(a) In any proceeding to determine the amount of the bond of the guardian or conservator (whether at the time of appointment or subsequently), if the estate includes property which has been or will be deposited with a trust company or financial institution pursuant to Sections 2453 to 2456, inclusive, upon the condition that the property, including any earnings thereon, will not be withdrawn except on authorization of the court, the court, in its discretion, with or without notice, may so order and may do either of the following:
(1) Exclude the property deposited in determining the amount of the required bond or reduce the amount of the bond to be required in respect to the property deposited to such an amount as the court determines is reasonable.
(2) If a bond has already been furnished or the amount fixed, reduce the amount to such an amount as the court determines is reasonable.
(b) The petitioner for letters, or the proposed guardian or conservator in advance of appointment of a guardian or conservator, may do any one or more of the following:
(1) Deliver personal property in the person’s possession to a trust company.
(2) Deliver money in the person’s possession for deposit in an insured account in a financial institution in this state.
(3) Allow a trust company to retain personal property already in its possession.
(4) Allow a financial institution in this state to retain money already invested in an insured account in a financial institution.
(c) In the cases described in subdivision (b), the petitioner or proposed guardian or conservator shall obtain and file with the court a written receipt including the agreement of the trust company or financial institution that the property deposited, including any earnings thereon, shall not be allowed to be withdrawn except upon authorization of the court.
(d) In receiving and retaining property on deposit pursuant to subdivisions (b) and (c), the trust company or financial institution is protected to the same extent as though it received the property on deposit from a person to whom letters had been issued.
(Enacted by Stats. 1990, Ch. 79.)