Okla. Stat. tit. 12, § 12-3242
This is the official text of Okla. Stat. tit. 12, § 12-3242, part of Oklahoma’s Stat. tit. 12, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12,." Browse the sections below, each linked to its official government source.
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Discharge and release from liability
Official statutory text
Following a transfer of structured settlement payment rights
under the Structured Settlement Protection Act of 2001:
1. 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;
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 attorneys’ fees, arising from
compliance by the parties with the order of the court
or responsible administrative authority or arising as
a consequence of the transferee’s failure 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 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 the Structured Settlement Protection Act of 2001.
under the Structured Settlement Protection Act of 2001:
1. 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;
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 attorneys’ fees, arising from
compliance by the parties with the order of the court
or responsible administrative authority or arising as
a consequence of the transferee’s failure 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 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 the Structured Settlement Protection Act of 2001.
Status: in_force · Read it on the official government site
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