N.Y. CVP. LAW § 5003-a : NY Code - Section 5003-A: Prompt payment following settlement

Search N.Y. CVP. LAW § 5003-a : NY Code - Section 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.