Texas Civil Practice and Remedies Code

§ 141.005 — EFFECTS OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS

CP § 141.005Title 6. MISCELLANEOUS PROVISIONS · Ch. 141. STRUCTURED SETTLEMENT PROTECTION ACT

Statute text

Following a transfer of structured settlement payment rights under this chapter:

(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 the parties as a consequence of the transfer; and

(B)for any other liabilities or costs, including reasonable costs and attorney's fees, arising from compliance by the parties with the order of the court or arising as a consequence of the transferee's failure to comply with this chapter;

(3)the transferee shall be liable to the payee:

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Legislative history

Added by Acts 2001, 77th Leg., ch. 96, Sec. 1, eff. Sept. 1, 2001.