Special Proceedings and Procedures

ORS 33.870
Liability of parties after transfer


Following a transfer of payment rights under ORS 33.850 (Definitions for ORS 33.850 to 33.875) to 33.875 (Limitations on transfers):

(1)

The obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from all liability for the transferred payments.

(2)

The transferee shall be liable to the obligor and the annuity issuer:

(a)

If the transfer contravenes the terms of the structured settlement agreement, 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 attorney 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 ORS 33.850 (Definitions for ORS 33.850 to 33.875) to 33.875 (Limitations on transfers).

(3)

An annuity issuer or an obligor may not be required to divide any periodic payments between the payee and any transferee or assignee or between two or more transferees or assignees.

(4)

Any further transfer of payment rights by the payee may be made only after compliance with all of the requirements of ORS 33.850 (Definitions for ORS 33.850 to 33.875) to 33.875 (Limitations on transfers). [2005 c.173 §5]

Source

Last accessed
Jun. 26, 2021