Effective - 28 Aug 2010, 2 histories
475.190. Investment of liquid assets of estate of protectee — reports. — 1. On or after August 28, 2009, the conservator shall invest liquid assets of the estate of the protectee, other than funds needed to meet debts and expenses currently payable, in accordance with the provisions of the Missouri prudent investor act, sections 469.900 to 469.913, subject to the following exceptions:
(1) Investment of any part or all of the liquid assets:
(a) In direct obligation of or obligations unconditionally guaranteed as to principal and interest by the United States; or
(b) In interest-bearing accounts and time deposits, including time certificates of deposit, in financial institutions to the extent the account or deposits are insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, shall constitute prudent investments;
(2) If the conservator determines it appropriate to delegate investment and management functions to an agent as provided in section 469.909, the agent to whom the delegation is made shall acknowledge in a writing delivered to the conservator that the agent is acting as an investment fiduciary on the account.
2. Every conservator shall make a report at every annual settlement of the disposition made by the conservator of the money belonging to the protectee entrusted to the conservator. If it appears that the money is invested in securities, then the conservator shall report a detailed description of the securities and shall describe any real estate security and state where it is situated, and its value, which report shall be filed in the court. The court shall carefully examine into the report as soon as made, and, if in the opinion of the court the security is insufficient, the court shall make such orders as are necessary to protect the interest of the protectee. The conservator and the conservator's sureties are liable on their bond for any omission to comply with the orders of the court. If the money has not been invested as authorized by law the conservator shall state that fact and the reasons, and shall state that the conservator has been unable to make an investment after diligent effort to do so.
3. If any conservator refuses or neglects to make the report at the time aforesaid, or makes a false report thereof, the conservator and the conservator's sureties are liable on their bond for all loss or damage to the protectee occasioned by reason of the conservator's neglect or refusal so to report, or by making a false report, and the conservator may, on account thereof, be removed from the conservator's trust in the discretion of the court.
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(L. 1955 p. 385 § 319, A.L. 1957 p. 829, A.L. 1975 S.B. 257, A.L. 1983 S.B. 44 & 45, A.L. 1998 H.B. 1571, A.L. 2006 S.B. 892, A.L. 2009 H.B. 239, A.L. 2010 H.B. 2201)