SB64:

Proceeds of compromise agreements; investment in college savings trust accounts for minors.

Bill Summary:

Proceeds of compromise agreements; minors; investment
in college savings trust accounts. Permits a court to direct
the payment of the proceeds of an approved compromise agreement,
in the case of damage to the person or property of a minor, by investment
in a college savings trust account for which the minor is the beneficiary
pursuant to a college savings trust agreement with the Virginia College
Savings Plan, provided that (i) the investment options pursuant to
such agreement are restricted to target enrollment portfolios; (ii)
the order or decree approving and confirming the compromise requires
the minor beneficiary's parent, as that term is defined in relevant
law, to act as the custodian of the account; and (iii) except in
the case of a distribution from the account to be applied toward
the minor beneficiary's qualified higher education expenses, as that
term is defined in relevant federal law, the order or decree approving
and confirming the compromise prohibits the minor beneficiary's parent
from making any transfer, withdrawal, termination, or other account
transaction unless the court provides prior approval pursuant to
a written order.