§ 37.2-1023. Management powers and duties of conservator.
A. A conservator, in managing the estate, shall have the following powers andthe powers set forth in § 64.1-57 as of the date the conservator acts, whichmay be exercised without prior court authorization except as otherwisespecifically provided in the court's order of appointment:
1. To ratify or reject a contract entered into by an incapacitated person;
2. To pay any sum distributable for the benefit of the incapacitated personor for the benefit of a legal dependent by paying the sum directly to thedistributee, to the provider of goods and services, to any individual orfacility that is responsible for or has assumed responsibility for care andcustody, or to a distributee's custodian under a Uniform Gifts or Transfersto Minors Act of any applicable jurisdiction or by paying the sum to theguardian of the incapacitated person or, in the case of a dependent, to thedependent's guardian or conservator;
3. To maintain life, health, casualty, and liability insurance for thebenefit of the incapacitated person or his legal dependents;
4. To manage the estate following the termination of the conservatorshipuntil its delivery to the incapacitated person or successors in interest;
5. To execute and deliver all instruments and to take all other actions thatwill serve in the best interests of the incapacitated person;
6. To initiate a proceeding (i) to revoke a power of attorney under theprovisions of the Uniform Power of Attorney Act (§ 26-72 et seq.) or (ii) tomake an augmented estate election under § 64.1-13; and
7. To borrow money for periods of time and upon terms and conditions forrates, maturities, renewals, and security that to the conservator shall seemadvisable, including the power to borrow from the conservator, if theconservator is a bank, for any purpose; to mortgage or pledge the portion ofthe incapacitated person's estate that may be required to secure the loan orloans; and, as maker or endorser, to renew existing loans.
B. The court may impose requirements to be satisfied by the conservator priorto the conveyance of any interest in real estate, including (i) increasingthe amount of the conservator's bond, (ii) securing an appraisal of the realestate or interest, (iii) giving notice to interested parties as the courtdeems proper, (iv) consulting by the conservator with the commissioner ofaccounts and, if one has been appointed, with the guardian, and (v) requiringthe use of a common source information company, as defined in § 54.1-2130,when listing the property. If the court imposes any such requirements, theconservator shall make a report of his compliance with each requirement, tobe filed with the commissioner of accounts. Promptly following receipt of theconservator's report, the commissioner shall file a report with the courtindicating whether the requirements imposed have been met and whether thesale is otherwise consistent with the conservator's duties. The conveyanceshall not be closed until a report by the commissioner of accounts is filedwith the court and confirmed as provided in §§ 26-33, 26-34 and 26-35.
(1997, c. 921, § 37.1-137.4; 2004, cc. 652, 756; 2005, c. 716; 2007, c. 694;2010, cc. 455, 632.)
§ 37.2-1023. Management powers and duties of conservator.
A. A conservator, in managing the estate, shall have the following powers andthe powers set forth in § 64.1-57 as of the date the conservator acts, whichmay be exercised without prior court authorization except as otherwisespecifically provided in the court's order of appointment:
1. To ratify or reject a contract entered into by an incapacitated person;
2. To pay any sum distributable for the benefit of the incapacitated personor for the benefit of a legal dependent by paying the sum directly to thedistributee, to the provider of goods and services, to any individual orfacility that is responsible for or has assumed responsibility for care andcustody, or to a distributee's custodian under a Uniform Gifts or Transfersto Minors Act of any applicable jurisdiction or by paying the sum to theguardian of the incapacitated person or, in the case of a dependent, to thedependent's guardian or conservator;
3. To maintain life, health, casualty, and liability insurance for thebenefit of the incapacitated person or his legal dependents;
4. To manage the estate following the termination of the conservatorshipuntil its delivery to the incapacitated person or successors in interest;
5. To execute and deliver all instruments and to take all other actions thatwill serve in the best interests of the incapacitated person;
6. To initiate a proceeding (i) to revoke a power of attorney under theprovisions of the Uniform Power of Attorney Act (§ 26-72 et seq.) or (ii) tomake an augmented estate election under § 64.1-13; and
7. To borrow money for periods of time and upon terms and conditions forrates, maturities, renewals, and security that to the conservator shall seemadvisable, including the power to borrow from the conservator, if theconservator is a bank, for any purpose; to mortgage or pledge the portion ofthe incapacitated person's estate that may be required to secure the loan orloans; and, as maker or endorser, to renew existing loans.
