14-2-202. Payment or delivery to parent of minor's estate not exceeding $3,000; duty of parent.
(a) Money or other property not exceeding three thousand dollars ($3,000.00) in value belonging to a minor having no guardian of his estate may be paid or delivered to a parent entitled to the custody of the minor to hold for the minor, upon written assurance verified by the oath of the parent that the total estate of the minor does not exceed three thousand dollars ($3,000.00) in value. The written receipt of the parent shall be an acquittance of the person making the payment or delivery of money or other property.
(b) It is the duty of the parent to apply the funds received to the use and benefit of the minor.