SF 1740

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to courts; authorizing courts to transmit 
  1.3             minor settlement funds to the state board of 
  1.4             investment; proposing coding for new law in Minnesota 
  1.5             Statutes, chapters 11A and 548.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [11A.26] [MINOR'S INVESTMENT FUND.] 
  1.8      Money remitted to the state board under section 548.54 
  1.9   shall be deposited in a special minor's investment fund and 
  1.10  invested by the board in those types of investments which are 
  1.11  legal investments for state funds.  A separate account shall be 
  1.12  maintained for funds deposited on behalf of each minor.  In 
  1.13  remitting the money, the court shall provide the date of birth 
  1.14  of each minor on whose behalf funds are remitted.  The state 
  1.15  board shall disburse the balance in each fund to the appropriate 
  1.16  minor when the minor reaches the age of 18 years, unless a 
  1.17  guardian has been appointed for the minor, and the state board 
  1.18  is informed of the appointment.  In this event disbursement 
  1.19  shall be made to the guardian.  Interim disbursements of all or 
  1.20  any portion of money in an account, either before or after the 
  1.21  minor reaches age 18, shall be discretionary with the state 
  1.22  board upon recommendation of the court. 
  1.23     Sec. 2.  [548.54] [MINOR SETTLEMENT; TRANSMITTAL OF FUNDS 
  1.24  TO STATE BOARD OF INVESTMENT.] 
  1.25     Subdivision 1.  [MINOR SETTLEMENT.] For purposes of this 
  2.1   section, "minor settlement" means a legal settlement of a case 
  2.2   involving a child under the age of 18 years in which a tort, 
  2.3   contract, or other adjudicated claim is settled and approved by 
  2.4   the court, and in which money collected in favor of the child is 
  2.5   under fiduciary control of the court.  
  2.6      Subd. 2.  [TRANSMITTAL OF FUNDS.] When the court approves a 
  2.7   minor settlement, the court may forward the money collected in 
  2.8   the settlement to the state board of investment.  The board 
  2.9   shall deposit the funds transmitted in the minor's investment 
  2.10  fund, and invest and distribute funds in accordance with section 
  2.11  11A.26.