Section 21-3A-6 - Judgment for periodic installments-Adjustment-Index factor-Schedule of paymentsA judgment for periodic installments shall set out:
(1) The findings of the future damages for each calendar year; and(2) A schedule of the base figure for each calendar year to be used in calculating future payments. The base figure is determined by discounting the findings for each calendar year in accordance with § 21-3A-9.As of the first day of each calendar year after a judgment for periodic installments is entered, the schedule of all installments not previously due shall be adjusted by adding to the base figure for each installment, in the most recently modified schedule, a sum determined by multiplying the base figure by the index factor defined in this section.
If a judgment for periodic installments has been in effect for:
(1) One year or more at the time of adjustment, the index factor is the annual percentage change in the consumer price index for urban wage earners and clerical workers as computed by the Bureau of Labor Statistics of the United States Department of Labor for the year before the year immediately preceding the year of adjustment;(2) Less than one year but more than six months at the time of adjustment, the index factor is one-half of the index factor defined in this section; and(3) Less than six months but more than three months at the time of adjustment, the index factor is one-fourth of the index factor defined in this section.In all other cases, no adjustment may be made.
Unless the court directs otherwise or the parties otherwise agree, payments shall be scheduled at one-month intervals. Payments for damages accruing during the scheduled intervals are due at the beginning of the intervals.
SL 1986, ch 163, § 6; SL 1988, ch 181, § 4.