(1) In any civil action seeking damages for personal injury or property damages in which a verdict, award or finding for future damages exceeds the sum of one hundred thousand dollars ($100,000), the court may, in the exercise of its sound discretion, and at the request of either party, enter a judgment which provides for the periodic payment of that portion of the verdict, award or finding which represents future damages.
(2)  If, prior to the entry of judgment, either party requests that the judgment provide for the periodic payments of future damages, the court shall request each party to submit a proposal for such payment which, at a minimum, shall state:
(a)  The reasons which demonstrate that the imposition of periodic payments is appropriate or inappropriate, according to the criteria provided in subsections (3), (4) and (5) of this section;
(b)  The manner and method of proposed future periodic payments including:
(i)  The name or names of each recipient of such payments;
(ii)  The number, time, interval and dollar amount of all such payments;
(iii)  The total amount to be paid over the course of such payments;
(iv)  The present cash value of such payments as of the date when payment is to commence;
(v)  The terms and conditions of any annuity policy, contract or investment which a party intends to rely upon as the means of facilitating such payments; and
(vi)  The method by which such payments are secured.
(c)  Any other factor the court deems appropriate under the prevailing circumstances.
lawyer at desk

Ask a litigation question, get an answer ASAP!
Thousands of highly rated, verified litigation lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Idaho Code 6-1602

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fraud: Intentional deception resulting in injury to another.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
  • Property: includes both real and personal property. See Idaho Code 73-114
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Verdict: The decision of a petit jury or a judge.
(3)  In determining whether periodic payments are appropriate in any given case, the court shall consider, receive evidence and enter findings of fact and conclusions of law on the following:
(a)  The age, health, education, occupation experience, medical needs, capacity or incapacity, dependency, and any other special circumstances which, considering the best interests of the claimant, weigh in favor of periodic or lump sum payments;
(b)  The financial capacity and resources of the judgment debtor, and any other factors which may affect such debtor’s ability to pay the judgment in lump sum, or may otherwise substantially impair the future solvency of such debtor if periodic payments are not ordered;
(c)  The degree to which the future damages, losses, expenses and needs are subject to ascertainment with reasonable certainty;
(d)  The extent to which an order of future periodic payments may significantly risk that the judgment debtor will be required to pay more than the verdict award or finding, or that the claimant will not be fully and fairly compensated for the future damages;
(e)  The existence and amount of any policy of insurance providing coverage, in whole or part, to the judgment debtor for the future damages of the claimant;
(f)  The claimant’s entitlement to future income, benefits, proceeds or payments from other sources which, with reasonable certainty, may supplement the claimant’s future economic needs, damages or expenses;
(g)  The extent to which the manner of payment may serve to discourage or deter the tortious, wrongful or otherwise unlawful conduct of the judgment debtor or others similarly situated;
(h)  The availability of adequate security to insure that the claimant will receive the full value of the verdict, award or finding;
(i)  The extent to which the claimant’s attorney will be fully and adequately compensated pursuant to terms of the agreement for representation with the claimant; and
(j)  The effect upon any taxes which the claimant will have to pay on the periodic payments.
(4)  Unless otherwise agreed to by the claimant, periodic payments shall not be ordered in any case involving an intentional tort, or wrongful conduct perpetrated with or accompanied by fraud, dishonesty, malice, willfulness, gross negligence or which represents an extreme deviation from reasonable standards of conduct.
(5)  Any unpaid balance of any judgment shall accrue and bear interest at the legal rate of interest specified in section 28-22-104(2), Idaho Code, except to the extent such judgment is for future damages. Judgments for future damages shall not bear interest unless such future damages have been reduced to present value in which case the court shall assign an interest rate which is consistent with the methodology used in reducing the amount of such verdict award or finding to present value.
(6)  Adequate security shall be required on every judgment ordered payable by periodic means, including the provision of any one or combination of the following:
(a)  An annuity contract issued by an insurance company with a financial rating acceptable to the court;
(b)  Personal guarantees;
(c)  Reinsurance contracts;
(d)  Security instruments on real and personal property; or
(e)  Such other collateral or security the court may determine appropriate and necessary to ensure full and timely payment of the judgment.
(7)  If the court enters a judgment for periodic payments and any security required by the judgment is not given within sixty (60) days, the court shall enter judgment for payment of the future damage award in a lump sum, together with an award of reasonable costs and attorney fees incurred by the claimant relating to the request for periodic payments.
(8)  If the court enters an order for periodic payments within sixty (60) days after entry of an order for periodic payments, the judgment debtor may elect not to make the periodic payments and satisfy the judgment for periodic payments by paying the full amount of damages awarded before the order for periodic payments.
(9)  If at any time following entry of judgment for periodic payments, a judgment debtor fails to make any payment in full or in a timely fashion, or otherwise according to the terms of the judgment, the claimant may petition the court for an order requiring payment by the judgment debtor of the total remaining amount of the unpaid future damage award and, if necessary, an order allowing execution upon any security given for payment together with such additional penalties, including an award of costs and attorney fees, as the court deems appropriate. In ruling upon such petition the court may consider whether the judgment debtor’s failure to make full or timely payment was the result of his excusable inadvertence or the ministerial act of third parties beyond the control of the judgment debtor, together with all equitable considerations which favor granting or denying the petition.
(10)  All judgments payable by periodic payments, as provided in this section, shall constitute a property right of the judgment creditor entitled to receive the payments, shall survive the death, disability or incapacity of the judgment creditor, and shall be inheritable, devisable, assignable and otherwise subject to disposition by the judgment creditor as any other form of intangible personal property; provided that nothing contained herein is intended to amend, modify or in any way alter any federal, state or local laws pertaining to taxes which may or may not be assessed against all or any portion of the judgment.