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
5046 - Adjustment of payments.

 
    §  5046.  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
  health  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, dental and other  health  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 lump sum shall
  be calculated on the basis of the present value  of  remaining  periodic
  payments,  or  portions  thereof,  that  are  converted  into a lump sum
  payment. Unless specifically waived by all parties, the annuity contract
  executed pursuant to section five thousand  forty-two  of  this  article
  shall  contain  a  provision authorizing such a lump sum payment if such
  payment is approved pursuant  to  this  section.  The  remaining  future
  periodic  payments,  if  any,  shall  be  reduced  accordingly.  For the
  purposes of this section, present value shall be calculated based on the
  interest rate and mortality assumptions at the  time  such  a  lump  sum
  payment  is  made  as  determined  by  the  insurer who has provided the
  annuity  contract,  in  accordance  with  regulations  issued   by   the
  superintendent of financial services.