under eighteen years of age in court proceedings.
A. Monies recovered in any court proceeding by a next friend or
guardian ad litem for or on behalf of a person who is less than
eighteen (18) years of age in excess of Twenty-five Thousand Dollars
($25,000.00) over sums sufficient for paying costs and expenses
including medical bills and attorney fees shall be deposited, by
order of the court, in one or more federally insured banking, credit
union or savings and loan institutions, a trust established for the
person approved by the court, or invested by a bank or trust company
having trust powers under federal or state law, approved by the
court; provided, that the court may approve a structured settlement,
by the terms of which the proceeds of a settlement may be invested
by the plaintiff or the defendant in an annuity to be paid to or for
the benefit of the minor by an insurance company licensed in this
state. If authorized by the court at the request of the next friend
or guardian ad litem, all or a portion of the recovered monies may
be deposited in an account pursuant to the Oklahoma College Savings
Plan Act with the minor designated as beneficiary of the account.
B. A minor’s parent or guardian may enter into a settlement
agreement outside of a court proceeding with a person against whom
the minor has a claim if a guardian ad litem, guardian, or
conservator has not been appointed for the minor, and the total
amount of the settlement proceeds is greater than One Thousand Five
Hundred Dollars ($1,500.00) and less than or equal to Twenty-five
Thousand Dollars ($25,000.00), after reduction from the total
settlement amount of all medical expenses, medical liens, all other
liens, and reasonable attorney fees and costs. Monies recovered
from such a settlement shall be deposited by the parent or guardian
in a savings account that accrues interest at one or more federally
insured banking, credit union, or savings and loan institutions; in
a trust established for the minor by a bank or trust company having
trust powers under state or federal law; or into a structured
settlement by the terms of which the proceeds of the settlement may
be invested in an annuity to be paid to or for the benefit of the
minor by an insurance company licensed in this state. All or a
portion of the recovered monies may also be deposited in an account
pursuant to the Oklahoma College Savings Plan Act with the minor
designated as the sole beneficiary of the account.
The parent or guardian acting on behalf of the person who is
less than eighteen (18) years of age shall complete an affidavit or
verified statement in conformity with this section. The parent or
guardian entering into the settlement agreement on behalf of the
minor shall retain a copy of the affidavit or verified statement for
the minor until the minor reaches the age of majority. If the minor
is represented by counsel, the attorney shall also retain in the
attorney file a copy of the affidavit or verified statement until
one (1) year after the minor attains eighteen (18) years of age.
Any federally insured banking, credit union, or savings and loan
institution receiving the monies for deposit shall complete a
receipt of deposit signed by an officer of the bank, credit union,
or savings and loan institution in conformity with subsection J of
this section. A federally insured banking, credit union, or savings
and loan institution may accept the affidavit without further
investigation and the bank, credit union, or savings and loan
institution shall not be liable to the minor or parent or guardian
provided the account is administered as set forth in the affidavit
and receipt of deposit provided for in this section.
C. Until the minor becomes eighteen (18) years of age,
withdrawals of monies from the account or accounts shall be solely
pursuant to order of the court made in the case in which recovery
was had, or by filing an action if no case had previously been
filed, or upon the minor’s death. The district court shall have
jurisdiction over such action.
D. When an application for the order is made by a person who is
not represented by an attorney, the judge of the court shall prepare
the order.
E. If a legal guardian has been appointed for the minor prior
to any award of monies pursuant to this section, the legal guardian
may petition the district court in the county where the federally
insured funds are held for an order directing the bank, credit union
or savings and loan to transfer the funds to the legal guardian.
The district court may make the granting of the request to transfer
funds subject to reasonable safeguards.
F. If a settlement agreement is entered into in compliance with
subsection B of this section, the signature of the parent or
guardian entering into the settlement agreement on behalf of the
minor is binding on the minor without the need for court approval or
review and has the same force and effect as if the minor were a
competent adult entering into the settlement agreement.
G. A person acting in good faith on behalf of a minor pursuant
to subsection B of this section shall not be liable to the minor for
the monies paid in the settlement or for any other claim arising out
of the settlement.
H. Any person or entity against whom a minor has a claim that
settles the claim with a minor in good faith under this section
shall not be liable to the minor or the minor’s parent or guardian
for any claims arising from the settlement of the claim.
I. The minor’s parent or guardian shall complete an affidavit
or verified statement in substantial conformity with the applicable
provisions as follows:
"I, [Name of Affiant], being of lawful age and after being duly
sworn upon oath, state as follows:
1. I am the parent or guardian of [Name of minor child] ("XX"),
a minor child.
2. XX’s date of birth is MM-DD-YYYY.
3. [Briefly state when, where, and how the incident in question
occurred.]
4. [Briefly state how minor was injured in the incident,
describe his or her injuries, medical care received, if any, and how
they are doing today.]
5. As a result of the injuries sustained by XX in the incident
in question, I, individually and on behalf of XX, a minor, agreed to
settle the claims of XX against [Name of tortfeasor(s)], with their
insurer, [if any, provide the name of Third-Party Liability
Insurance Carrier(s)], in the amount of $XXXX; and with my UM/UIM
insurer, [if any, provide the name of First-Party-Liability
Insurance Carrier(s)], in the amount of $XXXX, [add additional
tortfeasor or first-party coverages where applicable] for a total
settlement in the amount of $XXXX.
