Virginia § 59.1-476.1 - Effects of transfer of structured settlement payment rights
Full text of Virginia Code of Virginia § 59.1-476.1 — Effects of transfer of structured settlement payment rights, with citation guidance and answers to common questions.
§ 59.1-476.1. Effects of transfer of structured settlement payment rights
Following issuance of a court order approving a transfer of structured settlement payment rights under this chapter:
1. The structured settlement obligor and the annuity issuer may rely on the court order in redirecting periodic payments to an assignee or transferee in accordance with the order and shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for the redirected payments, and such discharge and release shall not be affected by the failure of any party to the transfer to comply with this chapter or with the order of the court approving the transfer;
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 attorney fees, arising from compliance by the structured settlement obligor or annuity issuer with the order of the court or from the failure of any party to the transfer to comply with this chapter;
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 this chapter.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 59.1-476.1
What does Code of Virginia § 59.1-476.1 cover?
Section 59.1-476.1 ("Effects of transfer of structured settlement payment rights") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 59.1-476.1?
A common citation format is "Code of Virginia § 59.1-476.1" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 59.1-476.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.