§ 29-5-24 - Forfeiture of rights by conservator; disclosure of conflicts by conservator; transactions presenting substantial conflict in interests - Georgia Statutes

State Codes and Statutes

Statutes > Georgia > Title-29 > Chapter-5 > Article-3 > 29-5-24

O.C.G.A. 29-5-24 (2010)
29-5-24. Forfeiture of rights by conservator; disclosure of conflicts by conservator; transactions presenting substantial conflict in interests

(a) The appointment of a conservator shall not automatically cause the conservator to forfeit any rights to property.

(b) The conservator must disclose promptly any conflict of interest between the conservator and the ward when it arises or becomes known to the conservator. The conservator must seek the court's determination as to whether the conflict is insubstantial or whether it is in the best interest of the ward for the conservator to continue to serve and not forfeit any property right. If the court finds that the conflict of interest is substantial or contrary to the best interest of the ward, the conservator may either resign or forfeit the property interest that is the source of the conflict.

(c) A transaction affected by a substantial conflict between personal and fiduciary interests includes any sale, encumbrance, or other transaction involving the conservatorship estate entered into by the conservator or the spouse, descendant, agent, or lawyer of the conservator or a corporation or other enterprise in which the conservator has a significant beneficial interest.

State Codes and Statutes

Statutes > Georgia > Title-29 > Chapter-5 > Article-3 > 29-5-24

O.C.G.A. 29-5-24 (2010)
29-5-24. Forfeiture of rights by conservator; disclosure of conflicts by conservator; transactions presenting substantial conflict in interests

(a) The appointment of a conservator shall not automatically cause the conservator to forfeit any rights to property.

(b) The conservator must disclose promptly any conflict of interest between the conservator and the ward when it arises or becomes known to the conservator. The conservator must seek the court's determination as to whether the conflict is insubstantial or whether it is in the best interest of the ward for the conservator to continue to serve and not forfeit any property right. If the court finds that the conflict of interest is substantial or contrary to the best interest of the ward, the conservator may either resign or forfeit the property interest that is the source of the conflict.

(c) A transaction affected by a substantial conflict between personal and fiduciary interests includes any sale, encumbrance, or other transaction involving the conservatorship estate entered into by the conservator or the spouse, descendant, agent, or lawyer of the conservator or a corporation or other enterprise in which the conservator has a significant beneficial interest.

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State Codes and Statutes

Statutes > Georgia > Title-29 > Chapter-5 > Article-3 > 29-5-24

O.C.G.A. 29-5-24 (2010)
29-5-24. Forfeiture of rights by conservator; disclosure of conflicts by conservator; transactions presenting substantial conflict in interests

(a) The appointment of a conservator shall not automatically cause the conservator to forfeit any rights to property.

(b) The conservator must disclose promptly any conflict of interest between the conservator and the ward when it arises or becomes known to the conservator. The conservator must seek the court's determination as to whether the conflict is insubstantial or whether it is in the best interest of the ward for the conservator to continue to serve and not forfeit any property right. If the court finds that the conflict of interest is substantial or contrary to the best interest of the ward, the conservator may either resign or forfeit the property interest that is the source of the conflict.

(c) A transaction affected by a substantial conflict between personal and fiduciary interests includes any sale, encumbrance, or other transaction involving the conservatorship estate entered into by the conservator or the spouse, descendant, agent, or lawyer of the conservator or a corporation or other enterprise in which the conservator has a significant beneficial interest.