A guardian legally holding funds or assets belonging to or for the benefit of a minor may with the approval of the district court or other court in which such estate is pending, invest such funds or assets or any part thereof, in single premium life, single premium endowment, or single premium annuity contracts of legal reserve life insurance companies as are duly licensed and qualified to transact business within this state.
Added by Laws 1947, p. 346, § 1. Renumbered from Title 58, § 816.1 by Laws 1988, c. 329, § 134, eff. Dec. 1, 1988. Amended by Laws 1990, c. 323, § 21, operative July 1, 1990.