HF 752

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to estates; providing for investment of 
  1.3             certain estate assets at the direction of the court; 
  1.4             amending Minnesota Statutes 1994, section 524.3-914. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 524.3-914, is 
  1.7   amended to read: 
  1.8      524.3-914 [UNCLAIMED ASSETS.] 
  1.9      If any asset of the estate has not been distributed because 
  1.10  the person entitled thereto cannot be found or refuses to accept 
  1.11  the same, or for any other good and sufficient reason the same 
  1.12  has not been paid over, the court may direct the personal 
  1.13  representative to deposit the same with the county treasurer, 
  1.14  taking duplicate receipts therefor, one of which the personal 
  1.15  representative shall file with the county auditor and the other 
  1.16  in the court.  If the money on hand exceeds the sum of 
  1.17  $2,000 $5,000, the court may direct the personal representative 
  1.18  to purchase with the money bearer bonds of the United States 
  1.19  government or of the state of Minnesota, or any of its political 
  1.20  subdivisions, which bonds shall be deposited with the county 
  1.21  treasurer, taking duplicate receipts therefor, one of which the 
  1.22  personal representative shall file with the county auditor and 
  1.23  the other in the court to invest the funds, and the county 
  1.24  treasurer shall collect the interest on these bonds investments 
  1.25  as it becomes due, and the money so collected or deposited shall 
  2.1   be credited to the county revenue fund.  Upon application to the 
  2.2   court within 21 years after such deposit, and upon notice to the 
  2.3   county attorney and county treasurer, the court may direct the 
  2.4   county auditor to issue to the person entitled thereto a warrant 
  2.5   for the amount of the money so on deposit including the interest 
  2.6   collected on bonds and, in the case of bonds, the county auditor 
  2.7   shall issue to the person entitled thereto an order upon the 
  2.8   county treasurer to deliver the bonds.  No interest shall be 
  2.9   allowed or paid thereon, except as herein provided, and if not 
  2.10  claimed within such time no recovery thereof shall be had.  The 
  2.11  county treasurer, with the approval of the court, may make 
  2.12  necessary sales, exchanges, substitutions, and transfers 
  2.13  of bonds deposited, as aforesaid, investments and may present 
  2.14  the same for redemption and invest the proceeds in other bonds 
  2.15  of like character.