N.Y. CPLR § 1206

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 1206 Disposition of proceeds of claim of infant, judiciallydeclared incompetent or conservatee § 1206. Disposition of proceeds of claim of infant, judiciallydeclared incompetent or conservatee. Except as provided in EPTL 7-4.9,any property to which an infant, a person judicially declared to beincompetent or a conservatee is entitled, after deducting any expensesallowed by the court, shall be distributed to the guardian of hisproperty, the committee of his property or conservator to be held forthe use and benefit of such infant, incompetent, or conservatee exceptthat:(a) in the case of an infant who is married to and resides with anadult spouse, the court may order that the property be distributed tosuch adult spouse for the use and benefit of the infant; or(b) if the value of the property does not exceed ten thousand dollarsthe court may order the property distributed to a person with whom suchinfant, incompetent or conservatee resides or who has some interest inhis welfare to be held for the use and benefit of such infant,incompetent or conservatee; or(c) the court may order that money constituting any part of theproperty be deposited in one or more specified insured banks or trustcompanies or savings banks or insured state or federal credit unions orbe invested in one or more specified accounts in insured savings andloan associations, or it may order that a structured settlementagreement be executed, which shall include any settlement whose termscontain provisions for the payment of funds on an installment basis,provided that with respect to future installment payments, the court mayorder that each party liable for such payments shall fund such payments,in an amount necessary to assure the future payments, in the form of anannuity contract executed by a qu the court mayorder that each party liable for such payments shall fund such payments,in an amount necessary to assure the future payments, in the form of anannuity contract executed by a qualified insurer and approved by thesuperintendent of financial services pursuant to articles fifty-A andfifty-B of this chapter. The court may elect that the money be depositedin a high interest yield account such as an insured "savingscertificate" or an insured "money market" account. The court may furtherelect to invest the money in one or more insured or guaranteed UnitedStates treasury or municipal bills, notes or bonds. This money issubject to withdrawal only upon order of the court, except that no courtorder shall be required to pay over to the infant who has attained theage of eighteen years all moneys so held unless the depository is inreceipt of an order from a court of competent jurisdiction directing itto withhold such payment beyond the infant's eighteenth birthday.Notwithstanding the preceding sentence, the ability of an infant who hasattained the age of eighteen years to accelerate the receipt of futureinstallment payments pursuant to a structured settlement agreement shallbe governed by the terms of such agreement. The reference to the age oftwenty-one years in any order made pursuant to this subdivision or itspredecessor, prior to September first, nineteen hundred seventy-four,directing payment to the infant without further court order when hereaches the age of twenty-one years, shall be deemed to designate theage of eighteen years; or(d) the court may order that the property be held for the use andbenefit of such infant, incompetent or conservatee as provided bysubdivision (d) of section 1210.