Awards; lump sum payments
Sec. 18. (a) Any employer or employee or beneficiary who shall
desire to have such compensation, or any unpaid part thereof, paid in
a lump sum, may petition the worker's compensation board, asking
that such compensation be so paid, and if, upon proper notice to the
interested parties, and a proper showing made before the industrial
board, or any member thereof, it appears to the best interest of the
parties that such compensation be so paid, the industrial board may
order the commutation of the compensation to an equivalent lump
sum, which commutation shall be an amount which will equal the
total sum of the probable future payments capitalized at their present
value upon the basis of interest calculated at three percent (3%) per
year with annual rests. In cases indicating complete disability, no
petition for a commutation to a lump sum basis shall be entertained
by the board until after the expiration of six (6) months from the date
of the disablement.
(b) Whenever the worker's compensation board deems it
expedient, any lump sum under this section shall be paid by the
employer to some suitable person or corporation appointed by the
circuit or superior court, as trustee, to administer the same for the
benefit of the person entitled thereto, in the manner authorized by the
court appointing such trustee. The receipt of such trustee for the
amount so paid shall discharge the employer or anyone else who is
liable therefor.
(Formerly: Acts 1937, c.69, s.10.) As amended by P.L.28-1988,
SEC.53.
Last modified: May 27, 2006