LYCOS RETRIEVER 
Jackie Coogan: Child
built 645 days ago
Until a child reaches age 18, the funds in a Coogan account will not be escheated (surrendered) to the State due to lack of activity. Once the child reaches the age of 18... Coogan accounts will be escheated to the State if the account is dormant for more than three years.
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The attorneys for Coogan and his mother eventually hammered out a settlement that became final in February 1940: Each would get half of the $252,000 now left of Coogan’s childhood earnings. Years later he said that what he actually got was "$35,000, which included cashing in my life insurance policy.”
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The legal battle did... bring attention to child actors and resulted in the state of California enacting the California Child Actor's Bill, sometimes known as the Coogan Bill or the Coogan Act. This requires that the child's employer set aside 15% of the child's earnings in a trust, and codifies such issues as schooling, work hours and time-off. Jackie's mother and stepfather attempted to soften the situation by pointing out that the child was having fun and thought he was playing. Virtually every child star, however, from Baby Peggy on has stated that they were keenly aware that what they were doing was work.
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According to California State Law, all parents whose children work in the entertainment industry are required to open a Coogan account. It is mandatory that parents put 15% or their child’s gross earnings into this bank account where it will essentially be the separate property of the child rather than that of the parents. Parents cannot touch the money without a court order or until the child is eighteen. This law was passed in 2000 as a result of Jackie Coogan and other prior child stars whose parents had unlawfully spent all of their earnings.
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Because of the public outcry over the situation, California passed the "The Child Actors Bill," better known as the Coogan Act, to set up a trust fund to protect the earnings of young actors. Today, the vast majority of earnings of child performers are required to be placed in protected bank accounts, known as Coogan Accounts.
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Just as stardom and financial success had come suddenly... the offers and attention vanished as Jackie approached adolescence. In the mid-1920s his career began to suffer from typical child-into-adolescence transition difficulties, repetitious plotlines, and a wearying insistence on Jackie continuing to play the same "little boy." His "comeback" film versions of Tom Sawyer (1930) and Huckleberry Finn (1931) were unsuccessful, and
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