(1)In any civil action seeking damages for personal injury or property damages in which a verdict, award or finding for future damages exceeds the sum of one hundred thousand dollars ($100,000), the court may, in the exercise of its sound discretion, and at the request of either party, enter a judgment which provides for the periodic payment of that portion of the verdict, award or finding which represents future damages.
(2)If, prior to the entry of judgment, either party requests that the judgment provide for the periodic payments of future damages, the court shall request each party to submit a proposal for such payment which, at a minimum, shall state:
(a)The reasons which demonstrate that the imposition of periodic payments is appropriate or inappropriate, according to the criteria
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(1) In any civil action seeking damages for personal injury or property damages in which a verdict, award or finding for future damages exceeds the sum of one hundred thousand dollars ($100,000), the court may, in the exercise of its sound discretion, and at the request of either party, enter a judgment which provides for the periodic payment of that portion of the verdict, award or finding which represents future damages.
(2) If, prior to the entry of judgment, either party requests that the judgment provide for the periodic payments of future damages, the court shall request each party to submit a proposal for such payment which, at a minimum, shall state:
(a) The reasons which demonstrate that the imposition of periodic payments is appropriate or inappropriate, according to the criteria provided in subsections (3), (4) and (5) of this section;
(b) The manner and method of proposed future periodic payments including:
(i) The name or names of each recipient of such payments;
(ii) The number, time, interval and dollar amount of all such payments;
(iii) The total amount to be paid over the course of such payments;
(iv) The present cash value of such payments as of the date when payment is to commence;
(v) The terms and conditions of any annuity policy, contract or investment which a party intends to rely upon as the means of facilitating such payments; and
(vi) The method by which such payments are secured.
(c) Any other factor the court deems appropriate under the prevailing circumstances.
(3) In determining whether periodic payments are appropriate in any given case, the court shall consider, receive evidence and enter findings of fact and conclusions of law on the following:
(a) The age, health, education, occupation experience, medical needs, capacity or incapacity, dependency, and any other special circumstances which, considering the best interests of the claimant, weigh in favor of periodic or lump sum payments;
(b) The financial capacity and resources of the judgment debtor, and any other factors which may affect such debtor’s ability to pay the judgment in lump sum, or may otherwise substantially impair the future solvency of such debtor if periodic payments are not ordered;
(c) The degree to which the future damages, losses, expenses and needs are subject to ascertainment with reasonable certainty;
(d) The extent to which an order of future periodic payments may significantly risk that the judgment debtor will be required to pay more than the verdict award or finding, or that the claimant will not be fully and fairly compensated for the future damages;
(e) The existence and amount of any policy of insurance providing coverage, in whole or part, to the judgment debtor for the future damages of the claimant;
(f) The claimant’s entitlement to future income, benefits, proceeds or payments from other sources which, with reasonable certainty, may supplement the claimant’s future economic needs, damages or expenses;
(g) The extent to which the manner of payment may serve to discourage or deter the tortious, wrongful or otherwise unlawful conduct of the judgment debtor or others similarly situated;
(h) The availability of adequate security to insure that the claimant will receive the full value of the verdict, award or finding;
(i) The extent to which the claimant’s attorney will be fully and adequately compensated pursuant to terms of the agreement for representation with the claimant; and
(j) The effect upon any taxes which the claimant will have to pay on the periodic payments.
(4) Unless otherwise agreed to by the claimant, periodic payments shall not be ordered in any case involving an intentional tort, or wrongful conduct perpetrated with or accompanied by fraud, dishonesty, malice, willfulness, gross negligence or which represents an extreme deviation from reasonable standards of conduct.
(5) Any unpaid balance of any judgment shall accrue and bear interest at the legal rate of interest specified in section 28-22-104 (2), Idaho Code, except to the extent such judgment is for future damages. Judgments for future damages shall not bear interest unless such future damages have been reduced to present value in which case the court shall assign an interest rate which is consistent with the methodology used in reducing the amount of such verdict award or finding to present value.
(6) Adequate security shall be required on every judgment ordered payable by periodic means, including the provision of any one or combination of the following:
(a) An annuity contract issued by an insurance company with a financial rating acceptable to the court;
(b) Personal guarantees;
(c) Reinsurance contracts;
(d) Security instruments on real and personal property; or
(e) Such other collateral or security the court may determine appropriate and necessary to ensure full and timely payment of the judgment.
(7) If the court enters a judgment for periodic payments and any security required by the judgment is not given within sixty (60) days, the court shall enter judgment for payment of the future damage award in a lump sum, together with an award of reasonable costs and attorney fees incurred by the claimant relating to the request for periodic payments.
(8) If the court enters an order for periodic payments within sixty (60) days after entry of an order for periodic payments, the judgment debtor may elect not to make the periodic payments and satisfy the judgment for periodic payments by paying the full amount of damages awarded before the order for periodic payments.
(9) If at any time following entry of judgment for periodic payments, a judgment debtor fails to make any payment in full or in a timely fashion, or otherwise according to the terms of the judgment, the claimant may petition the court for an order requiring payment by the judgment debtor of the total remaining amount of the unpaid future damage award and, if necessary, an order allowing execution upon any security given for payment together with such additional penalties, including an award of costs and attorney fees, as the court deems appropriate. In ruling upon such petition the court may consider whether the judgment debtor’s failure to make full or timely payment was the result of his excusable inadvertence or the ministerial act of third parties beyond the control of the judgment debtor, together with all equitable considerations which favor granting or denying the petition.
(10) All judgments payable by periodic payments, as provided in this section, shall constitute a property right of the judgment creditor entitled to receive the payments, shall survive the death, disability or incapacity of the judgment creditor, and shall be inheritable, devisable, assignable and otherwise subject to disposition by the judgment creditor as any other form of intangible personal property; provided that nothing contained herein is intended to amend, modify or in any way alter any federal, state or local laws pertaining to taxes which may or may not be assessed against all or any portion of the judgment.