N.Y. Civil Practice Law & Rules § 5033: Posting and maintaining security

§ 5033. Posting and maintaining security. (a) If the court enters a

judgment for periodic installments, each party liable for all or a

portion of such judgment shall separately or jointly with one or more

others post security in an amount necessary to secure payment for the

amount of the judgment for future periodic installments within thirty

days after the date the judgment is entered. A liability insurer having

a contractual obligation and any other person adjudged to have an

obligation to pay all or part of a judgment for periodic installments on

behalf of a judgment debtor is obligated to post security to the extent

of its contractual or adjudged obligation if the judgment debtor has not

done so.

(b) A judgment creditor or successor in interest and any party having

rights may move that the court find that security has not been posted

and maintained with regard to a judgment obligation owing to the moving

party. Upon so finding, the court shall order that security complying

with this article be posted within thirty days. If security is not

posted within that time and subdivision (c) of this section does not

apply, the court shall enter a judgment for the lump sum as such sum is

determinable under the law without regard to this article.

(c) If a judgment debtor who is the only person liable for a portion

of a judgment for periodic installments fails to post and maintain

security, the right to lump sum payment described in subdivision (b) of

this section applies only against that judgment debtor and the portion

of the judgment so owed.

(d) If more than one party is liable for all or a portion of a

judgment requiring security under this article and the required security

is posted by one or more but fewer than all of the parties liable, the

security requirements are satisfied and those posting security may

proceed under subdivision (b) of this section to enforce rights for

security or lump sum payment to satisfy or protect rights of

reimbursement from a party not posting security.