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This entry was published on 2014-09-22
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SECTION 5043
Posting and maintaining security
Civil Practice Law & Rules (CVP) CHAPTER 8, ARTICLE 50-B
§ 5043. Posting and maintaining security. (a) If the court enters a
judgment for periodic installments, each party liable for all or a
portion of such judgment shall separately or jointly with one or more
others post security in an amount necessary to secure payment for the
amount of the judgment for future periodic installments within thirty
days after the date the judgment is entered. A liability insurer having
a contractual obligation and any other person adjudged to have an
obligation to pay all or part of a judgment for periodic installments on
behalf of a judgment debtor is obligated to post security to the extent
of its contractual or adjudged obligation if the judgment debtor has not
done so.

(b) A judgment creditor or successor in interest and any party having
rights may move that the court find that security has not been posted
and maintained with regard to a judgment obligation owing to the moving
party. Upon so finding, the court shall order that security complying
with this article be posted within thirty days. If security is not
posted within that time and subdivision (c) of this section does not
apply, the court shall enter a judgment for the lump sum as such sum is
determinable under the law without regard to this article.

(c) If a judgment debtor who is the only person liable for a portion
of a judgment for periodic installments fails to post and maintain
security, the right to lump sum payment described in subdivision (b) of
this section applies only against that judgment debtor and the portion
of judgment so owed.

(d) If more than one party is liable for all or a portion of a
judgment requiring security under this article and the required security
is posted by one or more but fewer than all of the parties liable, the
security requirements are satisfied and those posting security may
proceed under subdivision (b) of this section to enforce rights for
security or lump sum payment to satisfy or protect rights of
reimbursement from a party not posting security.