Vermont § 2480gg - General provisions; construction

§ 2480gg. General provisions; construction

• (a) The provisions of this subchapter may not be waived by any payee. (b) Any transfer agreement entered into on or after July 1, 2012 by a payee who resides
  in this State 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 this State. 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: (1) periodically confirming the payee’s survival; and (2) giving the annuity issuer and the structured settlement obligor prompt written notice
  in the event of the payee’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 subchapter. (e) Nothing contained in this subchapter shall be construed to authorize any transfer
  of structured settlement payment rights in contravention of any law or to imply that
  any transfer under a transfer agreement entered into prior to July 1, 2012 is valid
  or invalid. (f) Compliance with the requirements set forth in section 2480cc of this title and fulfillment
  of the conditions set forth in section 2480dd of this title 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 liability arising from noncompliance with such requirements or failure
  to fulfill such conditions. (Added 2011, No. 168 (Adj. Sess.), § 1.)