Section 21-3B-8 - Life-contingent payments not to be transferred--Exception. - South-dakota Statutes

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21-3B-8. Life-contingent payments not to be transferred--Exception. No transfer of structured settlement payment rights may 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 periodically confirming the payee's survival and giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.

Source: SL 2001, ch 106, § 8.

State Codes and Statutes

Statutes > South-dakota > Title-21 > Chapter-03b > Statute-21-3b-8

21-3B-8. Life-contingent payments not to be transferred--Exception. No transfer of structured settlement payment rights may 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 periodically confirming the payee's survival and giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.

Source: SL 2001, ch 106, § 8.

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State Codes and Statutes

Statutes > South-dakota > Title-21 > Chapter-03b > Statute-21-3b-8

21-3B-8. Life-contingent payments not to be transferred--Exception. No transfer of structured settlement payment rights may 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 periodically confirming the payee's survival and giving the annuity issuer and the structured settlement obligor prompt written notice in the event of the payee's death.

Source: SL 2001, ch 106, § 8.