(a) When a guardian or conservator, pursuant to letters of guardianship or conservatorship of the estate, takes possession or control of any asset of the ward or conservatee held by an institution, as defined in subdivision (c), the institution shall file with the court having jurisdiction of the guardianship or conservatorship a statement containing the following information:
(1) The name of the ward or conservatee.
(2) The name of the guardian or joint guardians or conservator or joint conservators.
(3) The court case number.
(4) The name of the institution.
(5) The address of the institution.
(6) The account number of the account, if any, in which the asset was held by the ward or conservatee.
(7) A description of the asset or assets held by the institution. If an asset is a life insurance policy or annuity, the description shall include the policy number, if available. If the asset is a security listed on a public exchange, the description shall include the name and reference number, if available.
(8) The value, if known, or the estimated value otherwise, of the asset on the date the letters were issued by the court to the guardian or conservator, to the extent this value is routinely provided in the statements from the institution to the owner.
(b) Taking possession or control of an asset includes, for purposes of this chapter, changing title to the asset, withdrawing all or any portion of the asset, or transferring all or any portion of an asset from the institution.
(c) For purposes of this chapter, “institution” means an insurance company, insurance broker, insurance agent, investment company, investment bank, securities broker-dealer, investment adviser, financial planner, financial adviser, or any other person who takes, holds, or controls an asset subject to a conservatorship or guardianship that is not a “financial institution” as defined in Section 2892.
(Added by Stats. 2001, Ch. 563, Sec. 7. Effective January 1, 2002.)