Title 16 — Practice, Procedure, And Courts

This subchapter shall be known and may be cited as the “Arkansas Statutory Thresholds for Settlement Agreements Involving Minors Act”.

The purpose of this subchapter is to establish standards and procedures for settling claims through settlement agreements involving minors.

(1) As used in this subchapter:(1) “Annuity” means a fixed and periodic amount of moneys payable throughout the life of a person or for a temporary period;(2) “Claim” means a civil cause of action and includes a claim made by or on behalf of a minor;(3) “Conservator” means a pers…

(a) On behalf of a minor, the minor's guardian may enter into a settlement agreement with a person or party against whom the minor has a claim if:(1) A conservator or guardian ad litem has not been appointed for the minor;(2) The total amount of the claim is twenty-five thousand …

(a) Any moneys payable under a settlement agreement entered into under § 16-131-204 shall be paid as follows:(1) If the minor or guardian is represented by an attorney and the settlement is paid in cash, by draft, or by direct deposit into the attorney's trust account that is mai…

(a) If a settlement agreement is entered into in compliance with § 16-131-204, the signature of the guardian:(1) Is binding on the minor without the need for further court approval or review; and(2) Has the same force and effect as if the minor were a competent adult entering int…