N.Y. CPLR § 5033

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 5033 Posting and maintaining security § 5033. Posting and maintaining security. (a) If the court enters ajudgment for periodic installments, each party liable for all or aportion of such judgment shall separately or jointly with one or moreothers post security in an amount necessary to secure payment for theamount of the judgment for future periodic installments within thirtydays after the date the judgment is entered. A liability insurer havinga contractual obligation and any other person adjudged to have anobligation to pay all or part of a judgment for periodic installments onbehalf of a judgment debtor is obligated to post security to the extentof its contractual or adjudged obligation if the judgment debtor has notdone so.(b) A judgment creditor or successor in interest and any party havingrights may move that the court find that security has not been postedand maintained with regard to a judgment obligation owing to the movingparty. Upon so finding, the court shall order that security complyingwith this article be posted within thirty days. If security is notposted within that time and subdivision (c) of this section does notapply, the court shall enter a judgment for the lump sum as such sum isdeterminable under the law without regard to this article.(c) If a judgment debtor who is the only person liable for a portionof a judgment for periodic installments fails to post and maintainsecurity, the right to lump sum payment described in subdivision (b) ofthis section applies only against that judgment debtor and the portionof the judgment so owed.(d) If more than one party is liable for all or a portion of ajudgment requiring security under this article and the required securityis posted by one or more but fewer than all of the parties liable, these than one party is liable for all or a portion of ajudgment requiring security under this article and the required securityis posted by one or more but fewer than all of the parties liable, thesecurity requirements are satisfied and those posting security mayproceed under subdivision (b) of this section to enforce rights forsecurity or lump sum payment to satisfy or protect rights ofreimbursement from a party not posting security.