Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 5046
Adjustment of payments
Civil Practice Law & Rules (CVP) CHAPTER 8, ARTICLE 50-B
§ 5046. Adjustment of payments. (a) If, at any time after entry of
judgment, a judgment creditor or successor in interest can establish
that the continued payment of the judgment in periodic installments will
impose a hardship, the court may, in its discretion, order that the
remaining payments or a portion thereof shall be made to the judgment
creditor in a lump sum. The court shall, before entering such an order,
find that: (i) unanticipated and substantial medical, dental or other
health needs have arisen that warrant the payment of the remaining
payments, or a portion thereof, in a lump sum; (ii) ordering such a lump
sum payment would not impose an unreasonable financial burden on the
judgment debtor or debtors; (iii) ordering such a lump sum payment will
accommodate the future medical, dental and other health needs of the
judgment creditor; and (iv) ordering such a lump sum payment would
further the interests of justice.

(b) If a lump sum payment is ordered by the court, such lump sum shall
be calculated on the basis of the present value of remaining periodic
payments, or portions thereof, that are converted into a lump sum
payment. Unless specifically waived by all parties, the annuity contract
executed pursuant to section five thousand forty-two of this article
shall contain a provision authorizing such a lump sum payment if such
payment is approved pursuant to this section. The remaining future
periodic payments, if any, shall be reduced accordingly. For the
purposes of this section, present value shall be calculated based on the
interest rate and mortality assumptions at the time such a lump sum
payment is made as determined by the insurer who has provided the
annuity contract, in accordance with regulations issued by the
superintendent of financial services.