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Arkansas Code Title 16. Practice, Procedure, and Courts § 16-131-204. Procedures for settling claim involving minor

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) On behalf of a minor, the minor's guardian may enter into a settlement agreement with a person or party against whom the minor has a claim if:

(1) A conservator or guardian ad litem has not been appointed for the minor;

(2) The total amount of the claim is twenty-five thousand dollars ($25,000) or less, excluding reimbursement of medical expenses, liens, reasonable attorney's fees, and costs of the claim, if paid in cash, by draft, or by the purchase of a premium for an annuity;

(3) The moneys paid under the settlement agreement are paid according to § 16-131-205; and

(4) The guardian completes an affidavit or verified statement that attests that:

(A) The guardian has made a reasonable inquiry into the matter;

(B) To the best of the guardian's knowledge:

(i) The minor will be fully compensated by the settlement agreement; or

(ii) There is no practical way to obtain additional amounts from the person or party entering into the settlement agreement with the minor; and

(C) The guardian understands and acknowledges that the guardian is obligated by law to deposit the settlement directly into a restricted savings account or other restricted investment account, or purchase an annuity, as required under subdivision (a)(3) of this section.

(b) An attorney representing the guardian or minor, if any, shall maintain the affidavit or verified statement completed under subdivision (a)(4) of this section in the attorney's file for two (2) years after the minor:

(1) Attains twenty-one (21) years of age; or

(2) Dies, if the minor does not attain twenty-one (21) years of age.

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Cite this article: FindLaw.com - Arkansas Code Title 16. Practice, Procedure, and Courts § 16-131-204. Procedures for settling claim involving minor - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-16-practice-procedure-and-courts/ar-code-sect-16-131-204/

Read this complete Arkansas Code Title 16. Practice, Procedure, and Courts § 16-131-204. Procedures for settling claim involving minor on Westlaw

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