Effective - 28 Aug 1983
475.134. Protection of persons dealing with conservator. — A person who in good faith either assists a conservator or deals with him for value in any transaction other than those requiring a court order is protected as if the conservator properly exercised the power. The fact that a person knowingly deals with a conservator does not alone require the person to inquire into the existence of a power or the propriety of its exercise. A person is not bound to see to the proper application of estate assets paid or delivered to a conservator. For the purposes of the rules protecting bona fide purchasers and mortgagees for value, conservators of the estate shall be deemed to be trustees of the property of the protectee. The protection here expressed extends to instances in which some procedural irregularity or jurisdictional defect occurred in proceedings leading to the issuance of letters. The protection here expressed is not by substitution for that provided by comparable provisions of the laws relating to commercial transactions and laws simplifying transfers of securities by fiduciaries.
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(L. 1983 S.B. 44 & 45)