MS SB2614

Allows a parent, legal guardian, or custodian to settle legal claims on behalf of a minor for up to $25,000 (excluding medical reimbursements, liens, attorney fees, and court costs) without court approval or appointment of a conservator

Requires the person settling on behalf of the minor to complete an affidavit stating they understand their right to seek court approval but chose this process, and that the settlement fully compensates the minor or no additional amounts can be obtained

Mandates settlement funds be deposited into a federally insured restricted savings account in the minor's sole name, or used to purchase an annuity with the minor as sole beneficiary

Prohibits withdrawal of settlement funds until the minor reaches the age of majority, becomes emancipated, obtains a court order, or dies

Provides liability protection for persons acting in good faith on behalf of minors and for parties settling claims under this law