A. Any person under a duty to pay or deliver money or personal property to a minor, including monies related to the settlement of a civil claim, may perform this duty, in amounts not exceeding ten thousand dollars per annum, by paying or delivering the money or property to any of the following:

1. The minor, if the minor is married.

2. Any person having the care and custody of the minor and with whom the minor resides.

3. The guardian of the minor.

4. A financial institution incident to a deposit in a federally insured savings account in the sole name of the minor and giving notice of the deposit to the minor.

B. This section does not apply if the person making payment or delivery has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of the minor are pending.

C. The persons, other than the minor or any financial institution under subsection A, paragraph 4, receiving money or property for a minor are obligated to protect and preserve the money and property unless there are not sufficient resources available to provide for the minor’s needs. In that event they shall apply funds as are necessary to the support and education of the minor but shall not pay themselves except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor’s support.

D. Any balance not used and any property received for the minor shall be turned over to the minor when the minor attains majority. Within three years after the minor attains majority, the person may require an accounting.

E. Persons who pay or deliver in accordance with this section are not responsible for its proper application.