N.Y. General Obligations Law § 5-1702: Initial disclosure of structured settlement terms

§ 5-1702. Initial disclosure of structured settlement terms. In

negotiating a structured settlement of claims brought by or on behalf of

a claimant who is domiciled in this state, the defendant or defendant's

legal representative shall disclose in writing to the claimant or the

claimant's legal representative all of the following information that is

not otherwise specified in the structured settlement agreement:

(a) the amounts and due dates of the periodic payments to be made

under the structured settlement agreement. In the case of payments that

will be subject to periodic percentage increases, the amounts of future

payments may be disclosed by identifying the base payment amount, the

amount and timing of scheduled increases, and the manner in which

increases will be compounded;

(b) the amount of the premium payable to the annuity issuer;

(c) the nature and amount of any cost that may be deducted from any of

the periodic payments;

(d) where applicable, that any transfer of the periodic payments is

prohibited by the terms of the structured settlement and may otherwise

be prohibited or restricted under applicable law; and

(e) a statement that the claimant is advised to obtain independent

professional advice relating to the legal, tax and financial

implications of the settlement, including any adverse consequences and

that the defendant or defendant's legal representative may not refer any

advisor, attorney or firm for such purpose.