Coogan Law, part V: Coogan Trust Account

The 15% that is set aside from the minor’s compensation pursuant to the order of the Superior Court that ratified the contract for artistic or creative services must be put into a “Coogan Trust Account”.


California Family Code

Section 6753(a) The trustee or trustees shall establish a trust account, that shall be known as a Coogan Trust Account, pursuant to this section at a bank, savings and loan institution, credit union, brokerage firm, or company registered under the Investment Company Act of 1940, that is located in the State of California . . . The trustee or trustees shall establish the trust pursuant to this section within seven business days after the minor's contract is signed . . .