§ 15-14-424 — Protection of person dealing with conservator

(1) 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 15-14-410 or 15-14-411 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 its exercise, but restrictions on powers
of conservators that are endorsed on letters as provided in section 15-14-110 are
effective as to third persons. A person who pays or delivers assets to a conservator
is not responsible for their proper application.

(2) 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.

(3) Any recorded instrument evidencing a transaction described in this
section on which a state documentary fee is noted pursuant to section 39-13-103,
C.R.S., shall be prima facie evidence that such transaction was made for value.

Legislative History

Source: L. 2000: Entire part R&RE, p. 1824, � 1, effective January 1, 2001 (see � 15-17-103).