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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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Qualified Settlement Funds

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
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  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • 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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