29A-5-413. Restrictions on conservator of minor or protected person.

189 words·~1 min read·/sd/title-29/chapter-29-5/29a-5-413

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless prior approval of court is first obtained, or unless such relationship existed prior to the appointment and was disclosed in the petition for appointment, a conservator may not:

(1)Directly or indirectly purchase, lease, or sell any property from or to the minor, the protected person or the estate;

(2)Borrow or loan funds to the minor, the protected person or the estate, except for reasonable advances without interest for the protection of the estate;

(3)Compromise or otherwise modify a debt owed by the conservator to the minor, the protected person or the estate; or

(4)Directly or indirectly purchase, lease or sell property or services from or to any entity of which the conservator or a relative of the conservator is an officer, director, shareholder, proprietor, or owns a significant financial interest.

Any activity prohibited by this section is voidable upon petition of any interested person or on the court's own motion. This section does not limit any other remedies which may be available for a breach by the conservator or others of their duty of loyalty to the minor, the protected person, or the estate.