N.Y. Penal Law 176.45 – Life settlement fraud in the fifth degree
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§ 176.45 Life settlement fraud in the fifth degree.
Attorney's Note
Under the New York Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class A misdemeanor | up to 364 days | up to $1,000 |
Terms Used In N.Y. Penal Law 176.45
- Fraud: Intentional deception resulting in injury to another.
- 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.
A person is guilty of life settlement fraud in the fifth degree when he or she commits a fraudulent life settlement act.
Life settlement fraud in the fifth degree is a class A misdemeanor.