N.Y. CPLR § 5041

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 5041 Basis for determining judgment to be entered § 5041. Basis for determining judgment to be entered. In order todetermine what judgment is to be entered on a verdict in an action torecover damages for personal injury, injury to property or wrongfuldeath under this article, and not subject to article fifty-A of thischapter, the court shall proceed as follows:(a) The court shall apply to the findings of past and future damagesany applicable rules of law, including set-offs, credits, comparativenegligence pursuant to section fourteen hundred eleven of this chapter,additurs, and remittiturs, in calculating the respective amounts of pastand future damages claimants are entitled to recover and defendants areobligated to pay.(b) The court shall enter judgment in lump sum for past damages, forfuture damages not in excess of two hundred fifty thousand dollars, andfor any damages, fees or costs payable in lump sum or otherwise undersubdivisions (c) and (d) of this section. For the purposes of thissection, any lump sum payment of a portion of future damages shall bedeemed to include the elements of future damages in the same proportionas such elements comprise of the total award for future damages asdetermined by the trier of fact.(c) Payment of litigation expenses and that portion of the attorney'sfees related to past damages shall be payable in a lump sum. Payment ofthat portion of the attorney's fees related to future damages for which,pursuant to this article, the claimant is entitled to a lump sum paymentshall also be payable in a lump sum. Payment of that portion of theattorney's fees related to the future periodically paid damages shallalso be payable in a lump sum, based on the present value of the annuitycontract purchased to provide payment of such fu eattorney's fees related to the future periodically paid damages shallalso be payable in a lump sum, based on the present value of the annuitycontract purchased to provide payment of such future periodically paiddamages pursuant to subdivision (e) of this section.(d) Upon election of a subrogee or a lien holder, including anemployer or insurer who provides workers' compensation, filed within thetime permitted by rule of court, any part of future damages allocable toreimbursement of payments previously made by the subrogee or the lienholder shall be paid in lump sum to the subrogee or the lien holder insuch amount as is calculable and determinable under the law in effect atthe time of such payment.(e) With respect to awards of future damages in excess of two hundredfifty thousand dollars in an action to recover damages for personalinjury, injury to property or wrongful death, the court shall enterjudgment as follows:After making any adjustment prescribed by subdivisions (b), (c) and(d) of this section, the court shall enter a judgment for the amount ofthe present value of an annuity contract that will provide for thepayment of the remaining amounts of future damages in periodicinstallments. The present value of such contract shall be determined inaccordance with generally accepted actuarial practices by applying thediscount rate in effect at the time of the award to the full amount ofthe remaining future damages, as calculated pursuant to thissubdivision. The period of time over which such periodic payments shallbe made and the period of time used to calculate the present value ofthe annuity contract shall be the period of years determined by thetrier of fact in arriving at the itemized verdict; provided, however,that the period of time over which such periodic payments shall be madeand the period of time used to calculate the present value for damagesattributable to pain a verdict; provided, however,that the period of time over which such periodic payments shall be madeand the period of time used to calculate the present value for damagesattributable to pain and suffering shall be ten years or the period oftime determined by the trier of fact, whichever is less. The court, aspart of its judgment, shall direct that the defendants and theirinsurance carriers shall be required to offer and to guarantee thepurchase and payment of such an annuity contract. Such annuity contractshall provide for the payment of the annual payments of such remainingfuture damages over the period of time determined pursuant to thissubdivision. The annual payment for the first year shall be calculatedby dividing the remaining amount of future damages by the number ofyears over which such --- NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only payments shall be made and the payment due in eachsucceeding year shall be computed by adding four percent to the previousyear's payment. Where payment of a portion of the future damagesterminates in accordance with the provisions of this article, the fourpercent added payment shall be based only upon that portion of thedamages that remains subject to continued payment. Unless otherwiseagreed, the annual sum so arrived at shall be paid in equal monthlyinstallments and in advance.(f) With the consent of the claimant and any party liable, in whole orin part, for the judgment, the court shall enter judgment for the amountfound for future damages attributable to said party as such aredeterminable without regard to the provisions of this article. CPLR § 5041 Page 2