Restricted Account Agreement (Richland)

STATE OF SOUTH CAROLINA COUNTY OF RICHLAND ) ) ) RESTRICTED ACCOUNT AGREEMENT CASE NUMBER: ______________________ IN THE MATTER OF: _____________________ WHEREAS, __________, has Petitioned to be appointed as Conservator for ______________ and will be appointed by Court Order by the Richland County Probate Court; and WHEREAS, in order to avoid the necessity of posting a bond, the Conservator has agreed to deposit the assets of the Conservatorship with a domestic broker/dealer/financial institution in a manner that prevents their unauthorized disposition, pursuant to South Carolina Code Section 62-5-411; NOW, THEREFORE, THE PARTIES HERETO (BEING THE PROPOSED CONSERVATOR, THE BROKER/DEALER/FINANCIAL INSTITUTION AND THE COURT) AGREE AS FOLLOWS: 1. ________________________________ (BROKER/DEALER/FINANCIAL INSTITUTION) agrees to establish a restricted account(s) in the name of _________________ as Conservator for _________________. ______________________________ (BROKER/DEALER/FINANCIAL INSTITUTION) and ____________ as Conservator, expressly agree that any withdrawal from the accounts shall be allowed only upon certified Order of the Richland County Probate Court authorizing a specific withdrawal for a specific amount at a specific time. THIS MEANS THAT NO CHECKS, DEBIT CARDS, OR CREDIT CARDS ARE TO BE ISSUED TO THE CONSERVATOR FOR THE ACCOUNT(S). THE CONSERVATOR IS NOT ALLOWED TO SET UP ONLINE TRANSFERS OR BILL PAY ASSOCIATED WITH CONSERVATOR ACCOUNTS. ______________________________ (BROKER/DEALER/FINANCIAL INSTITUTION) and ______________________ understand that the original of this document will be filed with the Richland County Probate Court in order to induce the Court to appoint ________________ as Conservator for _________________ without the necessity of the posting of bond. Notwithstanding the restrictions provided in this Agreement, the Conservator once appointed is permitted to (a) transfer funds, in whole or in part, from one account to another with the same withdrawal restrictions; (b) transfer funds, in whole or in part from one institution or investment vehicle to another, provided that a new restricted account agreement is in place for the new institution with the same withdrawal restrictions; and, (c) invest or re-invest the funds in conservative investments. Prohibited Investments would include high yield funds, emerging market funds, global market funds where US based firms are in the minority, small capital funds or illiquid funds. The Conservator must evaluate the investment opportunities based upon length of investment time, potential return, inflation and purchase power considerations. The opening balance in the restricted account is $__________________ as of ________________, ________; or if not yet deposited, it is expected to be in the amount of $_______________. 2. 3. 4. 5. 6. The Conservator must maintain a minimum of $2,000 in liquid assets in order to pay taxes or to provide for emergency expenses without penalty, if the other restricted assets are invested in accounts which will generate a penalty for withdrawal. The taxpayer identification number shall be the social security number of the incapacitated person or the minor. The broker/dealer/financial institution or Conservator shall provide a duplicate statement either monthly or quarterly or when requested by the Court to the Richland County Probate Court, Post Office Box 192, Columbia, SC 29202, Attn: G/C Division. 7. 8. Executed this___ day of ______________, _______. Executed this___ day of ______________, _______ ____________________________________ PROPOSED CONSERVATOR SIGNATURE ____________________________________ NAME (PRINTED) ADDRESS: __________________________ __________________________ TELEPHONE #: _______________________ __________________________________________ BROKER/DEALER SIGNATURE __________________________________________ NAME (PRINTED) TITLE: _____________________________________ ADDRESS: _________________________________ _________________________________ TELEPHONE: _______________________________ RAA ­ 9/2012 American LegalNet, Inc. www.FormsWorkFlow.com