NY CPLR § 5041 (2021)
2021 New York Laws CVP - Civil Practice Law and Rules Article 50-B - Periodic Payment of Judgments in Personal Injury, Injury to Property and Wrongful Death Actions 5041 - Basis for Determining Judgment to Be Entered.

§  5041.  Basis  for  determining  judgment to be entered. In order to determine what judgment is to be entered on a verdict in  an  action  to recover  damages  for  personal  injury,  injury to property or wrongful death under this article, and not subject to  article  fifty-A  of  this chapter, the court shall proceed as follows:  (a)  The  court shall apply to the findings of past and future damages any applicable rules of law, including  set-offs,  credits,  comparative negligence  pursuant to section fourteen hundred eleven of this chapter, additurs, and remittiturs, in calculating the respective amounts of past and future damages claimants are entitled to recover and defendants  are obligated to pay.  (b)  The  court shall enter judgment in lump sum for past damages, for future damages not in excess of two hundred fifty thousand dollars,  and for  any  damages,  fees or costs payable in lump sum or otherwise under subdivisions (c) and (d) of this  section.  For  the  purposes  of  this section,  any  lump  sum payment of a portion of future damages shall be deemed to include the elements of future damages in the same  proportion as  such  elements  comprise  of  the  total award for future damages as determined by the trier of fact.  (c) Payment of litigation expenses and that portion of the  attorney's fees  related to past damages shall be payable in a lump sum. Payment of that portion of the attorney's fees related to future damages for which, pursuant to this article, the claimant is entitled to a lump sum payment shall also be payable in a lump sum. Payment  of  that  portion  of  the attorney's  fees  related  to the future periodically paid damages shall also be payable in a lump sum, based on the present value of the annuity contract purchased to provide payment of such future  periodically  paid damages pursuant to subdivision (e) of this section.  (d)  Upon  election  of  a  subrogee  or  a  lien holder, including an employer or insurer who provides workers' compensation, filed within the time permitted by rule of court, any part of future damages allocable to reimbursement of payments previously made by the subrogee  or  the  lien holder  shall  be paid in lump sum to the subrogee or the lien holder in such amount as is calculable and determinable under the law in effect at the time of such payment.  (e) With respect to awards of future damages in excess of two  hundred fifty  thousand  dollars  in  an  action to recover damages for personal injury, injury to property or wrongful  death,  the  court  shall  enter judgment as follows:   After  making  any  adjustment prescribed by subdivisions (b), (c) and (d) of this section, the court shall enter a judgment for the amount  of the  present  value  of  an  annuity  contract that will provide for the payment  of  the  remaining  amounts  of  future  damages  in   periodic installments.  The present value of such contract shall be determined in accordance with generally accepted actuarial practices by  applying  the discount  rate  in effect at the time of the award to the full amount of the  remaining  future  damages,  as   calculated   pursuant   to   this subdivision.  The period of time over which such periodic payments shall be made and the period of time used to calculate the  present  value  of the  annuity  contract  shall  be  the period of years determined by the trier of fact in arriving at the itemized  verdict;  provided,  however, that  the period of time over which such periodic payments shall be made and the period of time used to calculate the present value  for  damages attributable  to  pain and suffering shall be ten years or the period of time determined by the trier of fact, whichever is less. The  court,  as part  of  its  judgment,  shall  direct  that  the  defendants and their insurance carriers shall be required  to  offer  and  to  guarantee  the purchase  and payment of such an annuity contract. Such annuity contract  shall provide for the payment of the annual payments of  such  remaining future  damages  over  the  period  of  time determined pursuant to this subdivision. The annual payment for the first year shall  be  calculated by  dividing  the  remaining  amount  of future damages by the number of years over which such payments shall be made and the payment due in each succeeding year shall be computed by adding four percent to the previous year's payment. Where  payment  of  a  portion  of  the  future  damages terminates  in  accordance with the provisions of this article, the four percent added payment shall be based  only  upon  that  portion  of  the damages  that  remains  subject  to  continued payment. Unless otherwise agreed, the annual sum so arrived at shall  be  paid  in  equal  monthly installments and in advance.  (f) With the consent of the claimant and any party liable, in whole or in part, for the judgment, the court shall enter judgment for the amount found  for  future  damages  attributable  to  said  party  as  such are determinable without regard to the provisions of this article.