{"data":{"id":"us-ok/okla.-stat.-tit.-12-12-83","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12, § 12-83","heading":"Conserving monies obtained for or on behalf of persons","body":"under eighteen years of age in court proceedings.\n\nA. Monies recovered in any court proceeding by a next friend or\n\nguardian ad litem for or on behalf of a person who is less than\n\neighteen (18) years of age in excess of Twenty-five Thousand Dollars\n\n($25,000.00) over sums sufficient for paying costs and expenses\n\nincluding medical bills and attorney fees shall be deposited, by\n\norder of the court, in one or more federally insured banking, credit\n\nunion or savings and loan institutions, a trust established for the\n\nperson approved by the court, or invested by a bank or trust company\n\nhaving trust powers under federal or state law, approved by the\n\ncourt; provided, that the court may approve a structured settlement,\n\nby the terms of which the proceeds of a settlement may be invested\n\nby the plaintiff or the defendant in an annuity to be paid to or for\n\nthe benefit of the minor by an insurance company licensed in this\n\nstate. If authorized by the court at the request of the next friend\n\nor guardian ad litem, all or a portion of the recovered monies may\n\nbe deposited in an account pursuant to the Oklahoma College Savings\n\nPlan Act with the minor designated as beneficiary of the account.\n\nB. A minor’s parent or guardian may enter into a settlement\n\nagreement outside of a court proceeding with a person against whom\n\nthe minor has a claim if a guardian ad litem, guardian, or\n\nconservator has not been appointed for the minor, and the total\n\namount of the settlement proceeds is greater than One Thousand Five\n\nHundred Dollars ($1,500.00) and less than or equal to Twenty-five\n\nThousand Dollars ($25,000.00), after reduction from the total\n\nsettlement amount of all medical expenses, medical liens, all other\n\nliens, and reasonable attorney fees and costs. Monies recovered\n\nfrom such a settlement shall be deposited by the parent or guardian\n\nin a savings account that accrues interest at one or more federally\n\ninsured banking, credit union, or savings and loan institutions; in\n\na trust established for the minor by a bank or trust company having\n\ntrust powers under state or federal law; or into a structured\n\nsettlement by the terms of which the proceeds of the settlement may\n\nbe invested in an annuity to be paid to or for the benefit of the\n\nminor by an insurance company licensed in this state. All or a\n\nportion of the recovered monies may also be deposited in an account\n\npursuant to the Oklahoma College Savings Plan Act with the minor\n\ndesignated as the sole beneficiary of the account.\n\nThe parent or guardian acting on behalf of the person who is\n\nless than eighteen (18) years of age shall complete an affidavit or\n\nverified statement in conformity with this section. The parent or\n\nguardian entering into the settlement agreement on behalf of the\n\nminor shall retain a copy of the affidavit or verified statement for\n\nthe minor until the minor reaches the age of majority. If the minor\n\nis represented by counsel, the attorney shall also retain in the\n\nattorney file a copy of the affidavit or verified statement until\n\none (1) year after the minor attains eighteen (18) years of age.\n\nAny federally insured banking, credit union, or savings and loan\n\ninstitution receiving the monies for deposit shall complete a\n\nreceipt of deposit signed by an officer of the bank, credit union,\n\nor savings and loan institution in conformity with subsection J of\n\nthis section. A federally insured banking, credit union, or savings\n\nand loan institution may accept the affidavit without further\n\ninvestigation and the bank, credit union, or savings and loan\n\ninstitution shall not be liable to the minor or parent or guardian\n\nprovided the account is administered as set forth in the affidavit\n\nand receipt of deposit provided for in this section.\n\nC. Until the minor becomes eighteen (18) years of age,\n\nwithdrawals of monies from the account or accounts shall be solely\nfidavit without further\n\ninvestigation and the bank, credit union, or savings and loan\n\ninstitution shall not be liable to the minor or parent or guardian\n\nprovided the account is administered as set forth in the affidavit\n\nand receipt of deposit provided for in this section.\n\nC. Until the minor becomes eighteen (18) years of age,\n\nwithdrawals of monies from the account or accounts shall be solely\n\npursuant to order of the court made in the case in which recovery\n\nwas had, or by filing an action if no case had previously been\n\nfiled, or upon the minor’s death. The district court shall have\n\njurisdiction over such action.