§ 2220 — Payment of share of infant, incompetent or conservatee or person under disability 1

§ 2220. Payment of share of infant, incompetent or conservatee or person\n under disability\n 1. Where an infant, incompetent, conservatee, or person under\ndisability is entitled to money or property as beneficiary of an estate\nor to the proceeds of any action brought as prescribed in EPTL 5-4.1 or\nto the proceeds of a settlement of a cause of action for personal\ninjuries, the decree or order shall direct that it be paid or delivered\nto the guardian, committee or conservator of the property of such person\nupon the filing of sufficient security, except as provided in EPTL 7-4.9\nor 11-1.1, unless the money or property payable or deliverable to the\ninfant, incompetent, or conservatee, or person under disability does not\nexceed in value $10,000, in which case the decree or order may order it\nto be paid or delivered to a parent of such person or to some competent\nadult with whom such person resides or who has some interest in such\nperson's welfare, for the use and benefit of such person.\n 2. If the sum payable to a patient in an institution in the state\ndepartment of mental hygiene is not in excess of the amount which the\ndirector of the institution is authorized to receive pursuant to section\n29.23 of the mental hygiene law, the decree or order may order it to be\npaid to such director for use as provided in that section.\n 3. If there be no guardian, committee or conservator of the property\nthe decree or order may provide that the sum payable to the infant,\nincompetent or person under substantial impairment within the meaning of\nthe conservatorship provisions of article seventy-seven of the mental\nhygiene law not disposed of as above be paid into the court or the court\nmay order that money constituting any part of the property be deposited\nin one or more specified insured banks or trust companies or be invested\nin one or more specified accounts in insured savings and loan\nassociations subject to withdrawal only upon order of the court, except\nthat no court order shall be required to pay over to the infant who has\nattained the age of eighteen years all moneys so held unless the\ndepository is in receipt of an order from a court of competent\njurisdiction directing it to withhold such payment beyond the infant's\neighteenth birthday.\n 4. If money or property is payable or deliverable under subdivision\none of this section to a person under disability as defined in article\nseventy-seven of the mental hygiene law, the court may pursuant to such\narticle appoint a conservator provided that: the person under the\ndisability resides within the county in which the proceeding is pending;\nno guardian, committee or conservator has been appointed by the supreme\ncourt or county court; and the money or property is to be paid or\ndelivered to the conservator.\n 5. If any proceeds payable to an infant, incompetent or person under\ndisability pursuant to this section are proposed to be paid by way of a\nstructured settlement, which shall include any settlement whose terms\ncontain provisions for the payment of funds on an installment basis, the\ncourt may approve such settlement, provided that, with respect to future\ninstallment payments, the court may order that each party liable for\nsuch payments shall fund such payments, in an amount necessary to assure\nthe future payments, in the form of an annuity contract executed by a\nqualified insurer and approved by the superintendent of financial\nservices pursuant to articles fifty-A and fifty-B of the civil practice\nlaw and rules.\n