Sec. 20. Effects of transfer of structured settlement payment rights.

237 words·~1 min read·/il/chapter-215/act-153/20

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 20. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights approved under this Act:

(1)the structured settlement obligor and the annuity issuer shall, as to all parties

except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for the transferred payments, and the discharge and release shall not be affected by the failure of any party to the transfer to comply with this Act or with the order of the court approving the transfer;

(2)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 the 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 the structured settlement obligor or annuity issuer with the order of the court or from failure of any party to the transfer to comply with this Act;

(3)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 2 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 of the requirements of this Act.