Investment of Estate Funds: Pending Settlement of Estate;

Pending or at Time of Settlement of Estate; Procedure.

(a)Pending the settlement of an estate, the personal representative may, in his discretion and without prior authorization by the Superior Court of Guam, invest any money in the hands of the personal representative in direct obligations of the United States maturing not later than one

(1)year from the date of making the investment or reinvestment.

(b)Pending the settlement of an estate, or at the time of settlement of an estate, on the petition of the personal representative or of any person interested in the estate, and upon good cause shown therefor, the Superior Court of Guam may order any money in the hands of the personal representative to be invested for the benefit of the estate in securities of the United States, or to be used for the purchase from an insurer admitted to do business in the Territory of Guam and for any legatee named in the decedent's will of an annuity expressly granted to such legatee by such will. The Clerk of the Superior Court of Guam shall set such petition for hearing, and notice thereof shall be given in the manner provided in Section 3401 of this Title. COL372014 CH. 22 POWERS AND DUTIES OF EXECUTORS, ADMINISTRATORS WITH THE WILL ANNEXED AND ADMINISTRATORS