2016 New York Laws
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 17 - (5-1701 - 5-1709) STRUCTURED SETTLEMENT PROTECTION ACT
5-1707 - Effects of transfer of structured settlement payment rights.
5-1707. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this title:
(a) The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments;
(b) The transferee shall be liable to the structured settlement obligor and the annuity issuer:
(i) if the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a consequence of the transfer; and
(ii) for any other liabilities or costs, including reasonable costs and attorneys' fees, arising from compliance by such parties with the order of the court or arising as a consequence of the transferee's failure to comply with this title;
(c) Neither the annuity issuer nor the structured settlement obligor may be required to divide any periodic payment between the payee and any transferee or assignee or between two or more transferees or assignees; and
(d) Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of this title.
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