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October 22, 2011

New York CPLR 50B Form of Security Must Be Annuity Contract

by John Darer® CLU ChFC CSSC RSP

Security authorized or required for payment of a judgment for periodic installments entered in accordance with New York CPLR Article 50B:

  1. Must  be  in  the  form  of an annuity contract.
  2. Must be executed by a  qualified insurer  and  approved  by  the  superintendent  of  insurance   pursuant  to CPLR Section 5049.
  3. Must be approved by the court.         Source: New York CPLR 5042

The plain language of the statute seems to dismiss a purported hair-brained idea to use trusts using structured settlement payment rights and such to fund structured judgments. Factored structured settlement payment streams are not annuities.

Elephant-On-A-BeachballI'm not going to waste my time intellectualizing why, aside from the idea being a statutory belly flop, it's impractical.


Just another hair-brained idea

 

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Posted at 11:01 AM in Albany New York Structured Settlements, Bronx New York Structured Settlements, Brooklyn New York Structured Settlements, Buffalo New York Structured Settlements, Kings County Structured Settlements, Long Island NY Structured Settlements, New York City Structured Settlements, New York CPLR Article 50A or Article 50B Structured Judgment, New York Personal Injury, New York Structured Settlement Practice, New York Structured Settlements, Newburgh Structured Settlements, NYC Structured Settlements, Orange County Structured Settlements, Rochester Structured Settlements, Settlements in Queens County New York, Structured Judgments New York, Structured Settlement Watchdog®, Stuctured Judgments, Suffolk County Structured Settlements, Syracuse Structured Settlements, What is a Structured Judgment? |

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Guide to Structured Settlements 2022

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  • Treasury Funded Structured Settlements
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    Ways You Can Structure Your Settlement Payments. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as the an index linked structured settlement where payments are adjusted based on upside changes in the S&P 500 with no downside and a cap of 5%. Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team.
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  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
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    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
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Structured Settlement Best Practices Corner

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  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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