Section 475.330

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 475

Effective - 28 Aug 1983   

  475.330.  Conservatorship dispensed with, when. — 1.  When the whole estate of a minor does not exceed the value of ten thousand dollars, the court may, in its discretion, without the appointment of a conservator or the giving of bond, authorize:

  (1)  The deposit in a depositary authorized to receive fiduciary funds, payable to the conservator of the estate when appointed or to the minor upon his attaining the age of eighteen years; or

  (2)  The delivery thereof to a suitable person designated by the court, deliverable to the conservator of the estate when appointed or to the minor upon his attaining the age of eighteen years; or

  (3)  The payment or delivery thereof to the parent of the minor, or to the person having care or custody of the minor or to the minor himself.  

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The person receiving such money or other assets shall hold and dispose of the same in the manner directed by the court.

  2.  When the whole estate of a person over the age of eighteen who has been adjudicated to be disabled does not exceed the value of ten thousand dollars, the court may, in its discretion, without the appointment of a conservator or the giving of bond, authorize the deposit thereof in a depositary authorized to receive fiduciary funds in the name of a suitable person designated by the court, or authorize the delivery thereof to a suitable person designated by the court.  The person receiving such money or other assets shall hold and dispose of the same in such manner as the court directs.

  3.  When the whole estate of a minor or a disabled person does not exceed ten thousand dollars, the court may discharge the conservator of the estate and authorize disposition of the assets of the estate of the protectee in the same manner as provided in subsections 1 and 2 of this section.

  4.  The person or officer making payment, delivery, transfer or issuance of personal property or evidence thereof to the person designated by the court under this section is discharged and released to the same extent as if such payment, delivery, transfer or issuance was made to a conservator of the minor or disabled person, and he is not required to see to the application thereof, except that a person or officer making payment, delivery, transfer or issuance of money or personal property, or evidence thereof, to a next friend or guardian ad litem may be discharged and released as provided for in section 507.184.

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(L. 1955 p. 385 § 347, A.L. 1959 H.B. 537, A.L. 1977 S.B. 142 & 433, A.L. 1979 H.B. 95, A.L. 1983 S.B. 44 & 45)