N.Y. CPLR § 5036

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 5036 Adjustment of payments § 5036. Adjustment of payments. (a) If, at any time after entry ofjudgment, a judgment creditor or successor in interest can establishthat the continued payment of the judgment in periodic installments willimpose a hardship, the court may, in its discretion, order that theremaining payments or a portion thereof shall be made to the judgmentcreditor in a lump sum. The court shall, before entering such an order,find that: (i) unanticipated and substantial medical, dental or otherneeds have arisen that warrant the payment of the remaining payments, ora portion thereof, in a lump sum; (ii) ordering such a lump sum paymentwould not impose an unreasonable financial burden on the judgment debtoror debtors; (iii) ordering such a lump sum payment will accommodate thefuture medical and other 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 payment shallbe made by the medical malpractice insurance association createdpursuant to article fifty-five of the insurance law and shall not be theobligation of the insurer providing the initial annuity contract. Suchinsurer shall thereafter make all future payments due under its annuitycontract to the association, except that, if the lump sum paymentordered by the court is a portion of the remaining periodic payments,such insurer shall appropriately apportion future payments due under itsannuity contract between the association and the judgment creditor orsuccessor in interest. Such lump sum payment to be paid to the judgmentcreditor or successor in interest by the association shall be calculatedon the basis of the present value of the annuity contract, which shallbe based on its yment to be paid to the judgmentcreditor or successor in interest by the association shall be calculatedon the basis of the present value of the annuity contract, which shallbe based on its cost at such time, for remaining periodic payments, orportions thereof, that are converted into a lump sum payment. In noevent shall such lump sum payment be greater than the present value ofthe annuity contract for the remaining periodic payments.