Arkansas Code § 9-26-102 - Payment of Money or Delivery of Personal Property to Minor -- Duties of Recipient

(a) (1) Any person under a duty to pay or deliver money or personal property to a minor may perform his or her duty, in amounts not exceeding five thousand dollars ($5,000) per annum, by paying or delivering the money or property to:

(A) The minor, if he or she has attained eighteen (18) years of age or is married;

(B) Any person having the care and custody of the minor with whom the minor resides;

(C) A guardian of the person of the minor; or

(D) A financial institution incident to a deposit in a federally insured savings account in the sole name of the minor and giving notice of the deposit to the minor.

(2) However, any amounts in excess of one thousand dollars ($1,000) per annum must also be approved by the circuit court in the county in this state in which the minor or the person paying or delivering the money or property resides or is domiciled.

(3) This subsection does not apply if the person making payment or delivery has actual knowledge that a guardian of the estate has been appointed or proceedings for appointment of a guardian of the estate of the minor are pending.

(b) (1) The persons, other than the minor or any financial institutions under subdivision (a)(1)(D) of this section, receiving money or property for a minor are obligated to apply the money to the support and education of the minor but may not pay themselves except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor's support.

(2) Any excess sums shall be preserved for the future support of the minor, and any balance not so used and any property received for the minor must be turned over to the minor when he or she attains majority.

(c) Persons who pay or deliver in accordance with provisions of this section are not responsible for the proper application thereof.

Section: 9-26-102  9-26-103  9-26-104    Next

Last modified: November 15, 2016