NY CPLR § 5003-A (2021)
2021 New York Laws CVP - Civil Practice Law and Rules Article 50 - Judgments Generally 5003-A - Prompt Payment Following Settlement.

§  5003-a.  Prompt payment following settlement. (a) When an action to recover damages has been settled, any settling defendant,  except  those defendants to whom subdivisions (b) and (c) of this section apply, shall pay  all  sums  due  to any settling plaintiff within twenty-one days of tender, by the settling plaintiff to the settling defendant, of  a  duly executed  release  and  a  stipulation  discontinuing action executed on behalf of the settling plaintiff.  (b) When an action  to  recover  damages  has  been  settled  and  the settling  defendant is a municipality or any subdivision thereof, or any public corporation that is not indemnified by the state,  it  shall  pay all  sums due to any settling plaintiff within ninety days of tender, by the settling plaintiff to it, of duly executed release and a stipulation discontinuing action executed on behalf of the settling  plaintiff.  The provisions  of  this  paragraph  shall  not  inure to the benefit of any insurance carrier for a municipality or any subdivision thereof, or  any public  corporation  that  is  not  indemnified  by  the state. Any such insurance carrier shall pay all sums due to any  settling  plaintiff  in accordance with the provisions of subdivision (a) of this section.  (c)  When  an  action  to  recover  damages  has  been settled and the settling defendant is the state, an officer or  employee  of  the  state entitled  to indemnification pursuant to section seventeen of the public officers law, or a public benefit corporation indemnified by the  state, payment  of  all sums due to any settling plaintiff shall be made within ninety days of the comptroller's determination that all papers  required to  effectuate  the settlement have been received by him. The provisions of this paragraph shall not  inure  to  the  benefit  of  any  insurance carrier  for  the state, an officer or employee of the state entitled to indemnification pursuant to section seventeen  of  the  public  officers law,  or a public benefit corporation indemnified by the state. Any such insurance carrier shall pay all sums due to any  settling  plaintiff  in accordance with the provisions of subdivision (a) of this section.  (d) In an action which requires judicial approval of settlement, other than  an  action  to  which subdivision (c) of this section applies, the plaintiff  shall  also  tender  a  copy  of  the  order  approving  such settlement  with the duly executed release and stipulation discontinuing action executed on behalf of the plaintiff.  (e) In the event that a settling defendant fails to promptly  pay  all sums  as required by subdivisions (a), (b), and (c) of this section, any unpaid plaintiff may enter judgment,  without  further  notice,  against such  settling defendant who has not paid. The judgment shall be for the amount set  forth  in  the  release,  together  with  costs  and  lawful disbursements,  and interest on the amount set forth in the release from the date that the release  and  stipulation  discontinuing  action  were tendered.  (f)  Nothing  in  this  section  shall apply to settlements subject to article seventy-four of the  insurance  law  or  to  future  installment payments to be paid pursuant to a structured settlement agreement.  (g) The term "tender", as used herein, shall mean either to personally deliver  or  to  mail,  by  registered or certified mail, return receipt requested.