Massachusetts General Laws ch. 190B sec. 5-421 – Sale, encumbrance, or transaction involving conflict of interest voidable; exceptions
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Section 5–421. [Sale, Encumbrance, or Transaction Involving Conflict of Interest Voidable; Exceptions.]
Terms Used In Massachusetts General Laws ch. 190B sec. 5-421
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
Any sale or encumbrance to a conservator, the spouse, agent, attorney of a conservator or any corporation, trust, or other organization in which the conservator has a substantial beneficial interest, or any other transaction involving the estate being administered by the conservator which is affected by a substantial conflict between fiduciary and personal interests is voidable unless the transaction is approved by the court after notice as directed by the court.