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2018 Georgia Code 29-3-32 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 29-3-32 Case Law from Google Scholar Amendments to OCGA 29-3-32

TITLE 29 GUARDIAN AND WARD

Section 3. Conservators of Minors, 29-3-1 through 29-3-120.

ARTICLE 3 PROPERTY OBLIGATIONS OF CONSERVATOR

29-3-32. Investment of funds.

A conservator is authorized to invest estate funds in the following and shall not otherwise be liable for such investment, except in the case of gross neglect:

  1. Bonds issued by any county or municipality of this state which have been validated as required by law for the validation of county and municipal bonds;
  2. Bonds issued by any county board of education under Subpart 1 of Part 3 of Article 9 of Chapter 2 of Title 20 for the purpose of building and equipping schoolhouses, which bonds have been validated and confirmed as required under Part 1 of Article 2 of Chapter 82 of Title 36;
  3. Bonds and other securities issued by this state or by the Board of Regents of the University System of Georgia;
  4. Bonds or other obligations issued by the United States government and bonds of any corporation created by an act of Congress, the bonds of which are guaranteed by the United States government;
  5. Interest-bearing deposits in any financial institution located in this state, to the extent the deposits are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or comparable insurance;
  6. Bonds or other obligations issued by a housing authority pursuant to Article 1 of Chapter 3 of Title 8 or issued by any public housing authority or agency of the United States when such bonds or other obligations are secured by a pledge of annual contributions to be paid by the United States government or any agency thereof, as authorized by Code Section 8-3-81;
  7. Bonds or other obligations issued by a housing authority in connection with a redevelopment program pursuant to Chapter 4 of Title 8, as authorized by Code Section 8-4-11;
  8. Bonds issued by the Georgia Education Authority, pursuant to Part 3 of Article 11 of Chapter 2 of Title 20, as authorized by Code Section 20-2-570;
  9. Reserved;
  10. Bonds issued by the Georgia Highway Authority, pursuant to Code Section 32-10-30, as authorized by Code Section 32-10-45;
  11. Bonds or other obligations issued by a municipality or county pursuant to Chapter 61 of Title 36 or by any urban redevelopment agency or housing authority vested with urban redevelopment project powers under Code Section 36-61-17, provided that such bonds or other obligations are secured by an agreement between the issuer and the federal government in accordance with Code Section 36-61-13, as authorized by Code Section 36-61-13;
  12. Reserved;
  13. Farm loan bonds issued by federal land banks or joint-stock land banks under the Federal Farm Loan Act, 12 U.S.C. Sections 2001, et seq., and any notes, bonds, debentures, or other similar obligations, consolidated or otherwise, issued by farm credit institutions pursuant to the Farm Credit Act of 1971, 12 U.S.C. Sections 2001, et seq.;
  14. Real property loans:
    1. Which are not in default;
    2. Which are secured by mortgages or deeds to secure debt conveying a first security title to improve real property;
    3. Which are insured pursuant to the National Housing Act, 12 U.S.C. Sections 1701, et seq.; and
    4. With respect to which loans, on or after default, pursuant to such insurance, debentures in at least the full amount of unpaid principal are issuable, which debentures are fully and unconditionally guaranteed both as to principal and interest by the United States; and
  15. Any other investments which are designated under the laws of this state as lawful or legal investments for guardians or conservators.

(Code 1981, §29-3-32, enacted by Ga. L. 2004, p. 161, § 1; Ga. L. 2010, p. 579, § 14/SB 131; Ga. L. 2012, p. 775, § 29/HB 942; Ga. L. 2013, p. 141, § 29/HB 79.)

Law reviews.

- For article, "The Scope of Permissible Investments by Fiduciaries Under Georgia Law," see 19 Ga. St. B.J. 6 (1982). For note discussing and comparing the prudent man rule and the legal list rule in trustee investment, see 15 Mercer L. Rev. 530 (1964).

