SECTIONS 9700-9705 - California Statutes

PROBATE CODE

SECTION 9700-9705

9700. The personal representative may deposit money of the estate
in an insured account in a financial institution in this state.
Unless otherwise provided by court order, the money may be withdrawn
without order of the court.

9701. The personal representative may deposit personal property of
the estate with a trust company for safekeeping. Unless otherwise
provided by court order, the personal property may be withdrawn
without order of the court.

9702. (a) A trust company serving as personal representative may
deposit securities that constitute all or part of the estate in a
securities depository as provided in Section 775 of the Financial
Code.
(b) If securities have been deposited with a trust company by a
personal representative pursuant to Section 9701, the trust company
may deposit the securities in a securities depository as provided in
Section 775 of the Financial Code.
(c) The securities depository may hold securities deposited with
it in the manner authorized by Section 775 of the Financial Code.

9703. (a) Upon application of the personal representative, the
court may, with or without notice, order that money or other personal
property be deposited pursuant to Section 9700 or 9701 and be
subject to withdrawal only upon authorization of the court.
(b) The personal representative shall deliver a copy of the court
order to the financial institution or trust company at the time the
deposit is made.
(c) No financial institution or trust company accepting a deposit
pursuant to Section 9700 or 9701 shall be on notice of the existence
of an order that the money or other property is subject to withdrawal
only upon authorization of the court unless it has actual notice of
the order.

9704. When an order for distribution of money or personal property
deposited pursuant to this chapter is made, the financial
institution, trust company, or securities depository may deliver the
property directly to the distributees and shall file receipts
therefor with the clerk.

9705. (a) Subject to subdivision (b), where a trust company is a
personal representative and in the exercise of reasonable judgment
deposits money of the estate in an account in any department of the
corporation or association of which it is a part, it is chargeable
with interest thereon at the rate of interest prevailing among banks
of the locality on such deposits.
(b) Where it is to the advantage of the estate, the amount of cash
that is reasonably necessary for orderly administration of the
estate may be deposited in a checking account that does not earn
interest which is maintained in a department of the corporation or
association of which the trust company is a part.