\n\nD. When an application for the order is made by a person who is\n\nnot represented by an attorney, the judge of the court shall prepare\n\nthe order.\n\nE. If a legal guardian has been appointed for the minor prior\n\nto any award of monies pursuant to this section, the legal guardian\n\nmay petition the district court in the county where the federally\n\ninsured funds are held for an order directing the bank, credit union\n\nor savings and loan to transfer the funds to the legal guardian.\n\nThe district court may make the granting of the request to transfer\n\nfunds subject to reasonable safeguards.\n\nF. If a settlement agreement is entered into in compliance with\n\nsubsection B of this section, the signature of the parent or\n\nguardian entering into the settlement agreement on behalf of the\n\nminor is binding on the minor without the need for court approval or\n\nreview and has the same force and effect as if the minor were a\n\ncompetent adult entering into the settlement agreement.\n\nG. A person acting in good faith on behalf of a minor pursuant\n\nto subsection B of this section shall not be liable to the minor for\n\nthe monies paid in the settlement or for any other claim arising out\n\nof the settlement.\n\nH. Any person or entity against whom a minor has a claim that\n\nsettles the claim with a minor in good faith under this section\n\nshall not be liable to the minor or the minor’s parent or guardian\n\nfor any claims arising from the settlement of the claim.\n\nI. The minor’s parent or guardian shall complete an affidavit\n\nor verified statement in substantial conformity with the applicable\n\nprovisions as follows:\n\n\"I, [Name of Affiant], being of lawful age and after being duly\n\nsworn upon oath, state as follows:\n\n1. I am the parent or guardian of [Name of minor child] (\"XX\"),\n\na minor child.\n\n2. XX’s date of birth is MM-DD-YYYY.\n\n3. [Briefly state when, where, and how the incident in question\n\noccurred.]\n\n4. [Briefly state how minor was injured in the incident,\n\ndescribe his or her injuries, medical care received, if any, and how\n\nthey are doing today.]\n\n5. As a result of the injuries sustained by XX in the incident\n\nin question, I, individually and on behalf of XX, a minor, agreed to\n\nsettle the claims of XX against [Name of tortfeasor(s)], with their\n\ninsurer, [if any, provide the name of Third-Party Liability\n\nInsurance Carrier(s)], in the amount of $XXXX; and with my UM/UIM\n\ninsurer, [if any, provide the name of First-Party-Liability\n\nInsurance Carrier(s)], in the amount of $XXXX, [add additional\n\ntortfeasor or first-party coverages where applicable] for a total\n\nsettlement in the amount of $XXXX.\n\n6. I understand that all medical expenses, liens and\n\nsubrogation claims must be paid from the settlement: [List all\n\noutstanding medical expenses, liens and subrogation providers and\n\nthe amounts.]\n\n7. I understand that I (or another parent or guardian of the\n\nminor) may be reimbursed from the settlement for medical expenses\n\nthat I or we have paid for the care or treatment of XX as a result\n\nof injuries incurred by XX due to the subject incident as follows:\n\n[List all relevant medical expenses of XX, paid for by a parent or\n\nguardian, for which reimbursement is sought from the settlement.]\n7. I understand that I (or another parent or guardian of the\n\nminor) may be reimbursed from the settlement for medical expenses\n\nthat I or we have paid for the care or treatment of XX as a result\n\nof injuries incurred by XX due to the subject incident as follows:\n\n[List all relevant medical expenses of XX, paid for by a parent or\n\nguardian, for which reimbursement is sought from the settlement.]\n\n8. I understand that $XXXX will be paid from the settlement to\n\n[Name of Firm/Attorney, if any] for attorney fees and costs in\n\nsecuring the settlement pursuant to my contract with [Name of\n\nFirm/Attorney].\n\n9. I understand that pursuant to subsection B of Section 83 of\n\nTitle 12 of the Oklahoma Statutes, the net of XX’s settlement in the\n\namount of $XXXX must be deposited in a savings account that accrues\n\ninterest at one or more federally insured banking, credit union or\n\nsavings and loan institutions; in a trust established for XX, by a\n\nbank or trust company having trust powers under state or federal\n\nlaw; or into a structured settlement, by the terms of which the\n\nproceeds of a settlement may be invested in an annuity to be paid to\n\nor for the benefit of XX by an insurance company licensed in this\n\nstate. All or a portion of the recovered monies may be deposited in\n\nan account pursuant to the Oklahoma College Savings Plan Act with XX\n\ndesignated as a beneficiary of the account.