Section 5-423 Powers of conservator in administration
[Text of section added by 2008, 521, Sec. 9 effective July 1, 2009. See 2008, 521, Sec. 44.]
Section 5-423. [Powers of Conservator in Administration.]
(a) Subject to limitation provided in section 5-425, a conservator has all of the powers conferred in this section and any additional powers conferred by law.
(b) A conservator without court authorization or confirmation, may invest and reinvest funds of the estate as would a trustee.
(c) A conservator, acting reasonably in efforts to accomplish the purpose of the appointment, may act without court authorization or confirmation, to
(1) collect, hold, and retain assets of the estate including land in this or another state, until judging that disposition of the assets should be made, and the assets may be retained even though they include an asset in which the conservator is personally interested;
(2) receive additions to the estate;
(3) continue or participate in the operation of any business or other enterprise;
(4) acquire an undivided interest in an estate asset in which the conservator, in any fiduciary capacity, holds an undivided interest;
(5) invest and reinvest estate assets in accordance with subsection (b);
(6) deposit estate funds in a state or federally insured financial institution, including one operated by the conservator, not in excess of $100,000, or such other amount as is protected by federal or state insurance, in any single institution;
(7) dispose of tangible and intangible personal property for cash or on credit, at public or private sale;
(8) subject to court approval, acquire estate assets, including land in this or another state at public or private sale, and lease, manage, develop, improve, exchange, change the character of, or abandon an estate asset;
(9) subject to court approval, make repairs or alterations in buildings or other structures; demolish any structures; and raze existing or erect new party walls or buildings;
(10) subject to court approval, subdivide, develop, or dedicate land to public use; make or obtain the vacation of plats and adjust boundaries; adjust differences in valuation by giving or receiving considerations; and dedicate easements to public use without consideration;
(11) subject to court approval, enter for any purpose into a lease as lessor or lessee or renew for a term within or extending beyond the term of the conservatorship;
(12) subject to court approval, enter into a lease or arrangement for exploration and removal of minerals or other natural resources or enter into a pooling or unitization agreement;
(13) subject to court approval, grant an option involving disposition of an estate asset and take an option for the acquisition of any asset;
(14) vote a security, in person or by general or limited proxy;
(15) pay calls, assessments, and any other sums chargeable or accruing against or on account of securities;
(16) sell or exercise stock-subscription or conversion rights;
(17) consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise;
(18) hold a security in the name of a nominee or in other form without disclosure of the conservatorship so that title to the security may pass by delivery, but the conservator is liable for any act of the nominee in connection with the stock so held;
(19) insure the assets of the estate against damage or loss and the conservator against liability with respect to third persons;
(20) borrow money to be repaid from estate assets or otherwise; advance money for the protection of the estate or the protected person and for all expenses, losses, and liability sustained in the administration of the estate or because of the holding or ownership of any estate assets, for which the conservator has a lien on the estate as against the protected person for advances so made;
(21) pay or contest any claim; settle a claim by or against the estate or the protected person by compromise, arbitration, or otherwise; and release, in whole or in part, any claim belonging to the estate to the extent the claim is uncollectible;
(22) pay taxes, assessments, compensation of the conservator, and other expenses incurred in the collection, care, administration, and protection of the estate;
(23) allocate items of income or expense to either estate income or principal, as provided by law, including creation of reserves out of income for depreciation, obsolescence, or amortization, or for depletion in mineral or timber properties;
(24) pay any sum distributable to a protected person or individual who is dependent on the protected person by paying the sum to the distributee or by paying the sum for the use of the distributee:
(A) to the guardian of the distributee;
(B) to a distributee’s custodian under the uniform transfers to minors act or custodial trustee under the uniform custodial trust act; or
(C) if there is no guardian, custodian or custodial trustee, to a relative or other person having custody of the distributee;
(25) employ persons, including attorneys, auditors, investment advisors, or agents, even though they are associated with the conservator, to advise or assist in the performance of administrative duties; act upon their recommendation without independent investigation;
(26) commence, prosecute or defend actions, claims, or proceedings in any jurisdiction for the protection of estate assets and of the conservator in the performance of fiduciary duties;
(27) make funeral and burial arrangements and enter into pre-paid funeral contracts;
(28) resign the office of fiduciary held by the protected or incapacitated or person pursuant to any court appointment or written instrument; and
(29) execute and deliver all instruments that will accomplish or facilitate the exercise of the powers vested in the conservator.
(c) A conservator may not sell, mortgage or grant options in real estate, except as provided in chapter 202.