2006 New York Code - Initial Disclosure Of Structured Settlement Terms.



 
    §  5-1702.  Initial  disclosure  of  structured  settlement  terms. In
  negotiating a structured settlement of claims brought by or on behalf of
  a claimant who is domiciled in this state, the defendant or  defendant's
  legal  representative  shall  disclose in writing to the claimant or the
  claimant's legal representative all of the following information that is
  not otherwise specified in the structured settlement agreement:
    (a) the amounts and due dates of the  periodic  payments  to  be  made
  under  the structured settlement agreement. In the case of payments that
  will be subject to periodic percentage increases, the amounts of  future
  payments  may  be  disclosed by identifying the base payment amount, the
  amount and timing of  scheduled  increases,  and  the  manner  in  which
  increases will be compounded;
    (b) the amount of the premium payable to the annuity issuer;
    (c) the nature and amount of any cost that may be deducted from any of
  the periodic payments;
    (d)  where  applicable,  that any transfer of the periodic payments is
  prohibited by the terms of the structured settlement and  may  otherwise
  be prohibited or restricted under applicable law; and
    (e)  a  statement  that  the claimant is advised to obtain independent
  professional  advice  relating  to  the   legal,   tax   and   financial
  implications  of  the settlement, including any adverse consequences and
  that the defendant or defendant's legal representative may not refer any
  advisor, attorney or firm for such purpose.

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