                                 CODE OF VIRGINIA

EFFECTS OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS (§ 59.1-476.1)

Following issuance of a court order approving a transfer of structured
settlement payment rights under this chapter:

1. The structured settlement obligor and the annuity issuer may rely on the
court order in redirecting periodic payments to an assignee or transferee in
accordance with the order and 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 redirected payments, and such discharge and release
shall not be affected by the failure of any party to the transfer to comply with
this chapter 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 such parties as a consequence of the transfer; and
			b. For any other liabilities or costs, including reasonable costs and
attorney fees, arising from compliance by the structured settlement obligor or
annuity issuer with the order of the court or from the failure of any party to
the transfer to comply with this chapter;

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 two 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 chapter.

HISTORY: 2001, c. 537; 2016, cc. 273, 739.