§ 35A-1232. Exclusion of deposited money in computing amount of bond.
§ 35A‑1232. Exclusionof deposited money in computing amount of bond.
(a) When it appearsthat the ward's estate includes money that has been or will be deposited in anaccount with a financial institution upon condition that the money will not bewithdrawn except on authorization of the court, the court may, in itsdiscretion, order that the money be so deposited or invested and exclude suchdeposited money from the computation of the amount of the bond or reduce theamount of the bond in respect of such money to such an amount as it may deemreasonable.
(b) The applicant forletters of guardianship, or a general guardian or guardian of the estate, maydeliver to any such financial institution any such money in the applicant's orthe guardian's possession or may allow such financial institution to retain anysuch money already deposited or invested with it; in either event, theapplicant or guardian shall secure and file with the court a written receiptincluding the agreement of the financial institution, duly acknowledged by anauthorized officer of the financial institution, that the money shall not beallowed to be withdrawn except on authorization of the court. In so receivingand retaining such money from an applicant for letters of guardianship, the financialinstitution shall be protected to the same extent as though it had received thesame from a general guardian or a guardian of the estate.
(c) The term"account with a financial institution" as used in this section meansany account in a bank, savings and loan association, credit union, trustcompany, or registered securities broker or dealer.
(d) The term"money" as used in this section means the principal of the ward'sestate and does not include the income earned by the principal, which may be withdrawnwithout any authorization of the court. (1987, c. 550, s. 1; 2009‑309, s. 1.)