COOGAN Meaning and
Definition
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Coogan, as a noun, is a term derived from the surname of child actor Jackie Coogan, who reached fame as the silent film character "The Kid" in the early 20th century. The concept of "coogan" refers to the portion of a child performer's earnings that is legally required to be set aside for their benefit and future use.
Specifically, a Coogan account is a specific type of trust account established to protect a child actor's earnings. It is mandated by Californian law, known as the Coogan Act, and is also recognized in some other states. The purpose of the Coogan account is to secure a portion of the minor's income derived from entertainment industry endeavors, such as acting, modeling, or performing, as well as income earned from endorsements or merchandise sales.
The Coogan account is typically managed by a parent or guardian and serves to safeguard the child performer's financial future. The funds in the account cannot be accessed until the minor reaches adulthood (usually 18 years old), unless authorized by a court for specific educational or living expenses. The objective is to prevent parents or guardians from misusing or squandering the child actor's earnings, ensuring that a portion is preserved for their future well-being.
Overall, "coogan" is a term used to describe the legislated protection of child entertainers' earnings, ensuring their financial security and preventing exploitation.
Similar spelling words for COOGAN
