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
5-1708 - General provisions; construction.

 5-1708. General provisions; construction. (a) The provisions of this
  title may not be waived by any payee.
(b) Any transfer agreement entered into on or after the effective date
  of  this  title  by a payee who resides in this state shall provide that
  disputes under such transfer agreement, including  any  claim  that  the
  payee  has  breached the agreement, shall be determined in and under the
  laws of this state. No  such  transfer  agreement  shall  authorize  the
  transferee or any other party to confess judgment or consent to entry of
  judgment against the payee.
(c)  No  transfer of structured settlement payment rights shall extend
  to any payments that are life-contingent unless, prior to  the  date  on
  which  the  payee  signs  the  transfer  agreement,  the  transferee has
  established  and  has   agreed   to   maintain   procedures   reasonably
  satisfactory to the annuity issuer and the structured settlement obligor
  for  (i)  periodically  confirming the payee's survival, and (ii) giving
  the annuity issuer and the structured settlement obligor prompt  written
  notice in the even of the payee's death.
(d)  No payee who proposes to make a transfer of structured settlement
  payment rights shall incur any penalty, forfeit any application  fee  or
  other  payment,  or  otherwise  incur  any  liability  to  the  proposed
  transferee or any assignee based on any  failure  of  such  transfer  to
  satisfy the conditions of this title.
(e)  Nothing  contained  in this title shall be construed to authorize
  any transfer of structured settlement payment rights in contravention of
  any statute or to imply that any transfer  under  a  transfer  agreement
  entered  into  prior  to  the  effective  date of this title is valid or
  invalid.
(f) Compliance with the requirements set forth in  section  5-1703  of
  this title and fulfillment of the conditions set forth in section 5-1705
  of  this  title  shall be solely the responsibility of the transferee in
  any transfer of structured settlement payment rights,  and  neither  the
  structured  settlement  obligor  nor  the  annuity issuer shall bear any
  responsibility for, or any liability arising from,  non-compliance  with
  such requirements or failure to fulfill such conditions.
(g)  The  assignee of any transfer agreement or any agreement executed
  in connection therewith, shall be subject to all claims and defenses  of
  the  payee  against  the transferee arising from such transfer agreement
  notwithstanding any agreement to the contrary. Recovery hereunder by the
  payee shall not exceed the amount owing to the assignee at the time  the
  claim  or  defense is asserted against the assignee. Rights of the payee
  under this provision can be asserted affirmatively against  a  claim  by
  the assignee.