Section 475.190

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 475

Effective - 28 Aug 2006, 3 histories, see footnote   (history) 

  475.190.  Investment of money — reports. — 1. The conservator shall invest the money of the protectee, from whatever source derived, unless it is required for other lawful purposes.

  2. No investment, other than an investment (a) in the direct obligations of or obligations unconditionally guaranteed as to principal and interest by the United States or (b) in savings accounts and time deposits, including time certificates of deposit, in banking institutions to the extent such accounts or deposits are insured by the Federal Deposit Insurance Corporation or (c) in accounts of savings and loan associations to the extent such accounts are insured by the Federal Savings and Loan Insurance Corporation, shall be made without prior order of the court.

  3. The conservator may invest in any other property, real or personal, which the court finds is a reasonable and prudent investment in the circumstances. An order of court authorizing investment under this subsection does not relieve a conservator or his sureties of responsibility and liability if the investment made is not in fact in accordance with the Missouri prudent investor act, sections 469.900 to 469.913, RSMo.

  4. Every conservator shall make a report at every annual settlement of the disposition made by the conservator of the money belonging to the protectee entrusted to him. If it appears that the money is invested in securities, then the conservator shall report a detailed description of the securities and shall describe any real estate security and state where it is situated, and its value, which report shall be filed in the court. The court shall carefully examine into the report as soon as made, and, if in the opinion of the court the security is insufficient, the court shall make such orders as are necessary to protect the interest of the protectee. The conservator and his sureties are liable on their bond for any omission to comply with the orders of the court. If the money has not been invested as authorized by law the conservator shall state that fact and the reasons, and shall state that the conservator has been unable to make an investment after diligent effort to do so.

  5. If any conservator refuses or neglects to make the report at the time aforesaid, or makes a false report thereof, he and his sureties are liable on their bond for all loss or damage to the protectee occasioned by reason of his neglect or refusal so to report, or by making a false report, and the conservator may, on account thereof, be removed from his trust in the discretion of the court.

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(L. 1955 p. 385 § 319, A.L. 1957 p. 829, A.L. 1975 S.B. 257, A.L. 1983 S.B. 44 & 45, A.L. 1998 H.B. 1571, A.L. 2006 S.B. 892)

CROSS REFERENCE:

Multinational banks, securities and obligations of, investment in, when, RSMo 409.950