§ 14-2-202 — Payment or delivery to parent of minor's estate not exceeding $25,000; duty of parent; settlement agreements on behalf of minors

Wyoming § 14-2-202

• Jurisdiction: Wyoming
• Title 14: Children
• Ch. 2: PARENTS
• Art. 2: RIGHTS AND OBLIGATIONS

Text

(a) Money or other property not exceeding twenty-five
thousand dollars ($25,000.00) in value belonging to a minor
having no guardian of his estate may be paid or delivered to a
parent entitled to the custody of the minor to hold for the
minor, upon written assurance verified by the oath of the parent
that the total estate of the minor does not exceed twenty-five
thousand dollars ($25,000.00) in value. The written receipt of
the parent shall be an acquittance of the person making the
payment or delivery of money or other property.
(b) It is the duty of the parent to apply the funds
received under subsection (a) of this section to the use and
benefit of the minor.
(c) A parent, guardian or conservator of a minor may enter
into a settlement or compromise on behalf of the minor with a
person against whom the minor has a claim without first seeking
court approval and without first establishing a guardianship or
conservatorship for the minor if:
(i) A guardian or conservator has not been previously
appointed for the minor to represent the minor;
(ii) The minor is not emancipated under W.S. 14-1-201
through 14-1-206;
(iii) The total amount of the settlement or
compromise to be paid to the minor is not greater than twenty-
five thousand dollars ($25,000.00);
(iv) The moneys paid under the settlement agreement
or compromise are paid:
(A) To the parent, guardian or conservator of
the minor; or
(B) Into a trust or other account held for the
benefit of the minor.
(v) The parent, guardian or conservator of the minor
attests in an affidavit that the person has made a reasonable
inquiry into the minor's claim and that:
(A) The total amount of the minor's claim is not
greater than twenty-five thousand dollars ($25,000.00),
excluding fees, costs and all other expenses incident to the
claim; and
(B) To the best of the parent's, guardian's or
conservator's knowledge:
(I) The minor will be fully compensated by
the settlement or compromise; or
(II) It is unlikely that the minor will be
able to obtain additional amounts from the party entering into
the settlement agreement or compromise with the minor.
(vi) The parent, guardian or conservator of the minor
will apply the funds received to the use and benefit of the
minor.
(d) A settlement or compromise entered into in compliance
with subsection (c) of this section shall, upon signature of the
parent, guardian or conservator entering into the agreement on
the minor's behalf, be binding on the minor without the need for
further court approval or review and shall have the same force
and effect as if the minor were a competent adult entering into
the settlement or compromise.
(e) A minor shall have a cause of action against a parent,
guardian or conservator who fails to manage or apply all funds
received for the sole benefit of the minor, who fails to make a
reasonable inquiry into the minor's claim, who falsely states
that the minor's claim is not greater than twenty-five thousand
dollars ($25,000.00) to settle the claim under this section or
who otherwise fails to comply with the requirements of this
section in settling a claim on behalf of the minor.