§ 3244. Waiver of provisions--Disputes--Life-contingent payments--Liability
Oklahoma Statutes AnnotatedTitle 12. Civil Procedure
12 Okl.St.Ann. § 3244
§ 3244. Waiver of provisions--Disputes--Life-contingent payments--Liability
B. Any transfer agreement entered into on or after the effective date of this act1 by a payee who resides in this state shall provide that disputes under such transfer agreement, including any claim that the payee has breached the agreement, shall be determined in and under the laws of this state. No such transfer agreement shall authorize the transferee or any other party to confess judgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall 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 structured settlement obligor for
D. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee or any assignee based on any failure of such transfer to satisfy the conditions of this act.2
F. Compliance with the requirements set forth in Section 3 of this act3 and fulfillment of the conditions set forth in Section 4 of this act4 shall be solely the responsibility of the transferee in any transfer of structured settlement payment rights, and neither the structured settlement obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from, noncompliance with such requirements or failure to fulfill such conditions.
Credits
Laws 2001, c. 70, § 7, eff. Nov. 1, 2001.
Footnotes
O.S.L.2001, c. 70, effective November 1, 2001.
O.S.L.2001, c. 70 [Title 12, § 3238 et seq.].
O.S.L.2001, c. 70, § 3 [Title 12, § 3240].
O.S.L.2001, c. 70, § 4 [Title 12, § 3241].
12 Okl. St. Ann. § 3244, OK ST T. 12 § 3244
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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