§ 13-23-107 — General provisions - construction

Colorado § 13-23-107

• Jurisdiction: Colorado
• Title 13: Courts
• Art.: Structured Settlement Protection Act

Text

(1) The provisions of this
article may not be waived by any payee.

(2) Any transfer agreement entered into on or after July 1, 2004, by a payee
who resides in Colorado 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 Colorado. No such transfer agreement shall
authorize the transferee or any other party to confess judgment or consent to entry
of judgment against the payee.

(3) A transfer of structured settlement payment rights shall not 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 periodically confirming the payee's survival and
giving the annuity issuer and the structured settlement obligor prompt written
notice in the event of the payee's death.

(4) A payee who proposes to make a transfer of a structured settlement
payment right shall not incur any penalty, forfeit any application fee or other
payment, or otherwise incur any liability to the proposed transferee or any assignee
based on a failure of such transfer to satisfy the conditions of this article.

(5) Nothing contained in this article shall be construed to authorize a
transfer of a structured settlement payment right in contravention of any law or to
imply that a transfer under a transfer agreement entered into prior to July 1, 2004,
is valid or invalid.

(6) Compliance with the requirements set forth in section 13-23-103 and
fulfillment of the conditions set forth in section 13-23-104 shall be solely the
responsibility of the transferee in a transfer of structured settlement payment
rights, and neither the structured settlement obligor nor the annuity issuer shall
bear responsibility for, or any liability arising from, noncompliance with such
requirements or failure to fulfill such conditions.

Legislative History

Source: L. 2004: Entire article added, p. 499, � 1, effective July 1.