Form of security
§ 5032. Form of security. Security authorized or required for payment of a judgment for periodic installments entered in accordance with this article must be in the form of an annuity contract, executed by a qualified insurer and approved by the superintendent of financial services pursuant to section five thousand thirty-nine of this article, and approved by the court.
Any security for the periodic-installment judgment must be an annuity contract, issued by a qualified insurer, approved by the superintendent of financial services (per § 5039) and approved by the court. ★ No other form of security counts.
Marked in the text: penalties, time limits, sums of money. Editorial emphasis added by this edition; it does not appear in the statute as enacted.
This provision appears in Volume 2 — The JG-22 CPLR and in Volume 1 — The JG-22 in Plain English.