§560:5-424  Protection of person dealing
with conservator.  (a)  A person who assists or deals with a conservator in
good faith and for value in any transaction other than one requiring a court
order under section 560:5-410 or 560:5-411 is protected as though
the conservator properly exercised the power.  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 the exercise, but restrictions on
powers of conservators that are endorsed on letters as provided in section
560:5-110 are effective as to third persons.  A person who pays or delivers
assets to a conservator is not responsible for their proper application.



(b)  Protection provided by this section
extends to any procedural irregularity or jurisdictional defect that occurred
in proceedings leading to the issuance of letters and is not a substitute for
protection provided to persons assisting or dealing with a conservator by
comparable provisions in other law relating to commercial transactions or to
simplifying transfers of securities by fiduciaries. [L 2004, c 161, pt of §1]