50-6-232 - Present value of future installments Deposit in trust releasing employer Trustee to make payments. - Tennessee Statutes

50-6-232. Present value of future installments Deposit in trust releasing employer Trustee to make payments.

(a)  Any time after the amount of any award has been agreed upon by the parties, or found and ordered by the court, a sum of all future installments of compensation may, where death or the nature of the injury renders the amount of future payments certain, by leave of court, be paid by the employer to any savings bank or trust company of this state to be approved and designated by the court, and the sum, together with all interest on the sum, shall be held in trust for the employee or the dependents of the employee who shall have no further recourse against the employer.

(b)  The payment of the sum by the employer evidenced by the receipts in duplicate of the trustee, one (1) of which shall be filed with the division of workers' compensation, and the other filed with the clerk of the circuit court, shall operate as a satisfaction of the award as to the employer.

(c)  Payments from the fund shall be made by the trustee in the same amounts and at the same time as are required of the employer until the fund interest is exhausted.

(d)  In the appointment of the trustee, preference shall be given, in the discretion of the court, to the choice of the injured employee or the dependent of the deceased employee, as the case may be.

[Acts 1919, ch. 123, § 39; impl. am. Acts 1923, ch. 7, §§ 55, 56; Shan. Supp., § 3608a189; Code 1932, § 6893; Acts 1971, ch. 300, § 3; impl. am. Acts 1980, ch. 534, § 1; T.C.A. (orig. ed.), § 50-1026; Acts 1985, ch. 393, § 21.]