Source: https://www.vacode.org/8.01-424/
Timestamp: 2020-07-04 21:17:31
Document Index: 356776030

Matched Legal Cases: ['§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8']

Approval of compromises on behalf of persons under a disability in suits or actions to which they are parties (§ 8.01-424)—Virginia Decoded - Virginia Decoded
Next →8.01-424.1 Settlement of third-party action; deemed consent by employer
16 Compromises
§ 8.01-424 Approval of compromises on behalf of persons under . . .
§ 8.01-424
Approval of compromises on behalf of persons under a disability in suits or actions to which they are parties
4. Where the agreement of settlement provides for payments to be made over a period of time in the future, whether such payments are lump sum, periodic, or a combination of both, the court shall approve the settlement only if it finds that all payments which are due to be made are (i) secured by a bond issued by an insurance company authorized to write such bonds in this Commonwealth or (ii) to be made or irrevocably guaranteed by an insurance company or companies authorized to do business in this Commonwealth and rated “A plus” (A+) or better by Best’s Insurance Reports. Payments made under this subdivision totaling not more than $ 4,000 in any calendar year may be paid in accordance with § 8.01-606. Payments made under this subdivision, totaling more than $ 4,000 in any calendar year while the recipient is under a disability, shall be paid to a duly qualified fiduciary after due inquiry as to adequacy of the bond of such fiduciary.
E. Payments made under this section, in the case of damage to the person or property of a minor, may be made payable in the discretion of the court to the parent or guardian of the minor to be held in trust for the benefit of the minor. Any such trust shall be subject to court approval and the court may provide for the termination of such trust at any time following attainment of majority which the court deems to be in the best interest of the minor. In an order authorizing the trust or additions to an existing trust the court may order that the trustee thereof be subject to the same duty to qualify in the clerk’s office and to file an inventory and annual accountings with the commissioner of accounts as would apply to a testamentary trustee.
If you’re reading this for anything important, you should double-check its accuracy—read § 8.01-424 on the official Code of Virginia website.
. . . be subject to the provisions of §§ 8.01-55 and 8.01-424. . . .
. . . Richmond court for approval pursuant to Code § 8.01-424. Incorporated into the motion for approval . . .
Bohle v. Henrico County School Bd. (SCV, 06/11/93)
. . . Circuit Court of Henrico County, pursuant to Code § 8.01-424, approved a settlement between the . . .
Gunn v. Richmond Community Hosp., Inc. (SCV, 04/22/88)
. . . language of § 8.01-424(B), relied on by the trial court to justify its action. . . .
. . . or as ordered by the Court pursuant to Section 8.01-424 of the Code of Virginia of 1950, as amended, . . .
Smith v. Settle (SCV, 09/12/97)
. . . approval of the "settlement" under Code § 8.01-424. Our decision makes it unnecessary to consider . . .
. . . petitioned the trial court, *323 pursuant to Code § 8.01-424, to approve a compromise settlement of . . .
§ 8.01-35.1 Effect of release or covenant not to sue in respect to liability and contribution