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H.148

Introduced by   Representative Jewett of Ripton

Referred to Committee on

Date:

Subject:  Decedents’ estates; guardian and ward; extent of guardian’s control

Statement of purpose:  This bill proposes to permit a guardian of a minor appointed by the probate court to invest 50 percent of the minor’s money in any manner that is consistent with the duties of a prudent investor.

AN ACT RELATING TO PERMITTING A GUARDIAN TO INVEST A MINOR’S MONEY IN A PRUDENT MANNER

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  14 V.S.A. § 2653 is amended to read:

§ 2653.  EXTENT OF GUARDIAN’S CONTROL

(a)  A guardian of a minor appointed by the probate court shall have the care and management of the estate and, except as otherwise provided, the custody and tuition of the minor.  Such guardian shall furnish him the minor suitable employment, and provide for his education and instruction in the arts and sciences or some trade or profession, according to his the minor’s circumstances.

(b)(1)  The guardian shall invest and reinvest the cash resources of the minor in bank accounts insured by the FDIC or the NCUA, securities issued by the government of the United States, or by a state or municipality, except as provided in subdivision (2) of this subsection.

(2)  Subject to the approval of the probate court, not more than 50 percent of the cash resources may be invested in corporate bonds rated AAA by Moody and in common stocks listed on the New York Stock Exchange the guardian may invest up to 50 percent of the cash resources of the minor in any manner that is consistent with the prudent investor rule set forth in chapter 147 of Title 9.

(c)  Evidence of the investment of funds shall be given to the court within fifteen 15 days therefrom.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us