§ 5043 — Posting and maintaining security

New York § 5043

• Jurisdiction: New York
• Law CVP: Civil Practice Law & Rules
• Art. 50-B: Periodic Payment of Judgments In Personal Injury, Injury to Property and Wrongful Death Actions

Text

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