26-39 - Time within which guardian of an estate, conservator or other fiduciary to invest funds; reasonable diligence required.
§ 26-39. Time within which guardian of an estate, conservator or otherfiduciary to invest funds; reasonable diligence required.
Whenever a guardian of an estate, conservator or other fiduciary charged withthe investment of funds collects any principal he shall have a reasonabletime not exceeding four months to invest or loan the same, and shall not becharged with interest thereon until the expiration of such time. A guardianof an estate, conservator or any other fiduciary shall only be required toinvest in accordance with the provisions of §§ 26-40.01, 26-40.1, 26-40.2,26-44, and 26-44.1 and Article 2 (§ 26-45.3 et seq.) and if he so investsshall be accountable only for such interest and profits as are earned. If anyfunds are otherwise invested without the previous consent of the court havingjurisdiction of such trust funds, the burden shall be on the guardian of anestate, conservator or other fiduciary before his settlement is approved bythe commissioner of accounts to show to the satisfaction of the commissionerthat after exercising reasonable diligence he was unable to so invest thefunds and that the investment made was reasonable and proper under all of thecircumstances and fair to the beneficiary of the funds.
This section shall not be construed as altering the provisions of any will,deed or other instrument giving to the fiduciary discretion as to the rate ofinterest, character of security, nature or investment under the trust, ortime within which the trust funds are to be loaned or invested.
(Code 1919, § 5325; 1938, p. 203; 1946, p. 223; 1997, c. 842; 1999, c. 772.)