A conservator is a person legally appointed to manage money for someone who cannot manage it themselves (called a protectee). This law says the conservator must invest the protectee's money carefully, following Missouri's prudent investor rules. Every year, the conservator must give the court a report showing what was done with the money. If the conservator skips the report, lies in it, or does not invest the money properly, the conservator can be held responsible for any losses and may be removed from their role.
475.190. Investment of of of — reports. — 1. On or after August 28, 2009, the shall invest liquid assets of the estate of the protectee, other than s needed to meet debts and expenses currently payable, in accordance with the of the , sections 469.900 to 469.913, subject to the following :
(1) Investment of any part or all of the liquid assets:
(a) In of or s unconditionally guaranteed as to and interest by the United States; or
(b) In interest-bearing accounts and , including time certificates of , in financial institutions to the extent the account or are by the or the , shall constitute investments;
(2) If the conservator it to investment and management functions to an as provided in section 469.909, the agent to whom the is made shall acknowledge in a writing delivered to the conservator that the agent is acting as an on the account.
2. Every conservator shall make a report at every of the made by the conservator of the money belonging to the protectee ened to the conservator. If it appears that the money is invested in , then the conservator shall report a detailed description of the securities and shall describe any 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 are on their for any to comply with the orders of the court. If the money has not been invested as 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 to do so.
3. If any conservator refuses or s 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 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 from the conservator's trust in the of the court.
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Source & history notes
(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)
Related Missouri laws
Purposes for which property may be sold
RSMo 475.200
Claims against estate
RSMo 475.205
Filing of notice of pendency of action in other court against conservator, effect
RSMo 475.210
Claims against minors or protectees, classification
RSMo 475.211
Payment of claims according to priority
RSMo 475.213
Assets of protectee, action to obtain, procedure
RSMo 475.160
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.