(215 ILCS 153/20)
Sec. 20. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this Act:
(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 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 2 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 Act.
(Source: P.A. 93-502, eff. 1-1-04.)
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Last modified: February 18, 2015