2010 New York Code
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 17 - (5-1701 - 5-1709) STRUCTURED SETTLEMENT PROTECTION ACT
5-1704 - Provisions prohibited in transfer agreement.

§  5-1704.  Provisions  prohibited  in transfer agreement. No transfer
  agreement or other document or agreement executed  in  association  with
  the  transfer  shall contain any provision described in this section. To
  the extent that  a  prohibited  provision  is  included  in  a  transfer
  agreement  such  provision shall be void and unenforceable. A prohibited
  provision is:
    (a) any provision that waives the payee's right to sue under any  law,
  or  where  the  payee agrees not to sue, or which waives jurisdiction or
  standing to sue under the transfer agreement;
    (b) any provision that  requires  the  payee  to  indemnify  and  hold
  harmless the transferee, or to pay the transferee's costs of defense, in
  any  claim  or  action  brought  by  the  payee on or the payee's behalf
  contesting the transfer for any reason;
    (c) any provision that requires the  payee  to  pay  the  transferee's
  attorney's  fees  or  costs if the transfer contemplated by the transfer
  agreement is not completed; and
    (d) any provision that requires the payee to  pay  any  tax  liability
  arising  under  federal  tax  laws,  other  than  the  seller's  own tax
  liability, if any, that results from the transfer.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.