New Mexico Statutes 52-5-14. Order of approval
A. If the workers’ compensation judge finds the lump-sum payment agreement to be fair, equitable and consistent with provisions of the Workers’ Compensation Act [N.M. Stat. Ann. Chapter 52, Article 1] or the New Mexico Occupational Disease Disablement Law [52-3-1 N.M. Stat. Ann.], he shall approve the agreement by order, and the order shall not be set aside or modified except as provided in the applicable law. The workers’ compensation judge may refuse to approve a settlement if he does not believe that it provides substantial justice to the parties.
Terms Used In New Mexico Statutes 52-5-14
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
B. In making lump-sum settlements, the payment due the worker or his dependents shall not be discounted at a greater rate than a sum equal to the present value of all future payments of compensation benefits computed at a five percent discount compounded annually.