Each parent has the right and the obligation to administer the property of the child. The parent must do so as a prudent administrator and is answerable for any damage caused by his fraud, fault, default, or neglect. An action for failure to perform this obligation is subject to a liberative prescription of five years that commences to run from the day the child attains the age of majority.
Amended by Acts 1970, No. 436, §2; Acts 1972, No. 668, §1; Acts 1979, No. 249, §1; Acts 2015, No. 260, §1, eff. Jan. 1, 2016.