Section 42.390 - Effects of transfer of structured settlement payment rights Following a transfer of structured settlement payment rights:
1. The structured settlement obligor and the annuity issuer may rely on the transfer order in redirecting periodic payments to an assignee or transferee in accordance with the transfer order and is, as to all parties except the transferee or an assignee designated by the transferee, discharged and released from any and all liability for the redirected payments. The discharge and release is not affected by the failure of any party to the transfer to comply with NRS 42.200 to 42.400, inclusive, or with the transfer order.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 the structured settlement obligor or annuity issuer as a consequence of the transfer; and(b) For any other liabilities or costs, including reasonable costs and attorney's fees, arising from: (1) Compliance by the structured settlement obligor or annuity issuer with the transfer order; or(2) The failure of any party to the transfer to comply with NRS 42.200 to 42.400, inclusive.3. The structured settlement obligor and the annuity issuer are not required to divide any periodic payment between the payee and any transferee or assignee or between two or more transferees or assignees.4. Any further transfer of structured settlement payment rights by the payee may be made only after compliance with all of the requirements of NRS 42.200 to 42.400, inclusive.Added to NRS by 2021, 1727Added by 2021, Ch. 297,§39, eff. 10/1/2021.