It’s time for the next installment of Holcomb Dunbar law series “Insurance Law from A to Z.” This was put together by our litigation group who practice in the insurance law arena. Of course, if you have questions about these or any other topics please do not hesitate to contact us.
This week’s installment – Releases
In order to obtain a valid and binding release, certain situations call for court or other government agency approval:
1) Minors (under 18) – need Chancery Court approval
2) Incompetent Adults – need Chancery Court approval
3) Estates/Wrongful Death Claims – need Chancery or Circuit Court approval – there is an optional method for Estates less than $50,000 via affidavit by heir (§ 91-7-322)
4) Workers Compensation claimants – need Circuit Court or Workers Comp Commission approval UM benefits are exempt
The information contained in this post is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, there may be omissions or inaccuracies in information contained in this report. Accordingly, the information in this report is provided with the understanding that the authors are not herein engaged in rendering legal, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with legal or other competent advisers. Before making any decision or taking any action, you should consult with your counsel or the attorneys at Holcomb Dunbar.