GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
SESSION LAW 2009-309
SENATE BILL 605
AN ACT to provide for the deposit of MONEY of a ward's estate into any financial institution and to make other clarifying changes.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 35A-1232 reads as rewritten:
"§ 35A-1232. Exclusion of deposited money in computing amount of bond.
(a) When it appears
that the ward's estate includes money that has been or will be deposited in
a bank in this State or invested in an account in an insured savings and loan
association in an account with a financial institution upon
condition that the money or securities will not be withdrawn
except on authorization of the court, the court may, in its discretion, order
that the money be so deposited or invested and exclude such deposited money
from the computation of the amount of the bond or reduce the amount of the bond
in respect of such money to such an amount as it may deem reasonable.
(b) The applicant
for letters of guardianship guardianship, or a general guardian or
guardian of the estate, may deliver to any such bank or association financial
institution any such money in histhe applicant's or the
guardian's possession or may allow such bank or association financial
institution to retain any such money already deposited or invested with it;
in either event, the applicant or guardian shall secure and file with
the court a written receipt including the agreement of the bank or
association, financial institution, duly acknowledged by an
authorized officer of the bank or association, financial institution,
that the money shall not be allowed to be withdrawn except on authorization of
the court. In so receiving and retaining such money from an applicant for
letters of guardianship, the bank or association financial
institution shall be protected to the same extent as though it had received
the same from a person to whom letters of guardianship had been issued.a
general guardian or a guardian of the estate.
(c) The term "account
in an insured savings and loan association" "account with a
financial institution" as used in this section means any account in a bank,
savings and loan association that is insured by the Federal Deposit
Insurance Corporation, by the Federal Savings and Loan Insurance Corporation,
or by a mutual deposit guaranty association authorized by Article 7A of Chapter
54 of the North Carolina General Statutes. association, credit union,
trust company, or registered securities broker or dealer.
(d) The term "money" as used in this section means the principal of the ward's estate and does not include the income earned by the principal, which may be withdrawn without any authorization of the court."
SECTION 2. This act becomes effective October 1, 2009.
In the General Assembly read three times and ratified this the 7th day of July, 2009.
s/ Walter H. Dalton
President of the Senate
s/ Joe Hackney
Speaker of the House of Representatives
s/ Beverly E. Perdue
Governor
Approved 5:27 p.m. this 17th day of July, 2009