Property of incapacitated person not in excess of $10,000; deposit,
delivery, and disposition of property; compensation and expenses
of receiver
Sec. 2. When the entire property of an incapacitated person does
not exceed the value of ten thousand dollars ($10,000), the court
may, without the appointment of a guardian, giving of bond, or other
order of court, authorize:
(1) the deposit of the property in a depository authorized to
receive fiduciary funds in the name of a suitable person
designated by the court; or
(2) if the property does not consist of money, the delivery of the
property to a suitable person designated by the court.
The person receiving the property shall hold and dispose of the
property in the manner the court directs and is entitled to reasonable
compensation and to reimbursement for reasonable expenses
incurred in good faith on behalf of the incapacitated person and
approved by the court.
As added by P.L.169-1988, SEC.1. Amended by P.L.264-1989,
SEC.5; P.L.252-2001, SEC.27.
Last modified: May 27, 2006