Compromise of claim; petition to court; settlement
Sec. 7. (a) Whenever it is proposed to compromise any claim by
or against a protected person or the protected person's property, the
court, on petition of the guardian, may enter an order authorizing the
compromise to be made if satisfied that the compromise will be in
the best interest of the protected person.
(b) Whenever a minor has a disputed claim against another
person, whether arising in contract, tort, or otherwise, and a guardian
for the minor and the minor's property has not been appointed, the
parents of the minor may compromise the claim. However, before the
compromise is valid, it must be approved by the court upon filing of
a petition requesting the court's approval. If the court approves the
compromise, it may direct that the settlement be paid in accordance
with IC 29-3-3-1. If IC 29-3-3-1 is not applicable, the court shall
require that a guardian be appointed and that the settlement be
delivered to the guardian upon the terms that the court directs.
As added by P.L.169-1988, SEC.1.
Last modified: May 27, 2006