Rule 6.10 Petitions for Authority to Make Loans or Investments

If someone wants to loan out or invest money that belongs to a ward (a person under court protection, like a minor or someone who can't manage their own affairs), they have to get the court's approval first. To get that approval, they must file a petition that spells out exactly what they plan to do with the money.

The petition needs to include specific details. It must state how much money will be loaned or invested, what kind of security or investment is being offered, and what that security or investment is worth. If the money is being loaned to someone, the petition also has to name that person, say how long the loan will last, and state what interest rate will be charged.

The petition can't just make these claims on its own. Two or more credible people must sign affidavits confirming the value of the security being offered, and those affidavits get attached to the petition. As an alternative, those witnesses can appear in person before the judge to confirm this information directly.

This rule exists to protect the ward's money. Since the ward often can't look out for their own financial interests, the court wants proof from independent people that any loan or investment is backed by something genuinely worth the stated value before allowing it to move forward.