Oklahoma § 12-3242 - Discharge and release from liability

§ 12-3242. Discharge and release from liability

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.

Added by Laws 2001 c. 70, § 5, eff. Nov. 1, 2001.