Code of Virginia - Title 26 Fiduciaries Generally - Section 26-39 Time within which guardian of an estate, conservator or other fiduciary to invest funds; reasonabl...

§ 26-39. Time within which guardian of an estate, conservator or other fiduciary to invest funds; reasonabl...

Whenever a guardian of an estate, conservator or other fiduciary charged with the investment of funds collects any principal he shall have a reasonable time not exceeding four months to invest or loan the same, and shall not be charged with interest thereon until the expiration of such time. A guardian of an estate, conservator or any other fiduciary shall only be required to invest in accordance with the provisions of §§ 26-40.01, 26-40.1, 26-40.2, 26-44, and 26-44.1 and Article 2 (§ 26-45.3 et seq.) and if he so invests shall be accountable only for such interest and profits as are earned. If any funds are otherwise invested without the previous consent of the court having jurisdiction of such trust funds, the burden shall be on the guardian of an estate, conservator or other fiduciary before his settlement is approved by the commissioner of accounts to show to the satisfaction of the commissioner that after exercising reasonable diligence he was unable to so invest the funds and that the investment made was reasonable and proper under all of the circumstances and fair to the beneficiary of the funds.

This section shall not be construed as altering the provisions of any will, deed or other instrument giving to the fiduciary discretion as to the rate of interest, character of security, nature or investment under the trust, or time within which the trust funds are to be loaned or invested.

(Code 1919, § 5325; 1938, p. 203; 1946, p. 223; 1997, c. 842; 1999, c. 772.)

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Last modified: April 16, 2009