Rule 9.050.Restricted Accounts
Current through August 1, 2026 · Last verified September 12, 2026
Full Text of Rule 9.050
Plain-English Summary
Courts often order that money belonging to an estate or a conservatorship be held where no one can reach it without a judge's signature. A restriction like that works only if the institution holding the money knows about it and says so in writing, which is what this rule is for.
When assets are placed with a depository subject to withdrawal only on order of the court, a writing signed by the depository must be filed with the court within 30 days of entry of the order, unless the order allows a longer period. The writing shows the assets held and confirms that they are subject to withdrawal only on further order.
The writing also has to acknowledge consequences. It must include language acknowledging that if assets are removed from the restricted account without prior court order, the institution may be required to pay the value of the inappropriately withdrawn funds to the estate or conservatorship. That sentence is what gives the restriction force at the teller window.
Getting the writing is the lawyer's job. The rule makes prompt procurement the responsibility of the attorney for the fiduciary. From then on, any asset restricted by court order must be identified as restricted in the inventory or in annual accountings, with a reference to the date and title of the order imposing the restriction.
Frequently Asked Questions
How long do I have to file the depository's writing?
Within 30 days of entry of the order restricting the assets, unless the order itself allows a longer period of time. If you expect the institution to be slow, ask for the longer period in the order rather than missing the deadline.
What has to be in the writing from the bank?
It must show the assets held and state that they are subject to withdrawal only on further order of the court. It must also acknowledge that removing assets from the restricted account without a prior court order may require the institution to pay the value of those funds to the estate or conservatorship.
Whose responsibility is it to get the writing?
The attorney for the fiduciary. The rule assigns prompt procurement to counsel, so the task does not sit with the conservator or the personal representative to chase on their own.
What happens if the institution releases restricted funds without an order?
The acknowledgment the rule requires says the institution may be required to pay the value of the inappropriately withdrawn funds to the estate or conservatorship. That is why the acknowledgment language, and not just a receipt, has to be in the signed writing.
How do restricted assets show up in the inventory and accountings?
Each restricted asset must be identified as restricted, with a reference to the date and title of the order that imposed the restriction. The identification belongs wherever the asset is reported, in the inventory or in the annual accountings.