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the statutory provisions, decisions under former Civil Code 1895, § 3432, former Civil Code 1910, § 4008, and former Code 1933, §§ 49-215, 49-216, 49-217 are included in the annotations for this Code section.

For a discussion of liability of bank which receives fruits of misappropriation by trustee, see Georgia R.R. Bank & Trust Co. v. Liberty Nat'l Bank & Trust Co., 180 Ga. 4, 177 S.E. 803 (1934) (decided under former Code 1933, §§ 49-215, 49-217).

Former Civil Code 1910, § 3432 (former O.C.G.A. § 29-2-14) was inapplicable to exchange of lands. Mills v. Geer, 111 Ga. 275, 36 S.E. 673, 52 L.R.A. 934 (1900) (decided under former Civil Code 1895, § 3432).

Guardian acted in fiduciary capacity and was bound to utmost good faith with court and ward in interest of latter in proceeding under former Code 1933, § 49-216 (former O.C.G.A. § 29-2-14). American Sur. Co. v. Adams, 190 Ga. 575, 10 S.E.2d 30 (1940) (decided under former Code 1933, § 49-216).

Proceeding does not require appointment of guardian ad litem.

- Petition of guardian to invest funds of ward under this law is an ex parte proceeding of the ward acting through the guardian; it does not require appointment of guardian ad litem for ward. American Sur. Co. v. Adams, 190 Ga. 575, 10 S.E.2d 30 (1940) (decided under former Code 1933, § 49-216).

No presumption that investments comply with statutes.

- Although guardian may in good faith have disposed of funds by investing a portion of them in real estate for benefit of the ward, who afterwards during minority occupies the real estate as a home, there is no presumption that these expenditures are legally made by the guardian's having obtained from judge an order for investment of funds in real estate. New York Life Ins. Co. v. Gilmore, 40 Ga. 431, 149 S.E. 799 (1929), rev'd on other grounds, 171 Ga. 894, 157 S.E. 188 (1931) (decided under former Civil Code 1910, § 4008).

Investment by guardian in violation of former Code 1933, § 49-216 (former O.C.G.A. § 29-2-14) was a breach of guardian's statutory bond that would authorize suit to recover amount from guardian and guardian's surety. American Sur. Co. v. Adams, 190 Ga. 575, 10 S.E.2d 30 (1940) (decided under former Code 1933, § 49-216).

For a discussion of liability of guardian for real estate investments without court order, see Paulk v. Roberts, 42 Ga. App. 79, 155 S.E. 55 (1930) (decided under former Civil Code 1910, § 4008).

Cited in Springer v. Oliver, 21 Ga. 517 (1857); Brown v. Wright, 39 Ga. 96 (1869); New York Life Ins. Co. v. Gilmore, 40 Ga. 431, 149 S.E. 799 (1929); Mobley v. Phinizy, 42 Ga. App. 33, 155 S.E. 73 (1930); Citizens' & S. Nat'l Bank v. Clark, 172 Ga. 625, 158 S.E. 297 (1931); Bacon v. Smith, 222 Ga. App. 542, 474 S.E.2d 728 (1996).

RESEARCH REFERENCES

Am. Jur. 2d.

- 39 Am. Jur. 2d, Guardian and Ward, § 129 et seq.

C.J.S.

- 39 C.J.S., Guardian and Ward, § 115 et seq.

ALR.

- Power of court to authorize guardian to borrow ward's money, 30 A.L.R. 461.

Right of trustee, executor, administrator, or guardian to purchase property of estate or trust at sale brought about by third person, 77 A.L.R. 1513.

Effect of beneficiary's consent to, acquiescence in, or ratification of, improper investments or loans (including failure to invest) by trustee or other fiduciary, 128 A.L.R. 4.

Guardian's liability for interest on ward's funds, 72 A.L.R.2d 757.

No results found for Georgia Code 29-3-32.