1. An administrator for a veterans home may accept money belonging to the residents of the veterans home and, except as otherwise provided in this section, shall deposit that money in a trust fund which is established in a bank, credit union, savings and loan association or savings bank qualified to receive deposits of public money. The administrator shall account for all such money of the residents separately. Interest and income earned on the money in the trust fund, after deducting any applicable charges, must be accounted for separately and credited to the appropriate accounts in the trust fund. 2. The administrator shall: (a) Keep a separate account for each resident who entrusts his or her money with the administrator for deposit into the trust fund. (b) Keep, or cause to be kept, a full and accurate written account of the money of each resident of the veterans home accepted pursuant to this section. (c) Pay any remaining balance in the account of a resident, including an amount equal to that portion of money in the reserve cash fund maintained pursuant to subsection 3 that is attributable to the resident: (1) If the resident leaves the veterans home, to the resident or his or her legal guardian; or (2) Upon the death of the resident, to the person administering the estate of the resident. 3. From the money in the trust fund, the administrator shall maintain a sum not to exceed $3,000 in a reserve cash fund at the veterans home for immediate use by the residents of the veterans home who have an account in the trust fund. The administrator shall not keep an amount in the reserve cash fund attributable to a specific resident that is in excess of $50. If a resident withdraws money from the reserve cash fund, the administrator shall deduct the amount of the withdrawal from the residents account in the trust fund.
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