(a) The Superior judge of the Superior Court within and for the county where the minor resides, on behalf of a minor, must approve of and consent to a release to be executed by a parent in the settlement of any claim that does not exceed the sum of $1,500.00. A release so furnished shall be binding on the minor and both parents, their heirs, executors, administrators, or assigns, respectively.

(b) Any claim settled for a sum in excess of $1,500.00 shall require the approval of a court-appointed guardian. (1959, No. 262, § 38, eff. June 11, 1959; amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; 1979, No. 77, § 1, eff. May 10, 1979.)