Section 700.5422 - Persons dealing with conservators; protection. - Michigan Statutes

ESTATES AND PROTECTED INDIVIDUALS CODE (EXCERPT)
Act 386 of 1998

700.5422 Persons dealing with conservators; protection.

Sec. 5422.

(1) A person who in good faith either assists or deals with a conservator for value in a transaction other than those requiring a court order as provided in section 5407 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, but a restriction on a conservator's powers that is endorsed on letters as provided in section 5427 is effective as to third persons. A person is not bound to see to the proper application of estate property paid or delivered to a conservator.

(2) The protection expressed in this section extends to a procedural irregularity or jurisdictional defect that occurs in a proceeding leading to the issuance of letters and is not a substitution for protection provided by a comparable provision of the law relating to a commercial transaction or to simplifying a transfer of securities by a fiduciary.

History: 1998, Act 386, Eff. Apr. 1, 2000
Popular Name: EPIC