Restricted Account Agreement Form - South Carolina
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1STATE OF SOUTH CAROLINA
)
RESTRICTED ACCOUNT AGREEMENT
)
COUNTY OF RICHLAND
)
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 _________________.
2.
______________________________ (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.
3.
______________________________ (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.
4.
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.
5.
The opening balance in the restricted account is $__________________ as of ________________, ________; or if not
yet deposited, it is expected to be in the amount of $_______________.
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.
7.
The taxpayer identification number shall be the social security number of the incapacitated person or the minor.
8.
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.
Executed this___ day of ______________, _______.
Executed this___ day of ______________, _______
____________________________________
__________________________________________
PROPOSED CONSERVATOR SIGNATURE
BROKER/DEALER SIGNATURE
____________________________________
__________________________________________
NAME (PRINTED)
NAME (PRINTED)
ADDRESS: __________________________
TITLE: _____________________________________
__________________________
ADDRESS: _________________________________
TELEPHONE #: _______________________
_________________________________
TELEPHONE: _______________________________
RAA – 9/2012
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