B. The court may impose requirements to be satisfied by the conservator priorto the conveyance of any interest in real estate, including (i) increasingthe amount of the conservator's bond, (ii) securing an appraisal of the realestate or interest, (iii) giving notice to interested parties as the courtdeems proper, (iv) consulting by the conservator with the commissioner ofaccounts and, if one has been appointed, with the guardian, and (v) requiringthe use of a common source information company, as defined in § 54.1-2130,when listing the property. If the court imposes any such requirements, theconservator shall make a report of his compliance with each requirement, tobe filed with the commissioner of accounts. Promptly following receipt of theconservator's report, the commissioner shall file a report with the courtindicating whether the requirements imposed have been met and whether thesale is otherwise consistent with the conservator's duties. The conveyanceshall not be closed until a report by the commissioner of accounts is filedwith the court and confirmed as provided in §§ 26-33, 26-34 and 26-35.
(1997, c. 921, § 37.1-137.4; 2004, cc. 652, 756; 2005, c. 716; 2007, c. 694;2010, cc. 455, 632.)
§ 37.2-1023. Management powers and duties of conservator.
A. A conservator, in managing the estate, shall have the following powers andthe powers set forth in § 64.1-57 as of the date the conservator acts, whichmay be exercised without prior court authorization except as otherwisespecifically provided in the court's order of appointment:
1. To ratify or reject a contract entered into by an incapacitated person;
2. To pay any sum distributable for the benefit of the incapacitated personor for the benefit of a legal dependent by paying the sum directly to thedistributee, to the provider of goods and services, to any individual orfacility that is responsible for or has assumed responsibility for care andcustody, or to a distributee's custodian under a Uniform Gifts or Transfersto Minors Act of any applicable jurisdiction or by paying the sum to theguardian of the incapacitated person or, in the case of a dependent, to thedependent's guardian or conservator;
3. To maintain life, health, casualty, and liability insurance for thebenefit of the incapacitated person or his legal dependents;
4. To manage the estate following the termination of the conservatorshipuntil its delivery to the incapacitated person or successors in interest;
5. To execute and deliver all instruments and to take all other actions thatwill serve in the best interests of the incapacitated person;
6. To initiate a proceeding (i) to revoke a power of attorney under theprovisions of the Uniform Power of Attorney Act (§ 26-72 et seq.) or (ii) tomake an augmented estate election under § 64.1-13; and
7. To borrow money for periods of time and upon terms and conditions forrates, maturities, renewals, and security that to the conservator shall seemadvisable, including the power to borrow from the conservator, if theconservator is a bank, for any purpose; to mortgage or pledge the portion ofthe incapacitated person's estate that may be required to secure the loan orloans; and, as maker or endorser, to renew existing loans.
B. The court may impose requirements to be satisfied by the conservator priorto the conveyance of any interest in real estate, including (i) increasingthe amount of the conservator's bond, (ii) securing an appraisal of the realestate or interest, (iii) giving notice to interested parties as the courtdeems proper, (iv) consulting by the conservator with the commissioner ofaccounts and, if one has been appointed, with the guardian, and (v) requiringthe use of a common source information company, as defined in § 54.1-2130,when listing the property. If the court imposes any such requirements, theconservator shall make a report of his compliance with each requirement, tobe filed with the commissioner of accounts. Promptly following receipt of theconservator's report, the commissioner shall file a report with the courtindicating whether the requirements imposed have been met and whether thesale is otherwise consistent with the conservator's duties. The conveyanceshall not be closed until a report by the commissioner of accounts is filedwith the court and confirmed as provided in §§ 26-33, 26-34 and 26-35.
(1997, c. 921, § 37.1-137.4; 2004, cc. 652, 756; 2005, c. 716; 2007, c. 694;2010, cc. 455, 632.)
