Any sale or encumbrance to a conservator, his spouse, agent or attorney, or to any corporation or trust in which he has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest is voidable unless the transaction is approved by the court after notice to interested persons and others as directed by the court.
History: 1953 Comp., § 32A-5-422, enacted by Laws 1975, ch. 257, § 5-422.
ANNOTATIONSChange in will. — Section 45-5-422 NMSA 1978 speaks in general terms of "any sale or encumbrance to a conservator" and does not speak directly to transfers by will or changes in an estate plan so as to constitute a breach of fiduciary duty by a conservator's efforts to make arrangements requested by the protected person to change the protected person's will. Lucero v. Lucero, 1994-NMCA-128, 118 N.M. 636, 884 P.2d 527.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Guardian's purchase from corporation of which he is officer or stockholder as voidable or as ground for surcharging his account, 105 A.L.R. 449.
Ownership of stock in corporation in which guardian holds stock in fiduciary capacity by guardian in his own right, 106 A.L.R. 220, 161 A.L.R. 1039.
Transaction with affiliated corporation by corporate guardian as violation of rule against self-dealing, 151 A.L.R. 905.
Validity of inter vivos gift by ward to guardian or conservator, 70 A.L.R.4th 499.
14 C.J.S. Chemical Dependents § 4; 39 C.J.S. Guardian and Ward §§ 98 to 100; 49 C.J.S. Insane Persons § 85.