Colorado § 13-23-105 Effect of transfer of structured settlement payment right

Colorado Statutes

§ 13-23-105 — Effect of transfer of structured settlement payment right

Colorado·Title 13 Courts·Art. Structured Settlement Protection Act

(1)Following a transfer of a structured settlement payment right pursuant to this article:

(a)The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from 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 attorney fees, arising from compliance by such parties with the order of the court or responsible administrative authority or arising as a consequence of the transferee's failure to comply wit

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(1)
Following a transfer of a structured settlement payment right pursuant to this
article:

(a) The structured settlement obligor and the annuity issuer shall, as to all
parties except the transferee, be discharged and released from 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 attorney
fees, arising from compliance by such parties with the order of the court or
responsible administrative authority or arising as a consequence of the transferee's
failure to comply with the provisions of this article;

(c) Neither the annuity issuer nor the structured settlement obligor may be
required to divide any periodic payment between the payee and a 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
article.

Colorado § 13-23-105 (Effect of transfer of structured settlement payment right) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.