Section 475.341

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 475

Effective - 28 Aug 2018   

  475.341.  Voidable transactions, exceptions. — 1.  Except when a public administrator is serving as conservator, a sale, encumbrance, or other transaction involving the management of the conservatorship entered into by the conservator for the conservator's own personal gain or which is otherwise affected by a conflict between the conservator's fiduciary and personal interests is voidable unless the transaction:

  (1)  Was approved by the court;

  (2)  Involves a contract entered into or claim acquired by the conservator before the person became or contemplated becoming conservator;

  (3)  Involves a deposit of estate moneys to a bank operated by the conservator; or

  (4)  Involves an advance by the conservator of moneys for the protection of the estate.

  2.  When a public administrator is serving as conservator, the public administrator shall not enter into a transaction for his or her own personal gain.

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(L. 2018 S.B. 806)