N.Y. CPLR § 5046

NEW YORK CIVIL PRACTICE LAW AND RULES (CPLR) New York State | For Informational Purposes Only CPLR § 5046 Adjustment of payments § 5046. 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 otherhealth needs have arisen that warrant the payment of the remainingpayments, or a portion thereof, in a lump sum; (ii) ordering such a lumpsum payment would not impose an unreasonable financial burden on thejudgment debtor or debtors; (iii) ordering such a lump sum payment willaccommodate the future medical, dental and other health needs of thejudgment creditor; and (iv) ordering such a lump sum payment wouldfurther the interests of justice.(b) If a lump sum payment is ordered by the court, such lump sum shallbe calculated on the basis of the present value of remaining periodicpayments, or portions thereof, that are converted into a lump sumpayment. Unless specifically waived by all parties, the annuity contractexecuted pursuant to section five thousand forty-two of this articleshall contain a provision authorizing such a lump sum payment if suchpayment is approved pursuant to this section. The remaining futureperiodic payments, if any, shall be reduced accordingly. For thepurposes of this section, present value shall be calculated based on theinterest rate and mortality assumptions at the time such a lump sumpayment is made as determined by the insurer who has provided theannuity contract, in accordance with regulations issued by thesuperintendent of fi ity assumptions at the time such a lump sumpayment is made as determined by the insurer who has provided theannuity contract, in accordance with regulations issued by thesuperintendent of financial services.