§ 34-13. Investment of funds. - North Carolina Statutes

§34‑13.  Investment of funds.

Every guardian shall investthe funds of the estate in any of the following securities:

(1)        United Statesgovernment bonds.

(2)        State of NorthCarolina bonds issued since the year 1872.

(3)        By loaning the sameupon real estate securities in which the guardian has no interest, such loansnot to exceed fifty percent (50%) of the actual appraised or assessed value,whichever may be lower, and said loans when made to be evidenced by a note, ornotes, or bond, or bonds, under the seal of the borrower and secured by firstmortgage or first deed of trust.  Said guardian before making such investmenton real estate mortgages shall secure a certificate of title from somereputable attorney certifying that the same is first lien on real estate andalso setting forth the tax valuation thereof for the current year:  Provided,said guardian may purchase with said funds a home or farm for the sole use ofsaid ward or his dependents upon petition and order of the clerk of superiorcourt, said order to be approved by the resident or presiding judge of thesuperior court, and provided further that copy of said petition shall beforwarded to said Bureau before consideration thereof by said court.  Anyguardian may encumber the home or farm so purchased for the entire purchaseprice or balance thereof to enable the ward to obtain benefits provided inTitle 38, U.S. Code, Chapter 37, upon petition to and order of the clerk ofsuperior court of the county of appointment of said guardian and approved bythe resident or presiding judge of the superior court.  Notice of hearing onsuch petition, together with copy of the petition, shall be given to the UnitedStates Veterans Administration and the Department of Military and VeteransAffairs by mail not less than 15 days prior to the date fixed for the hearing.

(4)        Any form ofinvestment allowed by law to the State Treasurer under G.S. 147‑69.1.

(5)        Repealed by SessionLaws 1979, c. 467, s. 22.

It shall be the duty ofguardians who shall have funds invested other than as provided for in thissection to liquidate same within one year from the passage of this law:Provided, however, that upon the approval of the judge of the superior court,either residing in or presiding over the courts of the district, the clerk ofthe superior court may authorize the guardian to extend from time to time, thetime for sale or collection of any such investments; that no extension shall bemade to cover a period of more than one year from the time the extension ismade.

The clerk of the superiorcourt of any county in the State or any guardian who shall violate any of theprovisions of this section shall be guilty of a Class 1 misdemeanor. (1929,c. 33, s. 13; 1933, c. 262, s. 2; 1957, c. 199; 1959, c. 1015, s. 1; 1967, c.564, ss. 3, 4; 1973, c. 620, s. 9; 1979, c. 467, s. 22; 1993, c. 539, s. 401;1994, Ex. Sess., c. 24, s. 14(c).)