§ 1-16-605 — Effects of transfer of structured settlement payment rights

(a) Following a transfer of structured settlement payment
rights under this act:
(i) The structured settlement obligor and the annuity
issuer shall, as to all parties except the transferee, be
discharged and released from any and all liability for the
transferred payments;
(ii) The transferee shall be liable to the structured
settlement obligor and the annuity issuer:
(A) If the transfer contravenes the terms of the
structured settlement, for any taxes incurred by such parties as
a consequence of the transfer; and
(B) For any other liabilities or costs,
including reasonable costs and attorneys' fees arising from
compliance by such parties with the order of the court or
arising as a consequence of the transferee's failure to comply
with this act.
(iii) Neither the annuity issuer nor the structured
settlement obligor may be required to divide any periodic
payment between the payee and any transferee or assignee or
between two (2) or more transferees or assignees; and
(iv) Any further transfer of structured settlement
payment rights by the payee may be made only after compliance
with all requirements of this act.