Demand deposit by fiduciary not investment requiring court order.

- Deposit in a bank by a fiduciary, such as a guardian, of trust funds in the fiduciary's custody and control, subject to the fiduciary's withdrawal on demand, does not constitute an investment of the funds which can be made only by an order of court. Gross v. Butler, 48 Ga. App. 750, 173 S.E. 866 (1934).

Guardian not insurer of safety of deposited funds.

- Whatever duty may rest upon a guardian to invest the funds of a ward in securities such as the guardian may be legally authorized to invest the funds in, the guardian is not an insurer of the safety of the funds in the guardian's hands and is not liable for the funds' loss, when, in handling the funds, the guardian has acted in good faith and in the exercise of the care and diligence required of an ordinarily prudent person. Gross v. Butler, 48 Ga. App. 750, 173 S.E. 866 (1934).

Guardian not liable for bank failure when required care was exercised.

- When the guardian has, in the guardian's fiduciary capacity, deposited the funds subject to withdrawal by the guardian at any time, in a bank of solvent reputation and which the guardian has no reason to believe is insolvent and the funds, through no fault of the guardian, are lost by the insolvency of the bank, the guardian has thereby exercised the care and diligence required of the guardian in the handling of the funds, and is not liable for their loss. Gross v. Butler, 48 Ga. App. 750, 173 S.E. 866 (1934).

Deposit must be in name of estate.

- It is the duty of a trustee or administrator to deposit money belonging to the estate in the name of the particular estate. Gatewood v. Furlow, 19 Ga. App. 74, 90 S.E. 973 (1916).

Am. Jur. 2d.

- 3 Am. Jur. 2d, Agency, § 223.

C.J.S.

- 2A C.J.S., Agency, § 317.

ALR.

- Who must bear loss of funds from failure of bank, at which bill or note is payable, during delay in presenting it, 2 A.L.R. 1381.

Liability of receiver in his official capacity for torts or negligence of receivership employees, 10 A.L.R. 1055.

Deposit to individual account of checks or notes drawn or endorsed by agent or fiduciary, as charging bank with notice of misappropriation, 57 A.L.R. 925; 64 A.L.R. 1404; 106 A.L.R. 836; 115 A.L.R. 648.

Personal liability of agent in respect of funds received from third person and turned over to principal not entitled thereto, 82 A.L.R. 307.

Responsibility of attorney, broker, or other agent depositing his principal's money in his own name or account for loss resulting from the failure of depository or depreciation of currency, 96 A.L.R. 798.

Liability of attorney for loss of client's money or personal property in his possession or entrusted to him, 26 A.L.R.2d 1340.