California Probate Code 9652 – (a) Except as provided in subdivisions (b) and (c), the personal …
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(a) Except as provided in subdivisions (b) and (c), the personal representative shall keep all cash in his or her possession invested in interest-bearing accounts or other investments authorized by law.
(b) The requirement of subdivision (a) does not apply to the amount of cash that is reasonably necessary for orderly administration of the estate.
Terms Used In California Probate Code 9652
- Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
- Testator: A male person who leaves a will at death.
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
(c) The requirement of subdivision (a) does not apply to the extent that the testator‘s will otherwise provides.
(Enacted by Stats. 1990, Ch. 79.)