93-13-55 - Application to court for directions as to disposition of securities.
§ 93-13-55. Application to court for directions as to disposition of securities.
(1) Whenever a guardian shall receive for his ward, by inheritance, bequest or gift, any stocks, bonds or other securities or investments, in which the guardian is not authorized by law to invest the moneys of his ward, he shall apply to the court, or chancellor in vacation, for directions as to the disposition of said stocks, bonds or other securities or investments. The court shall determine whether the guardian shall retain said stocks, bonds or other securities or investments in the form in which they were received by the said guardian, or sell the same and reinvest the proceeds therefrom. If the court or chancellor direct the guardian to retain said stocks, bonds or other securities or investments, responsibility shall not attach thereafter to the guardian, as to the sufficiency of said investment.
(2) Nothing in subsection (1) shall be construed to allow the investment of the money of the ward by the guardian in any manner other than is authorized by law.
Sources: Codes, 1942, § 420.5; Laws, 1954, ch. 217, §§ 1, 2 (Paras. 1, 2), eff 60 days after passage, approved March 2, 1954.