6. I understand that all medical expenses, liens and
subrogation claims must be paid from the settlement: [List all
outstanding medical expenses, liens and subrogation providers and
the amounts.]
7. I understand that I (or another parent or guardian of the
minor) may be reimbursed from the settlement for medical expenses
that I or we have paid for the care or treatment of XX as a result
of injuries incurred by XX due to the subject incident as follows:
[List all relevant medical expenses of XX, paid for by a parent or
guardian, for which reimbursement is sought from the settlement.]
8. I understand that $XXXX will be paid from the settlement to
[Name of Firm/Attorney, if any] for attorney fees and costs in
securing the settlement pursuant to my contract with [Name of
Firm/Attorney].
9. I understand that pursuant to subsection B of Section 83 of
Title 12 of the Oklahoma Statutes, the net of XX’s settlement in the
amount of $XXXX must be deposited in a savings account that accrues
interest at one or more federally insured banking, credit union or
savings and loan institutions; in a trust established for XX, by a
bank or trust company having trust powers under state or federal
law; or into a structured settlement, by the terms of which the
proceeds of a settlement may be invested in an annuity to be paid to
or for the benefit of XX by an insurance company licensed in this
state. All or a portion of the recovered monies may be deposited in
an account pursuant to the Oklahoma College Savings Plan Act with XX
designated as a beneficiary of the account.
10. I understand that such funds may not be withdrawn, removed,
paid out, or transferred to anyone until XX is eighteen (18) years
of age, except pursuant to court order or upon the minor’s death.
When the minor XX reaches the age of eighteen (18) years, the funds
may be withdrawn, removed, paid out or transferred by the minor
without a court order.
11. I understand that I must deposit the funds, secure a
Receipt of Deposit from the bank, and if I am represented, to return
the Receipt of Deposit to my attorney. I must also advise the minor
of the settlement and the location of the settlement funds as soon
as the minor has the ability to understand its existence and at the
time the minor reaches eighteen (18) years of age.
12. I understand that should I not settle this matter on behalf
of the minor, I have the right to ask for a jury trial in this
matter, and that a jury may have awarded more, less, or the same
amount, but by settling XX’s claims, I am giving up this right to a
jury trial.
13. I understand that should I not settle this matter, or
pursue a jury trial on behalf of XX, XX would alternatively have a
right to bring a cause of action against [Name of Tortfeasor(s)]
within the one (1) year between XX’s 18th and 19th birthdays;
however, by settling this matter at this time on XX’s behalf, I am
waiving his or her right to bring a cause of action at that time,
and relatedly his or her opportunity to obtain a verdict through
jury trial.
14. I understand that by settling XX’s claims, whether for
already known or later-discovered additional injuries from the
subject incident and/or if XX requires future medical care, I will
not be able to open this claim or bring any future cause of action
against [Name of Tortfeasor(s) or their insurer(s)], [Name of
Insurance Carrier, if any], to request additional sums of money.
15. I believe this is a fair and reasonable settlement of XX’s
claim: that to the best of my knowledge the minor will be fully
compensated by the settlement, or there is no practical way to
obtain additional amounts from the other party/parties entering into
the settlement agreement.
16. I believe this settlement is in the best interests of XX.
17. I understand that this settlement is full and final; I have
not been coerced, pressured, or threatened into entering this
settlement in any way.
FURTHER AFFIANT SAYETH NOT.
______________________________
[Name of Affiant]
[Address of Affiant]
[Phone Number of Affiant]
I state under penalty of perjury under the laws of Oklahoma that the
foregoing is true and correct.
______________ ____________________________________________
Date Signature of Parent or Legal Guardian of XX
Approved as to form and content by:
[Attorney Name, if any]"
J. Any federally insured banking, credit union, or savings and
loan institution receiving the monies for deposit shall complete a
receipt of deposit referenced herein in conformity with the
following:
"RECEIPT OF DEPOSIT
The undersigned, an Officer of [Name of Bank], does hereby
acknowledge receipt of the Affidavit of [Name of Affiant], and that
$XXXXX was deposited for the benefit of the minor, XX.
It is understood that the funds so deposited, pursuant to provisions
under Section 83 of Title 12 of the Oklahoma Statutes, may not be
withdrawn, removed, paid out, or transferred by anyone until XX is
eighteen (18) years of age, except pursuant to court order or upon
the minor.3s death.
When XX reaches the age of eighteen (18) years of age, the funds may
be withdrawn, removed, paid out, or transferred by XX without court
order.
BY:
_______________________
______
Signature
_____________________________
Printed Name
_____________________________
Title
Subscribed and sworn to before me this ________ day of ___________,
20 .
_____________________________
Notary Public
My Commission Expires:
__________________________"
Added by Laws 1971, c. 98, § 1, eff. Oct. 1, 1971. Amended by Laws
1972, c. 197, § 1, emerg. eff. April 7, 1972; Laws 1984, c. 53, § 1,
emerg. eff. March 28, 1984; Laws 1993, c. 98, § 1, eff. Sept. 1,
1993; Laws 1996, c. 293, § 1, eff. Nov. 1, 1996; Laws 2003, c. 140,
§ 1, eff. Nov. 1, 2003; Laws 2019, c. 58, § 1, eff. Nov. 1, 2019;‹ Prev All Oklahoma sections Next ›
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