California Probate Code 9730 – Pending distribution of the estate, the personal representative may …
Pending distribution of the estate, the personal representative may invest money of the estate in possession of the personal representative in any one or more of the following:
(a) Direct obligations of the United States, or of the State of California, maturing not later than one year from the date of making the investment.
Terms Used In California Probate Code 9730
- Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
- Trust: includes the following:
California Probate Code 82
(b) An interest in a money market mutual fund registered under the Investment Company Act of 1940 (15 U.S.C. § 80a-1, et seq.) or an investment vehicle authorized for the collective investment of trust funds pursuant to Section 9.18 of Part 9 of Title 12 of the Code of Federal Regulations, the portfolios of which are limited to United States government obligations maturing not later than five years from the date of investment and to repurchase agreements fully collateralized by United States government obligations.
(c) Units of a common trust fund described in § 1585 of the Financial Code. The common trust fund shall have as its objective investment primarily in short term fixed income obligations and shall be permitted to value investments at cost pursuant to regulations of the appropriate regulatory authority.
(Amended by Stats. 2014, Ch. 71, Sec. 140. (SB 1304) Effective January 1, 2015.)