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

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

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. The payment of the sum by the employer evidenced by the receipts of the trustee, which shall be filed with the bureau, shall constitute satisfaction of the award by the employer. 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. In the appointment of the trustee, preference shall be given, in the discretion of the court of workers' compensation claims, 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; 2013, ch. 289, §§ 71, 72; 2015, ch. 341, § 15. Compiler's Notes. Acts 2013, ch. 289, § 103 provided that the act, which amended subsections (b) and (d), shall be known and may be cited as the “Workers' Compensation Reform Act of 2013.” Amendments. The 2013 amendment, effective July 1, 2014, rewrote (b) which read: “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.”; and substituted “court of workers' compensation claims” for “court” in (d). The 2015 amendment substituted “bureau” for “division” in (b). Effective Dates. Acts 2013, ch. 289, § 106. July 1, 2014; provided, that, for purposes of promulgating rules and regulations, making appointments and making necessary provisions for the implementation of the act, the act shall take effect April 29, 2013. Acts 2015, ch. 341, § 19. May 4, 2015.