§ 33-15-35 - Investment of surplus funds – Relief from bond requirements.
SECTION 33-15-35
§ 33-15-35 Investment of surplus funds– Relief from bond requirements. – Limited guardians or guardians may be authorized to invest any money in theirhands, not needed for the payment of debts, or for the support, or education oftheir wards, in notes secured by mortgage upon unincumbered, improved realestate situated in this state, or in the bonds or other indebtedness of theUnited States or of this state, or in the bonds or notes of any city or town inthis state, or in the stock of any domestic building and loan association orfederal savings and loan association doing business in this state approved bythe probate court, or to make deposits of money in any savings bank or trustcompany in this state approved by the probate court, as he or she shall deembest for the interest of his or her ward. Limited guardians or guardians mayalso, under the direction of the probate court, invest any money in real estateor bank stocks in this state or in any other safe income producing securitiesas the probate court may approve; and if a limited guardian or guardian has sodeposited any money in any savings bank or trust company or invested money instock of any association and deposited with the clerk of the probate court thesavings bankbook, share certificate or other evidence of deposit or investment,to be held subject to the order of the court, the probate court in itsdiscretion may relieve the limited guardian or guardian of the requirement ofsurety on his or her bond if the deposit or investment is not in excess of tenthousand dollars ($10,000) and constitutes all of the property of his or herward, or if there be other property, reduce the amount of his or her bond bythe amount of the deposit or investment, but by not in excess of ten thousanddollars ($10,000).