(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.
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Terms Used In Tennessee Code 50-5-221

  • Contract: A legal written agreement that becomes binding when signed.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Minor: means any person who has not attained eighteen (18) years of age and has not had the disability of minority removed so as to make this part inapplicable. See Tennessee Code 50-5-203
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
(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.
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