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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
SENATE BILL 153 By: Howard
AS INTRODUCED
An Act relating to trusts; amending 12 O.S. 2 011,
Section 83, as amended by Section 1, Chapter 58,
O.S.L. 2019 (12 O.S. Supp. 2020, Section 83), which
relates to conserving monies obtained for or on
behalf of persons under eighteen years of age;
authorizing use of trust instrument for deposit of
certain recovered monies; and providing an ef fective
date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 12 O.S. 2011, Section 83, as
amended by Section 1, Chapter 58, O.S.L. 2019 (12 O.S. Sup p. 2020,
Section 83), is amended to read as follows:
Section 83. A. Monies recovered in any court proceeding by a
next friend or guardian ad li tem for or on behalf of a person who is
less than eighteen (18 ) years of age in excess of One Thousand
Dollars ($1,000.00) over sums sufficient for payi ng costs and
expenses including medical bills and attorney’s fees shall be
deposited, by order of the co urt, in one or more federally insured
banking, credit union or savings and loan institutions, a trust
established for the person approved by the court, or invested by a
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bank or trust company having trust powers under federal or state
law, approved by the c ourt; provided, that the court may approve a
structured settlement, by the terms of which the proceeds of a
settlement may be invested by the plaintiff or the defendant in an
annuity to be paid to or for the benefit of the minor by an
insurance company lic ensed in this state. If authorized by the
court at the request of the next friend or guardian ad litem, all or
a portion of the recovered monies may be deposited in an account
pursuant to the Oklahoma College Savings Plan Act with the minor
designated as beneficiary of the account.
B. Until the person becomes eighteen (18) years of age,
withdrawals of monies from the account or accounts shall be solely
pursuant to order of the court made in the case in which recovery
was had.
C. When an application for t he order is made by a person who is
not represented by an attorney, the judge of the court shall prepare
the order.
D. This section shall not apply if a legal guardian has bee n
appointed for the minor prior to any award of monies pursuant to
subsection A of this section. If a legal guardian is appointed
after any award of monies pursuant to subsection A of this s ection,
the legal guardian may petition t he district court in the county
where the federally insured funds are held for an order directing
the bank, credit union or savings and loan to transfer the funds to
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the legal guardian. The district court may make the granting of the
request to transfer f unds subject to reasonab le safeguards.
SECTION 2. This act shall become effective November 1, 2021.
58-1-1223 TEK 12/17/2020 9:44:48 AM