any transfereeor assignee or between two or more transferees or assignees; and

4. Any further transfer of structured settlement payment rights by the payeemay be made only after compliance with all of the requirements of thischapter.

(2001, c. 537.)