2006 New York Code - Disposition Of Proceeds Of Claim Of Infant, Judicially Declared Incompetent Or Conservatee.

 
    §  1206.  Disposition  of  proceeds  of  claim  of  infant, judicially
  declared incompetent or conservatee. Except as provided in  EPTL  7-4.9,
  any  property  to  which  an  infant, a person judicially declared to be
  incompetent or a conservatee is entitled, after deducting  any  expenses
  allowed  by  the  court,  shall  be  distributed  to the guardian of his
  property, the committee of his property or conservator to  be  held  for
  the  use  and benefit of such infant, incompetent, or conservatee except
  that:
    (a) in the case of an infant who is married to  and  resides  with  an
  adult  spouse,  the  court may order that the property be distributed to
  such adult spouse for the use and benefit of the infant; or
    (b) if the value of the property does not exceed ten thousand  dollars
  the  court may order the property distributed to a person with whom such
  infant, incompetent or conservatee resides or who has some  interest  in
  his  welfare  to  be  held  for  the  use  and  benefit  of such infant,
  incompetent or conservatee; or
    (c) the court may order  that  money  constituting  any  part  of  the
  property  be  deposited  in one or more specified insured banks or trust
  companies or savings banks or insured state or federal credit unions  or
  be  invested  in  one  or more specified accounts in insured savings and
  loan  associations,  or  it  may  order  that  a  structured  settlement
  agreement  be  executed,  which shall include any settlement whose terms
  contain provisions for the payment of funds  on  an  installment  basis,
  provided that with respect to future installment payments, the court may
  order that each party liable for such payments shall fund such payments,
  in  an amount necessary to assure the future payments, in the form of an
  annuity contract executed by a qualified insurer  and  approved  by  the
  superintendent  of insurance pursuant to articles fifty-A and fifty-B of
  this chapter. The court may elect that the money be deposited in a  high
  interest  yield  account  such as an insured "savings certificate" or an
  insured "money market" account. The court may further  elect  to  invest
  the money in one or more insured or guaranteed United States treasury or
  municipal  bills,  notes  or  bonds. This money is subject to withdrawal
  only upon order of the court,  except  that  no  court  order  shall  be
  required  to pay over to the infant who has attained the age of eighteen
  years all moneys so held unless the depository is in receipt of an order
  from a court of competent jurisdiction directing  it  to  withhold  such
  payment  beyond  the  infant's  eighteenth birthday. Notwithstanding the
  preceding sentence, the ability of an infant who has attained the age of
  eighteen years to accelerate the receipt of future installment  payments
  pursuant  to  a structured settlement agreement shall be governed by the
  terms of such agreement. The reference to the age of twenty-one years in
  any order made pursuant to this subdivision or its predecessor, prior to
  September first, nineteen hundred seventy-four, directing payment to the
  infant without further court order when he reaches the age of twenty-one
  years, shall be deemed to designate the age of eighteen years; or
    (d) the court may order that the property be  held  for  the  use  and
  benefit  of  such  infant,  incompetent  or  conservatee  as provided by
  subdivision (d) of section 1210.