SEC. 93-13-57. Disposal of surplus money; penalty for failure to report surplus to court.
Whenever the guardian shall have money of his ward not needed for current expenditures, or directed to be invested for the ward, he shall apply to the court, or chancellor in vacation, for direction as to the disposition he shall make of it. The court or chancellor shall determine whether he shall lend it at interest, and upon what security, or how he shall dispose of it. If the court or chancellor designate the person to whom the loan shall be made, or the security on which it shall be made, and the loan to be so made, responsibility shall not attach thereafter to the guardian; but if the court or chancellor shall entrust him with discretion in the matter, he shall be bound for the exercise of sound judgment. The court or chancellor in its or his discretion may direct an investment in the bonds of the state or of any county, or municipality thereof, or of a levee board, or of the United States, or in shares of a building and loan association or a savings and loan association or in collateral trust notes registered and authenticated by trust departments of any approved state or national bank or in a common trust established by a bank or trust company, pursuant to the Uniform Common Trust Fund Law of Mississippi. Any guardian who fails to report to the court the fact that he has money of his ward not needed or allowed to be used for current expenditures, and to ask the order of the court as to the disposition of such money, may be chargeable with interest on the same at the rate of eight per centum (8%) per annum during the time of failure.
SOURCES: Codes, Hutchinson's 1848, ch. 36, art. 1(133); 1857, ch. 60, art. 147; 1871, Sec. 1217; 1880, Sec. 2105; 1892, Sec. 2200; 1906, Sec. 2416; Hemingway's 1917, Sec. 1977; 1930, Sec. 1885; 1942, Sec. 421; Laws, 1914, ch. 201; 1952, ch. 251; 1954, ch. 240.