Structured Settlement Protections for New York Residents
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New York Structured Settlement Protection Act
The New York Structured Settlement Protection Act was designed to protect New York residents, both at the time that structured settlements are created at the settlement of lawsuit and if a time should come when structured settlement payment rights are sold.
New York Structured Settlements and Structured Judgments
How are New York residents protected at the time a structured settlement is created?
New York state law requires that certain disclosures be made by the defendant or the defendant's legal representative as more specifically provided for in New York General Obligations Law (see below).
§ 5-1702. Initial disclosure of structured settlement terms
In negotiating a structured settlement of claims brought by or on behalf of a claimant who is domiciled in this state, the defendant or defendant's legal representative shall disclose in writing to the claimant or the claimant's legal representative all of the following information that is not otherwise specified in the structured settlement agreement:
(a) the amounts and due dates of the periodic payments to be made under the structured settlement agreement. In the case of payments that will be subject to periodic percentage increases, the amounts of future payments may be disclosed by identifying the base payment amount, the amount and timing of scheduled increases, and the manner in which increases will be compounded;
(b) the amount of the premium payable to the annuity issuer;
(c) the nature and amount of any cost that may be deducted from any of the periodic payments;
(d) where applicable, that any transfer of the periodic payments is prohibited by the terms of the structured settlement and may otherwise be prohibited or restricted under applicable law; and
(e) a statement that the claimant is advised to obtain independent professional advice relating to the legal, tax and financial implications of the settlement, including any adverse consequences and that the defendant or defendant's legal representative may not refer any advisor, attorney or firm for such purpose.
Warning to New Yorker Residents Receiving Structured Settlement Payments
Don't get hustled by companies trying to buy your structured settlement payments for pennies on the dollar no matter how amusing their advertiisng is. Among the bad business practices of companies seeking to buy your structured settlement
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