§ 33-15.1-27 - Investment of surplus funds – Relief from bond requirements. - Rhode Island Statutes

SECTION 33-15.1-27

   § 33-15.1-27  Investment of surplus funds– Relief from bond requirements. – Guardians may be authorized to invest any money in their hands, not needed forthe payment of debts, or for the support or education of their wards, in notessecured by mortgage upon unencumbered, improved real estate situated in thisstate, or in the bonds or other indebtedness of the United States, or of thisstate, or in the bonds or notes of any city or town in this state, or in thestock of any domestic building and loan association or federal savings and loanassociation doing business in this state approved by the probate court, or tomake deposits of money in any savings bank or trust company in this stateapproved by the probate court, as he or she shall deem best for the interest ofhis or her ward; and may also, under the direction of the probate court, investany money in real estate or bank stocks in this state or in other safe incomeproducing securities as the probate court may approve; and if a guardian has sodeposited any money in any savings bank or trust company or invested the moneyin stock of any association and deposited with the clerk of the probate courtthe savings bankbook, share certificate or other evidence of the deposit orinvestment, to be held subject to the order of the court, the probate court inits discretion may relieve the guardian of the requirement of surety on his orher bond.