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:
- Must be in the form of an annuity contract.
- Must be executed by a qualified insurer and approved by the superintendent of insurance pursuant to CPLR Section 5049.
- 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.
I'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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