                                 CODE OF VIRGINIA

GENERAL PROVISIONS, CONSTRUCTION (§ 59.1-477.1)

A. Compliance with the provisions of this chapter may not be waived by any
payee.

B. Any transfer agreement entered into on or after the effective date of the act
of the General Assembly enacting this section by a payee who resides in the
Commonwealth 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 the Commonwealth. 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 periodically confirming the payee&#8217;s
survival, and giving the annuity issuer and the structured settlement obligor
prompt written notice in the event of the payee&#8217;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 chapter.

E. Nothing contained in this chapter shall be construed to authorize any
transfer of structured settlement payment rights in contravention of any law. A
court shall not be precluded from hearing an application for approval of a
transfer of payment rights under a structured settlement where the terms of the
structured settlement prohibit the sale, assignment, or encumbrance of such
payment rights, nor shall the interested parties be precluded from waiving or
asserting their rights under those terms. The provisions of this chapter shall
not be applicable to transfers of workers&#8217; compensation claims, awards,
benefits, settlements or payments made or payable pursuant to Title 65.2.

F. Compliance with the requirements set forth in &#xA7; 59.1-475.1 and
fulfillment of the conditions set forth in &#xA7;&#xA7; 59.1-476 and 59.1-477
shall be solely the responsibility of the transferee in any transfer of
structured settlement payment rights, and neither the structured settlement
obligor nor the annuity issuer shall bear any responsibility for, or any other
liability arising from, non-compliance with such requirements or failure to
fulfill such conditions.

HISTORY: 2001, c. 537; 2006, c. 786; 2016, cc. 273, 739.