[§657-24]  Periodic payments of damages. 
In any action in tort involving the State, any political subdivision of the
State, or any governmental agency as a tortfeasor where a final judgment is
obtained of more than $1,000,000, the State, political subdivision, or
governmental agency has the option of paying that portion of the award in
excess of $1,000,000 by periodic payments for a period not to exceed five
years.  The periodic payments shall include interest on the unpaid balance at
the rate specified in section 478-3.  A proposed periodic payment plan shall be
submitted by the State, political subdivision, or governmental agency to the
court in a post judgment hearing for final approval.  The court shall approve
or order modification of the plan based upon the facts and circumstances of the
case and the needs of the parties. [L Sp 1986, c 2, §14]



 



Revision Note



 



  Section "478-3" substituted for "478-2".