2013 New York Consolidated Laws
CVP - Civil Practice Law & Rules
Article 50-B - (5041 - 5049) PERIODIC PAYMENT OF JUDGMENTS IN PERSONAL INJURY, INJURY TO PROPERTY AND WRONGFUL DEATH ACTIONS
5043 - Posting and maintaining security.

 
    §  5043.  Posting  and maintaining security. (a) If the court enters a
  judgment for periodic installments, each  party  liable  for  all  or  a
  portion  of  such  judgment shall separately or jointly with one or more
  others post security in an amount necessary to secure  payment  for  the
  amount  of  the  judgment for future periodic installments within thirty
  days after the date the judgment is entered. A liability insurer  having
  a  contractual  obligation  and  any  other  person  adjudged to have an
  obligation to pay all or part of a judgment for periodic installments on
  behalf of a judgment debtor is obligated to post security to the  extent
  of its contractual or adjudged obligation if the judgment debtor has not
  done so.
    (b)  A judgment creditor or successor in interest and any party having
  rights may move that the court find that security has  not  been  posted
  and  maintained with regard to a judgment obligation owing to the moving
  party. Upon so finding, the court shall order  that  security  complying
  with  this  article  be  posted  within  thirty days. If security is not
  posted within that time and subdivision (c) of  this  section  does  not
  apply,  the court shall enter a judgment for the lump sum as such sum is
  determinable under the law without regard to this article.
    (c) If a judgment debtor who is the only person liable for  a  portion
  of  a  judgment  for  periodic  installments  fails to post and maintain
  security, the right to lump sum payment described in subdivision (b)  of
  this  section  applies only against that judgment debtor and the portion
  of judgment so owed.
    (d) If more than one party is  liable  for  all  or  a  portion  of  a
  judgment requiring security under this article and the required security
  is  posted  by one or more but fewer than all of the parties liable, the
  security requirements are  satisfied  and  those  posting  security  may
  proceed  under  subdivision  (b)  of  this section to enforce rights for
  security  or  lump  sum  payment  to  satisfy  or  protect   rights   of
  reimbursement from a party not posting security.