New York § 5-1707 Effects of transfer of structured settlement payment rights

New York Statutes

§ 5-1707 — Effects of transfer of structured settlement payment rights

New York § 5-1707

Law GOBGeneral Obligations

Title 17Structured Settlement Protection Act

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-1707 (2026).

Text

  § 5-1707. Effects of transfer of structured settlement payment rights.\nFollowing a transfer of structured settlement payment rights under this\ntitle:\n  (a) The structured settlement obligor and the annuity issuer shall, as\nto all parties except the transferee, be discharged and released from\nany and all liability for the transferred payments;\n  (b) The transferee shall be liable to the structured settlement\nobligor and the annuity issuer:\n  (i) if the transfer contravenes the terms of the structured\nsettlement, for any taxes incurred by such parties as a consequence of\nthe transfer; and\n  (ii) for any other liabilities or costs, including reasonable costs\nand attorneys' fees, arising from compliance by such parties with the\norder of the court or arising as a consequence of t

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§ 5-1707. Effects of transfer of structured settlement payment rights.\nFollowing a transfer of structured settlement payment rights under this\ntitle:\n (a) The structured settlement obligor and the annuity issuer shall, as\nto all parties except the transferee, be discharged and released from\nany and all liability for the transferred payments;\n (b) The transferee shall be liable to the structured settlement\nobligor and the annuity issuer:\n (i) if the transfer contravenes the terms of the structured\nsettlement, for any taxes incurred by such parties as a consequence of\nthe transfer; and\n (ii) for any other liabilities or costs, including reasonable costs\nand attorneys' fees, arising from compliance by such parties with the\norder of the court or arising as a consequence of the transferee's\nfailure to comply with this title;\n (c) Neither the annuity issuer nor the structured settlement obligor\nmay be required to divide any periodic payment between the payee and any\ntransferee or assignee or between two or more transferees or assignees;\nand\n (d) Any further transfer of structured settlement payment rights by\nthe payee may be made only after compliance with all of the requirements\nof this title.\n