§ 86.1. Conditions for settlement agreements for minors--Payment process
Oklahoma Statutes AnnotatedTitle 12. Civil ProcedureEffective: November 1, 2022
Effective: November 1, 2022
12 Okl.St.Ann. § 86.1
§ 86.1. Conditions for settlement agreements for minors--Payment process
B. The attorney representing the person entering into the settlement agreement on behalf of the minor, if any, shall maintain the affidavit or verified statement completed under paragraph 4 of subsection A of this section in the attorney file for two (2) years after the minor attains eighteen (18) years of age.
1. If the minor or person entering into the settlement agreement on behalf of the minor is represented by an attorney and the settlement is paid in cash, by check, draft, or by direct deposit into the attorney trust account maintained pursuant to the Rules of Professional Conduct applicable to management of client trust accounts. The attorney shall deposit the monies received on behalf of the minor directly into a federally insured savings account that earns interest in the sole name of the minor, and provide notice of the deposit to the minor and the person entering into the settlement agreement on behalf of the minor. Notice shall be delivered by personal service or first-class mail;
b. by direct deposit, the minor or guardian shall provide the person or entity with whom the minor has settled the claim with the necessary information sufficient to complete an electronic transfer of settlement funds within ten (10) business days of the settlement into a federally insured savings account that earns interest, in the sole name of the minor. The notice of the deposit to the minor of the electronic transfer of funds shall be delivered by personal service or first-class mail to the minor and guardian by the person or entity against whom the minor has a claim that settles the claim with the minor;
4. If the minor is a ward of the state and the settlement is paid in cash, or by check or draft directly into a trust account, or subaccount of a trust account, established by the department responsible for wards of the state, or similar state mechanism for the purpose of receiving monies payable to the ward under the settlement agreement and that earns interest for the benefit of the ward.
E. If a settlement agreement is entered into in compliance with subsection A of this section, the signature of the person entering into the settlement agreement on behalf of the minor is binding on the minor without the need for further court approval or review and has the same force and effect as if the minor were a competent adult entering into the settlement agreement.
Credits
Laws 2022, c. 196, § 2, eff. Nov. 1, 2022.
12 Okl. St. Ann. § 86.1, OK ST T. 12 § 86.1
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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