Kentucky Statutes 65.2004 – Periodic payment of damages
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(1) Upon motion of a local government against which final judgment has been rendered for a claim within the scope of KRS § 65.200 to KRS § 65.2006, the court, in accordance with subsection (2) of this section, may include in such judgment a requirement that the judgment be paid in whole or in part by periodic payments. Periodic payments may be ordered paid over a period of time not exceeding ten (10) years. Any periodic payment, upon becoming due under the terms of the judgment, shall constitute a separate judgment. Any judgment ordering any such payments shall specify the total amount awarded, the amount of each payment, the interval between payments and the number of payments to be paid under the judgment. Judgments paid pursuant to this section shall bear interest accruing from the date final judgment is entered, at the interest rate as specified in KRS § 360.040. For good cause shown, the court may modify such judgment with respect to the amount of such payments and the number of payments, but the total amount of damages awarded by such judgment shall not be subject to modification in any event and periodic payments shall not be ordered paid over a period in excess of ten (10) years.
(2) A court may order periodic payment only upon finding that:
(a) Payment of the judgment is not totally covered by insurance; and
(b) Funds for the current budget year and other funds of the local government which lawfully may be utilized to pay judgments are insufficient to finance both the adopted budget of expenditures for the year and the payment of that portion of the judgment not covered by insurance.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 224, sec. 19, effective July 15, 1988.
(2) A court may order periodic payment only upon finding that:
Terms Used In Kentucky Statutes 65.2004
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- Year: means calendar year. See Kentucky Statutes 446.010
(a) Payment of the judgment is not totally covered by insurance; and
(b) Funds for the current budget year and other funds of the local government which lawfully may be utilized to pay judgments are insufficient to finance both the adopted budget of expenditures for the year and the payment of that portion of the judgment not covered by insurance.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 224, sec. 19, effective July 15, 1988.