(a)
(1) A guardian shall invest the surplus funds of his or her ward's estate in securities or property as authorized under the laws of this state but only upon prior order of the court.
(2) However, a guardian may invest surplus funds without prior court authorization in:
(A) Direct unconditional interest-bearing obligations of this state or of the United States; and
(B) Obligations where the interest and principal are unconditionally guaranteed by the United States.
(b) A signed duplicate or certified copy of the petition for authority to invest shall be furnished to the proper office of the Veterans' Administration and a notice of hearing shall be given to the office for a hearing on a guardian's account.
(c) If a guardian of the estate is a state or national bank or trust company authorized by provisions of §§ 28-69-201 -- 28-69-204 to establish and maintain common trust funds, the guardian may invest the ward's funds without prior order of the court in:
(1) Participation in the common trust funds if they have been established and maintained by the guardian;
(2) Shares, securities or other interests of any open-end or closed-end management-type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. § 80a-1 et seq., as it existed on January 1, 2015; or
(3) An exchange-traded fund listed on a national securities exchange.
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