Missouri Laws 473.333 – Investment of liquid assets
Except as restricted or otherwise provided by the will of the decedent, on or after August 28, 2009, the personal representative shall, without authorization or approval of the court, invest liquid assets of the estate, including funds received from the sale of other assets, other than funds needed to meet debts and expenses currently payable, in accordance with the provisions of the Missouri prudent investor act, sections 469.900 to 469.913, subject to the following exceptions:
(1) Investment of any part or all of the liquid assets:
Terms Used In Missouri Laws 473.333
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- United States: includes such district and territories. See Missouri Laws 1.020
(a) In direct obligation of or obligations unconditionally guaranteed as to principal and interest by the United States; or
(b) In interest-bearing accounts and time deposits, including time certificates of deposit, in financial institutions to the extent the account or deposits are insured by the Federal Deposit Insurance Corporation, shall constitute prudent investments;
(2) If the personal representative determines it appropriate to delegate investment and management functions to an agent as provided in section 469.909, the agent to whom the delegation is made shall acknowledge in a writing delivered to the personal representative that the agent is acting as an investment fiduciary on the account.