New York A07468 amends laws to ensure court orders or judgments for settlements include interest at statutory rates.

New York A07468 amends the civil practice law and rules, and the surrogate's court procedure act. It mandates that court orders or judgments for settlements provide for interest on the settlement amount at statutory rates. Interest starts from the fifteenth day or the sixty-first day after settlement entry, depending on the defendant. For annuities, interest does not apply to the present value if funded timely, but applies to late periodic payments. The bill applies to actions settled after its effective date.

New York A07468 amends laws to ensure court orders or judgments for settlements include interest at statutory rates.

New York A07468 amends the civil practice law and rules, and the surrogate's court procedure act. It mandates that court orders or judgments for settlements provide for interest on the settlement amount at statutory rates. Interest starts from the fifteenth day or the sixty-first day after settlement entry, depending on the defendant. For annuities, interest does not apply to the present value if funded timely, but applies to late periodic payments. The bill applies to actions settled after its effective date.