AI-assisted research summary: Guardians of a minor’s estate must invest the minor’s money and property proceeds only in the listed classes of investments, unless the court authorizes or directs otherwise.
Every guardian of the estate shall invest, in the name of the minor, or in the guardian's own name as guardian of the minor, the money and the proceeds of all real and personal property of the minor not required for the minor's support in the following described classes of property only, unless authorized or directed by the court: I. In notes secured by mortgage of real estate at least double in value of the notes, or in notes or bonds secured by mortgage insured by the United States Secretary of Housing and Urban Development and guaranteed by the United States of America. II. By deposit in some incorporated savings bank in this state or in the savings department of a national bank or trust company located in this state, or in shares of any building and loan association or cooperative bank, incorporated and doing business under the laws of this state, or in the shares of any federal savings and loan association, located and doing business in this state. III. In such other stocks, bonds, or securities as are legal investments for savings banks in this state; provided, however, that no guardian of the estate of a minor who is a beneficiary of the Department of Veterans Affairs shall invest any funds of the minor under this paragraph without the written consent of the court, except that the guardian may invest without prior consent in direct unconditional interest bearing obligations the interest and principal of which are unconditionally guaranteed by the United States. IV. With the consent of the court, in life, death, and annuity contracts of life insurance companies authorized to do business in this state. V. In such stocks, bonds or other securities, including the shares of an open-end or closed-end management type investment company or investment trust which is registered under the Federal Investment Company Act of 1940 as from time to time amended and which may be sold under the rules and exemptions of the insurance department of the state of New Hampshire, as a prudent person would purchase for the person's own investment, having primarily in view the preservation of the principal and the amount and regularity of the income to be derived from it; provided, however, that no guardian of the estate of a beneficiary of the Department of Veterans Affairs shall invest funds of the minor's estate under this paragraph. Source: Source. 1995, 222:1, eff. Jan. 1, 1996.