§ 83. Conserving moneys obtained for or on behalf of persons under eighteen years of age in cou...
Oklahoma Statutes AnnotatedTitle 12. Civil ProcedureEffective: November 1, 2021
Effective: November 1, 2021
12 Okl.St.Ann. § 83
§ 83. Conserving moneys obtained for or on behalf of persons 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 One Thousand Dollars ($1,000.00) over sums sufficient for paying costs and expenses including medical bills and attorney's 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 Act1 with the minor designated as beneficiary of the account.
D. This section shall not apply if a legal guardian has been appointed for the minor prior to any award of monies pursuant to subsection A of this section. If a legal guardian is appointed after any award of monies pursuant to subsection A of 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.
Credits
Laws 1971, c. 98, § 1, eff. Oct. 1, 1971; 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; Laws 2021, c. 81, § 1, eff. Nov. 1, 2021.
Footnotes
Title 70, § 3970.1 et seq.
12 Okl. St. Ann. § 83, OK ST T. 12 § 83
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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