50-5-221 - Court's review of contract Protection of earnings.
50-5-221. Court's review of contract Protection of earnings.
(a) The court shall ensure that any contract it approves contains all the requirements for the rendering of services of the minor and that the petition includes a plan for the protection of earnings under the contract.
(b) The court shall consider the following when determining the protection of earnings:
(1) The interest of the petitioner in the contract or proposed contract or in the minor's performance under the contract;
(2) The parties who are entitled to the minor's earnings, and, if the minor is not so entitled, facts regarding the property and financial circumstances of the parent or parents, or legal custodian or guardian ad litem, or other third party;
(3) A bank or trust account used expressly for the deposit of fees generated under the contract and the relationship of any proposed trustee of the minor's funds;
(4) The percentage of fees generated that are intended for deposit; and
(5) The minor's financial advisor or other third party who will render investment advice and administer the bank or trust account.
(c) Notwithstanding any provision to the contrary, the creditors of any person, other than the minor, shall not be entitled to the earnings of the minor.
[Acts 2003, ch. 168, § 1.]