Section 5-422 Persons dealing with conservators; protection
[Text of section added by 2008, 521, Sec. 9 effective July 1, 2009. See 2008, 521, Sec. 44.]
Section 5-422. [Persons Dealing With Conservators; Protection.]
(a) A person who in good faith either assists or deals with a conservator for value in any transaction other than those requiring a court order as provided in section 5-407 is protected as if the conservator properly exercised the power. The fact that a person knowingly deals with a conservator shall not alone require the person to inquire into the existence of a power or the propriety of its exercise, but restrictions on powers of conservators which are endorsed on letters as provided in section 5-425 are effective as to third persons. A person is not bound to see to the proper application of estate assets paid or delivered to a conservator.
(b) The protection expressed in this section extends to any procedural irregularity or jurisdictional defect occurring in proceedings leading to the issuance of letters and is not a substitution for protection provided by comparable provisions of the law relating to commercial transactions or to simplifying transfers of securities by fiduciaries.