New York § 5-1702 Initial disclosure of structured settlement terms

New York Statutes

§ 5-1702 — Initial disclosure of structured settlement terms

New York § 5-1702

Law GOBGeneral Obligations

Title 17Structured Settlement Protection Act

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-1702 (2026).

Text

  § 5-1702. Initial disclosure of structured settlement terms. In\nnegotiating a structured settlement of claims brought by or on behalf of\na claimant who is domiciled in this state, the defendant or defendant's\nlegal representative shall disclose in writing to the claimant or the\nclaimant's legal representative all of the following information that is\nnot otherwise specified in the structured settlement agreement:\n  (a) the amounts and due dates of the periodic payments to be made\nunder the structured settlement agreement. In the case of payments that\nwill be subject to periodic percentage increases, the amounts of future\npayments may be disclosed by identifying the base payment amount, the\namount and timing of scheduled increases, and the manner in which\nincreases will be compo

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§ 5-1702. Initial disclosure of structured settlement terms. In\nnegotiating a structured settlement of claims brought by or on behalf of\na claimant who is domiciled in this state, the defendant or defendant's\nlegal representative shall disclose in writing to the claimant or the\nclaimant's legal representative all of the following information that is\nnot otherwise specified in the structured settlement agreement:\n (a) the amounts and due dates of the periodic payments to be made\nunder the structured settlement agreement. In the case of payments that\nwill be subject to periodic percentage increases, the amounts of future\npayments may be disclosed by identifying the base payment amount, the\namount and timing of scheduled increases, and the manner in which\nincreases will be compounded;\n (b) the amount of the premium payable to the annuity issuer;\n (c) the nature and amount of any cost that may be deducted from any of\nthe periodic payments;\n (d) where applicable, that any transfer of the periodic payments is\nprohibited by the terms of the structured settlement and may otherwise\nbe prohibited or restricted under applicable law; and\n (e) a statement that the claimant is advised to obtain independent\nprofessional advice relating to the legal, tax and financial\nimplications of the settlement, including any adverse consequences and\nthat the defendant or defendant's legal representative may not refer any\nadvisor, attorney or firm for such purpose.\n