Appeal from the Circuit Court of St. Louis County. Honorable Louis M. Kohn.
Stanley A. Grimm, Presiding Judge, Carl R. Gaertner, Judge, concurs. Clifford H. Ahrens, Judge, concurs.
The opinion of the court was delivered by: Grimm
In this probate case, minor's funds were deposited in a "restricted" money market account. When conservator defaulted, the court found that the amount restricted was the original amount deposited, but subsequent deposits were not restricted. Conservator's surety appeals; we affirm.
In November of 1988, Karen Bourque was appointed conservator of her son's estate. The estate arose from the settlement of son's medical malpractice claim. His estate received a lump sum plus $3,000 each month.
Conservator opened accounts at Landmark Bank, predecessor to Magna Bank of St. Louis. One was a money market account. It was restricted as of May 11, 1990.
Bank issued a "Receipt of Depositary and Proof of Restricted Account" dated May 11, 1990. Pertinent portions state:
Depositor: Karen Bourque, Conservator of the
Estate of: Michael Bourque, A Minor
Savings Account . . . Number: Money Market No. 0531002686
Amount of Deposit: $4,906.04
That the above amount is now on deposit in this institution as evidenced by the attached letter.
That the amounts on deposit as indicated above or any part thereof or any interest, dividends or income thereon may not be withdrawn, paid, redeemed, transferred, negotiated or liquidated except upon written order of ...