(

a) The personal representative has the power to do all of the following:

(1) Deposit money belonging to the estate in an insured account in a financial institution in this state.

(2) Invest money of the estate in any one or more of the following: (

A) Direct obligations of the United States, or of the State of California, maturing not later than one year from the date of making the investment. (

B) An interest in a money market mutual fund registered under the Investment Company Act of 1940 (15 U.S.C.

Sec. 80a-1, et seq.) or an investment vehicle authorized for the collective investment of trust funds pursuant to

Section 9.18 of Part of Title of the Code of Federal Regulations, the portfolios of which are limited to United States government obligations maturing not later than five years from the date of investment and to repurchase agreements fully collateralized by United States government obligations. (

C) Units of a common trust fund described in

Section of the Financial Code. The common trust fund shall have as its objective investment primarily in short term fixed income obligations and shall be permitted to value investments at cost pursuant to regulations of the appropriate regulatory authority. (

D) Eligible securities for the investment of surplus state moneys as provided for in

Section of the Government Code.

(3) Invest money of the estate in any manner provided by the will. (

b) Except as provided in subdivision (c), the personal representative may exercise the powers described in subdivision (

a) without giving notice of proposed action under

Chapter 4 (commencing with

Section 10580). (

c) The personal representative shall comply with the requirements of

Chapter 4 (commencing with

Section 10580) where the personal representative exercises the power to make any investment pursuant to the power granted by subparagraph (

D) of paragraph (2) of subdivision (

a) or paragraph (3) of subdivision (a), except that the personal representative may invest in direct obligations of the United States, or of the State of California, maturing not later than one year from the date of making the investment without complying with the requirements of

Chapter 4 (commencing with

Section 10580).