{"data":{"id":"us-mi/mich.-comp.-laws-600.6307","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 600.6307","heading":"Purchase of annuity contract.","body":"Sec. 6307.\n\nIn an action alleging personal injury, if the amount of future damages, as described in section 6306(1)(c) and (e) or 6306a(1)(c) and (e), as applicable, in the judgment exceeds $250,000.00 gross present cash value, as determined under section 6306 or 6306a, as applicable, the court shall enter an order that the defendant or the defendant's liability insurance carrier shall satisfy that amount of the judgment, less all costs and attorney fees the plaintiff is obligated to pay, by the purchase of an annuity contract, if all of the following requirements are met:\n\n(a) The purchase price of the annuity contract is equal to 100% of the future damages subject to this section, less an amount determined by multiplying the amount of those damages by a percentage equal to the rate of prejudgment interest as calculated under section 6013(8) or section 6455(2) on the date the trial was commenced.\n\n(b) The annuity contract is purchased from a life insurer authorized to issue annuity contracts under the insurance code of 1956, 1956 PA 218, MCL 500.100 to 500.8302.","path":["MI Code","Chapter 600","Act Act-236-of-1961"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-600-6307","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"209fd24375322b1980519f12e6937f58d8e3260d5651bc2d8a1ade8c27bdeb9c","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-600.6306a","next":"us-mi/mich.-comp.-laws-600.6309"},"notice":"GroundRules: Original legal text. Not legal advice."}