Section 53-8-3. Securities, obligations, and interest-bearing deposits

   A personal representative is authorized to invest estate funds in:

   (1) Bonds issued by any county or municipality of this state which have been validated as required by law for the validation of county and municipal bonds;

   (2) Bonds issued by any county board of education under Subpart 1 of Part 3 of Article 9 of Chapter 2 of Title 20 for the purpose of building and equipping schoolhouses, which bonds have been validated and confirmed as required under Part 1 of Article 2 of Chapter 82 of Title 36;

   (3) Bonds and other securities issued by this state or by the Board of Regents of the University System of Georgia;

   (4) Bonds or other obligations issued by the United States government and bonds of any corporation created by an act of Congress, the bonds of which are guaranteed by the United States government as provided in Code Section 53-8-4; and

   (5) Interest-bearing deposits in any chartered state or national bank or trust company or savings and loan association located in this state to the extent the deposits are insured by the Federal Deposit Insurance Corporation or comparable insurance.

Code 1981, § 53-8-3, enacted by Ga. L. 1996, p. 504, § 10.