2017 South Carolina Code of Laws
Title 15 - Civil Remedies and Procedures
CHAPTER 50 - STRUCTURED SETTLEMENT PROTECTION ACT
Section 15-50-50. Rights and obligations of structured settlement obligor, annuity issuer and transferee.
Following a transfer of structured settlement payment rights pursuant to this chapter:
(1) the structured settlement obligor and the annuity issuer, as to all parties except the transferee, are discharged and released from liability for the transferred payments; and
(2) the transferee is liable to the structured settlement obligor and the annuity issuer:
(a) for taxes incurred by the parties as a consequence of the transfer if the transfer contravenes the terms of the structured settlement; and
(b) for other liabilities or costs, including reasonable costs and attorney's fees, arising from compliance by the parties with the order of the court or arising as a consequence of the transferee's failure to comply with this chapter;
(3) neither the annuity issuer nor the structured settlement obligor is required to divide a periodic payment between the payee and any transferee or assignee or between two or more transferees or assignees; and
(4) any further transfer of structured settlement payment rights by the payee may be made only after compliance with all the requirements of this chapter.
HISTORY: 2002 Act No. 252, Section 1.