(1) When there is a legal representative appointed for a person under disability, all rights to take action, except rights of the person under disability against the legal representative himself or herself, vest in said legal representative for the benefit of the person under disability, and the legal representative has authority to take action thereon in his or her own name.
(2) A legal representative may:
Elect, on behalf of a plaintiff in a civil action, a form of funding of a judgment forperiodic payments, as described in section 13-64-207;
Elect to receive the immediate payment to the plaintiff of the present value of thefuture damage award in a lump-sum amount, in lieu of periodic payments;
Petition a court of competent jurisdiction to establish a disability trust pursuant tosection 15-14-412.8, C.R.S., funded by the proceeds of a settlement or judgment received by, or on behalf of, a person under disability who is under sixty-five years of age and who is disabled, as defined in Title XIX of the federal "Social Security Act", 42 U.S.C. sec. 1382c (a)(3); or
Petition a court of competent jurisdiction to establish a pooled trust account pursuantto section 15-14-412.9, C.R.S., funded by the proceeds of a settlement or judgment received by, or on behalf of, a person under disability who is disabled, as defined in Title XIX of the federal "Social Security Act", 42 U.S.C. sec. 1382c (a)(3).
Source: L. 39: p. 449, § 2. CSA: C. 102, § 29. CRS 53: § 87-3-2. C.R.S. 1963: § 872-2. L. 2007: Entire section amended, p. 172, § 4, effective August 3.
Cross references: For the legislative declaration contained in the 2007 act amending this section, see section 1 of chapter 49, Session Laws of Colorado 2007.