40-466. Same; limitations on provisions of transfer agreement.

340 words·~2 min read·/ks/chapter-40/40-466

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

(a)The provisions of this act may not be waived by any payee.

(b)Any transfer agreement entered into by a payee who resides in this state on or after the effective date of this act 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 this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.

(c)No transfer of structured settlement payment rights shall 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:

(1)Periodically confirming the payee's survival; and

(2)giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.

(d)No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this act.

(e)No provision of this act shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law or to imply the validity of any transfer under a transfer agreement entered into prior to the effective date of this act.

(f)Compliance with the requirements of K.S.A. 40-462 , and amendments thereto, and fulfillment of the conditions of K.S.A. 40-463 , and amendments thereto, shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights. Neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, non-compliance with such requirements or failure to fulfill such conditions.