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

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