Where a claimant is awarded an amount representing future damages greater than $100,000, the court shall hold a hearing prior to ordering entry of judgment to allow the claimant to consider whether payment of the future damages over time as the damages are incurred is in the best interests of the claimant. The following factors may be considered at the hearing, as well as any others as justice requires:
(1) the claimant's financial ability to meet obligations likely to be incurred as a result of the injury at issue in the trial;
(2) the advantages, if any, to the claimant from voluntarily entering into a structured settlement; and
(3) the interests of the claimant in self-determination over the claimant's financial affairs.
If the claimant decides, after the hearing, that structured payments of future damages would be in the claimant's best interests, the court shall make available information to assist the claimant in seeking an appropriate financial instrument to provide such payments. Judgment may not be entered until the claimant has notified the court that the claimant does not wish to enter into a structured settlement.
History: 1988 c 503 s 2
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