California Probate Code 2574 – (a) Subject to subdivision (b), the guardian or conservator, …
(a) Subject to subdivision (b), the guardian or conservator, without authorization of the court, may invest funds of the estate pursuant to this section in:
(1) Direct obligations of the United States, or of the State of California, maturing not later than five years from the date of making the investment.
Terms Used In California Probate Code 2574
- Conservator: means the conservator of the estate, or the limited conservator of the estate to the extent that the powers and duties of the limited conservator are specifically and expressly provided by the order appointing the limited conservator. See California Probate Code 2400
- Estate: means all of the conservatee's or ward's personal property, wherever located, and real property located in this state. See California Probate Code 2400
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: means the guardian of the estate. See California Probate Code 2400
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
- Trust: includes the following:
California Probate Code 82
(2) United States Treasury bonds redeemable at par value on the death of the holder for payment of federal estate taxes, regardless of maturity date.
(3) Securities listed on an established stock or bond exchange in the United States which are purchased on such exchange.
(4) Eligible securities for the investment of surplus state moneys as provided for in § 16430 of the Government Code.
(5) An interest in a money market mutual fund registered under the Investment Company Act of 1940 (15 U.S.C. § 80a-1, et seq.) or an investment vehicle authorized for the collective investment of trust funds pursuant to Section 9.18 of Part 9 of Title 12 of the Code of Federal Regulations, the portfolios of which are limited to United States government obligations maturing not later than five years from the date of investment and to repurchase agreements fully collateralized by United States government obligations.
(6) Units of a common trust fund described in § 1585 of the Financial Code. The common trust fund shall have as its objective investment primarily in short-term fixed income obligations and shall be permitted to value investments at cost pursuant to regulations of the appropriate regulatory authority.
(b) In making and retaining investments made under this section, the guardian or conservator shall take into consideration the circumstances of the estate, indicated cash needs, and, if reasonably ascertainable, the date of the prospective termination of the guardianship or conservatorship.
(c) This section shall not limit the authority of the guardian or conservator to seek court authorization for any investment, or to make other investments with court authorization, as provided in this division.
(Amended by Stats. 2014, Ch. 71, Sec. 136. (SB 1304) Effective January 1, 2015.)