§ 1-32-307 — Investment of proceeds of sale; reinvestment in other real estate; descent; appointment of trustees to make investments; security required of trustees

(a) Money arising from the sales shall be invested, under
the direction and supervision of the court, in the certificates
of the funded debt of this state or of the United States, or in
bonds secured by mortgage on unencumbered real estate situated
in the proper county of double the value of the money secured
thereby, exclusive of buildings and other improvements and of
timber, mines and minerals. The court may order the money to be
reinvested in other real estate within this state under such
restrictions as it may prescribe, which investments shall be
reported to the court and subject to its approval and
confirmation.
(b) For purposes of descent, succession, reversion or
remainder the real estate in which the money is reinvested shall
have the same character and be governed by the same principles
as the estate sold, and shall pass according to the terms of the
deed, will or other instrument creating the estate sold.
(c) The court shall appoint competent trustees to invest
and manage the money who from time to time shall report to the
court their proceedings and the condition of the fund. The court
shall require of the trustees security for the faithful
discharge of their duty and may from time to time require
additional security, remove the trustees for cause or reasonable
apprehension thereof and may accept the resignation of a trustee
and fill a vacancy by a new appointment.