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NY A07468
Bill
Status
3/28/2025
Primary Sponsor
Charles Lavine
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AI Summary
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Requires court-approved settlements for infants, incompetents, or conservatees to include interest at the statutory judgment rate, calculated from the 15th day after settlement agreement (or 61st day for municipal/state defendants) until the order is signed
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Shortens payment deadlines for settlements requiring judicial approval: private defendants must pay within 14 days (instead of 21), while municipal and state entities must pay within 60 days (instead of 90)
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Exempts annuity portions of settlements from interest calculations, provided the defendant timely funds the annuity, but interest accrues on any late periodic payments
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Mandates that settlement petitions include the daily interest rate calculation and documentation of the settlement date and terms via court transcript or writing
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Requires courts to send a copy of the signed settlement order or judgment directly to the attorney or representative of the infant or incompetent
Legislative Description
Provides that for settlements that require a court order, the order, or the judgment in a special proceeding, shall provide for the payment of interest on the settlement amount at the statutory interest rate on judgments.
Last Action
referred to judiciary
1/7/2026