\n\n10. I understand that such funds may not be withdrawn, removed,\n\npaid out, or transferred to anyone until XX is eighteen (18) years\n\nof age, except pursuant to court order or upon the minor’s death.\n\nWhen the minor XX reaches the age of eighteen (18) years, the funds\n\nmay be withdrawn, removed, paid out or transferred by the minor\n\nwithout a court order.\n\n11. I understand that I must deposit the funds, secure a\n\nReceipt of Deposit from the bank, and if I am represented, to return\n\nthe Receipt of Deposit to my attorney. I must also advise the minor\n\nof the settlement and the location of the settlement funds as soon\n\nas the minor has the ability to understand its existence and at the\n\ntime the minor reaches eighteen (18) years of age.\n\n12. I understand that should I not settle this matter on behalf\n\nof the minor, I have the right to ask for a jury trial in this\n\nmatter, and that a jury may have awarded more, less, or the same\n\namount, but by settling XX’s claims, I am giving up this right to a\n\njury trial.\n\n13. I understand that should I not settle this matter, or\n\npursue a jury trial on behalf of XX, XX would alternatively have a\n\nright to bring a cause of action against [Name of Tortfeasor(s)]\n\nwithin the one (1) year between XX’s 18th and 19th birthdays;\n\nhowever, by settling this matter at this time on XX’s behalf, I am\n\nwaiving his or her right to bring a cause of action at that time,\n\nand relatedly his or her opportunity to obtain a verdict through\n\njury trial.\n\n14. I understand that by settling XX’s claims, whether for\n\nalready known or later-discovered additional injuries from the\n\nsubject incident and/or if XX requires future medical care, I will\n\nnot be able to open this claim or bring any future cause of action\n\nagainst [Name of Tortfeasor(s) or their insurer(s)], [Name of\n\nInsurance Carrier, if any], to request additional sums of money.\n\n15. I believe this is a fair and reasonable settlement of XX’s\n\nclaim: that to the best of my knowledge the minor will be fully\n\ncompensated by the settlement, or there is no practical way to\n\nobtain additional amounts from the other party/parties entering into\n\nthe settlement agreement.\n\n16. I believe this settlement is in the best interests of XX.\n\n17. I understand that this settlement is full and final; I have\n\nnot been coerced, pressured, or threatened into entering this\n\nsettlement in any way.\n\nFURTHER AFFIANT SAYETH NOT.\n\n______________________________\n\n[Name of Affiant]\n\n[Address of Affiant]\n\n[Phone Number of Affiant]\nr party/parties entering into\n\nthe settlement agreement.\n\n16. I believe this settlement is in the best interests of XX.\n\n17. I understand that this settlement is full and final; I have\n\nnot been coerced, pressured, or threatened into entering this\n\nsettlement in any way.\n\nFURTHER AFFIANT SAYETH NOT.\n\n______________________________\n\n[Name of Affiant]\n\n[Address of Affiant]\n\n[Phone Number of Affiant]\n\nI state under penalty of perjury under the laws of Oklahoma that the\n\nforegoing is true and correct.\n\n______________ ____________________________________________\n\nDate Signature of Parent or Legal Guardian of XX\n\nApproved as to form and content by:\n\n[Attorney Name, if any]\"\n\nJ. Any federally insured banking, credit union, or savings and\n\nloan institution receiving the monies for deposit shall complete a\n\nreceipt of deposit referenced herein in conformity with the\n\nfollowing:\n\n\"RECEIPT OF DEPOSIT\n\nThe undersigned, an Officer of [Name of Bank], does hereby\n\nacknowledge receipt of the Affidavit of [Name of Affiant], and that\n\n$XXXXX was deposited for the benefit of the minor, XX.\n\nIt is understood that the funds so deposited, pursuant to provisions\n\nunder Section 83 of Title 12 of the Oklahoma Statutes, may not be\n\nwithdrawn, removed, paid out, or transferred by anyone until XX is\n\neighteen (18) years of age, except pursuant to court order or upon\n\nthe minor.3s death.\n\nWhen XX reaches the age of eighteen (18) years of age, the funds may\n\nbe withdrawn, removed, paid out, or transferred by XX without court\n\norder.\n\nBY:\n\n_______________________\n\n______\n\nSignature\n\n_____________________________\n\nPrinted Name\n\n_____________________________\n\nTitle\n\nSubscribed and sworn to before me this ________ day of ___________,\n\n20 .\n\n_____________________________\n\nNotary Public\n\nMy Commission Expires:\n\n__________________________\"","path":["OK Code","Title 12"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"087efe0e0a184e5f7925cb561bc300aaf57f4863b823532a133ee31ca9a55b17","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12-12-818","next":"us-ok/okla.-stat.-tit.-12-12-831"},"notice":"GroundRules: Original legal text. Not legal advice."}