(1) The provisions of ORS 33.850 to 33.875 may not be waived by any payee.
(2) A transfer agreement entered into on or after January 1, 2006, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined under the laws of this state. A transfer agreement may not authorize the transferee or any other party to confess judgment or consent to entry to judgment against the payee.
(3) A transfer of payment rights may not 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 obligor for:
(a) Periodically confirming the payee’s survival.
(b) Giving the annuity issuer and the obligor prompt written notice in the event of the payee’s death.
(4) A payee who proposes to make a transfer of payment rights does not incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or a assignee based on any failure of the transfer to satisfy the conditions of ORS 33.850 to 33.875.
(5) Nothing in ORS 33.850 to 33.875 shall be construed to authorize a transfer of payment rights in contravention of any law or to imply that any transfer under a transfer agreement entered into prior to January 1, 2006, is valid or invalid.
(6) Compliance with the requirements set forth in ORS 33.860 and fulfillment of the conditions set forth in ORS 33.855 shall be solely the responsibility of the transferee in any transfer of payment rights, and neither the obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with the requirements or failure to fulfill the conditions. [2005 c.173 §6]
Note: See note under 33.850.
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Section: Previous 33.510 33.520 33.530 33.610 33.710 33.720 33.810 33.820 33.830 33.850 33.855 33.860 33.865 33.870 33.875Last modified: August 7, 2008