2013 New York Consolidated Laws
CVP - Civil Practice Law & Rules
Article 50-A - (5031 - 5039) PERIODIC PAYMENT OF JUDGMENTS IN MEDICAL AND DENTAL MALPRACTICE ACTIONS
5036 - Adjustment of payments.

 
    §  5036.  Adjustment  of  payments. (a) If, at any time after entry of
  judgment, a judgment creditor or successor  in  interest  can  establish
  that the continued payment of the judgment in periodic installments will
  impose  a  hardship,  the  court  may, in its discretion, order that the
  remaining payments or a portion thereof shall be made  to  the  judgment
  creditor  in a lump sum. The court shall, before entering such an order,
  find that: (i) unanticipated and substantial medical,  dental  or  other
  needs have arisen that warrant the payment of the remaining payments, or
  a  portion thereof, in a lump sum; (ii) ordering such a lump sum payment
  would not impose an unreasonable financial burden on the judgment debtor
  or debtors; (iii) ordering such a lump sum payment will accommodate  the
  future  medical  and  other  needs  of  the  judgment creditor; and (iv)
  ordering such a lump sum payment would further the interests of justice.
    (b) If a lump sum payment is ordered by the court, such payment  shall
  be  made  by  the  medical  malpractice  insurance  association  created
  pursuant to article fifty-five of the insurance law and shall not be the
  obligation of the insurer providing the initial annuity  contract.  Such
  insurer  shall thereafter make all future payments due under its annuity
  contract to the association,  except  that,  if  the  lump  sum  payment
  ordered  by  the  court is a portion of the remaining periodic payments,
  such insurer shall appropriately apportion future payments due under its
  annuity contract between the association and the  judgment  creditor  or
  successor  in interest. Such lump sum payment to be paid to the judgment
  creditor or successor in interest by the association shall be calculated
  on the basis of the present value of the annuity contract,  which  shall
  be  based  on its cost at such time, for remaining periodic payments, or
  portions thereof, that are converted into a  lump  sum  payment.  In  no
  event  shall  such lump sum payment be greater than the present value of
  the annuity contract for the remaining periodic payments.