21-3B-4. Rights and obligations following transfer.
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 liability for the transferred payments;
(2)The transferee is 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 such 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 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: SL 2001, ch 106, ยง4.
Structure South Dakota Codified Laws
Chapter 03B - Structured Settlements
Section 21-3B-1 - Definitions.
Section 21-3B-2 - Transferee to provide disclosure statement--Information required.
Section 21-3B-4 - Rights and obligations following transfer.
Section 21-3B-6 - Payee may not waive provisions.
Section 21-3B-7 - Disputes decided under state law.
Section 21-3B-9 - No payee liability for failure to comply with chapter.
Section 21-3B-10 - Effect of chapter on existing laws and transfer agreements.
Section 21-3B-11 - Transferee solely responsible for certain requirements.