Section 15-50-50 - Rights and obligations of obligors; discharge of liabilityFollowing a transfer of structured settlement payment rights pursuant to this chapter:
(1) the structured settlement obligor and the annuity issuer may rely on the court order approving the transfer in redirecting periodic payments to an assignee or transferee in accordance with the order approving the transfer and shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from liability for the redirected payments. Such discharge and release shall not be affected by the failure of any party to the transfer to comply with this chapter or with the court order approving the transfer;(2) the transferee is liable to the structured settlement obligor and the annuity issuer: (a) for taxes incurred by the parties as a consequence of the transfer if the transfer contravenes the terms of the structured settlement; and(b) for other liabilities or costs, including reasonable costs and attorney's fees, arising from compliance by the parties with the requirements of this chapter, with the order of the court, or for costs arising as a consequence of the transferee's failure to comply with this chapter;(3) neither the annuity issuer nor the structured settlement obligor is required to divide a 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 the requirements of this chapter.Amended by 2023 S.C. Acts, Act No. 22 (SB 259),s 5, eff. 7/1/2023.2002 Act No. 252, Section 1. 2023 Act No. 22, Section 20, provides as follows:
"SECTION 20. SECTION 9 through SECTION 16 take effect on January 1, 2024. All other SECTIONS take effect on July 1, 2023, and apply to applications filed on or after the effective date."