S T A T E O F N E W Y O R K
________________________________________________________________________
3520
1999-2000 Regular Sessions
I N S E N A T E
March 9, 1999
___________
Introduced by Sen. VOLKER -- (at request of the Judiciary) -- read twice
and ordered printed, and when printed to be committed to the Committee
on Codes
AN ACT to amend the civil practice law and rules, in relation to the
failure to make a periodic payment in a structured settlement
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 5034 of the civil practice law and rules, as added
2 by chapter 294 of the laws of 1985, is amended to read as follows:
3 S 5034. Failure to make payment. If at any time following entry of
4 judgment, a judgment debtor fails for any reason to make a payment in a
5 timely fashion according to the terms of this article, the judgment
6 creditor may petition the court which rendered the original judgment for
7 an order requiring payment by the judgment debtor of the outstanding
8 payments in a lump sum. In calculating the amount of the lump sum judg-
9 ment, the court shall total the remaining periodic payments due and
10 owing to the judgment creditor, as calculated pursuant to subdivision
11 {(b)} (E) of section five thousand thirty-one of this article, and shall
12 not convert these amounts to their present value. The court may also
13 require the payment of interest on the outstanding judgment.
14 S 2. Section 5044 of the civil practice law and rules, as added by
15 chapter 682 of the laws of 1986, is amended to read as follows:
16 S 5044. Failure to make payment. If at any time following entry of
17 judgment, a judgment debtor fails for any reason to make a payment in a
18 timely fashion according to the terms of this article, the judgment
19 creditor may petition the court which rendered the original judgment for
20 an order requiring payment by the judgment debtor of the outstanding
21 payments in a lump sum. In calculating the amount of the lump sum judg-
22 ment, the court shall total the remaining periodic payments due and
23 owing to the judgment creditor, as calculated pursuant to subdivision
24 {(b)} (E) of section five thousand forty-one of this article, and shall
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
{ } is old law to be omitted.
LBD08665-01-9
S. 3520 2
1 not convert these amounts to their present value. The court may also
2 require the payment of interest on the outstanding judgment.
3 S 3. This act shall take effect immediately.
.SO DOC S 3520 *END* BTXT 1999
Bill S03520
[ Bill
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