South Dakota Codified Laws 29A-5-413. Restrictions on conservator of minor or protected person
Unless prior approval of court is first obtained, or unless such relationship existed prior to the appointment and was disclosed in the petition for appointment, a conservator may not:
(1) Directly or indirectly purchase, lease, or sell any property from or to the minor, the protected person or the estate;
Terms Used In South Dakota Codified Laws 29A-5-413
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- person: refers to either an "interested person" a "person alleged to need protection" or a "protected person" as the context requires, and does not refer to a "person" as defined in §. See South Dakota Codified Laws 29A-5-102
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
(2) Borrow or loan funds to the minor, the protected person or the estate, except for reasonable advances without interest for the protection of the estate;
(3) Compromise or otherwise modify a debt owed by the conservator to the minor, the protected person or the estate; or
(4) Directly or indirectly purchase, lease or sell property or services from or to any entity of which the conservator or a relative of the conservator is an officer, director, shareholder, proprietor, or owns a significant financial interest.
Any activity prohibited by this section is voidable upon petition of any interested person or on the court’s own motion. This section does not limit any other remedies which may be available for a breach by the conservator or others of their duty of loyalty to the minor, the protected person, or the estate.
Source: SL 1993, ch 213, § 56; SDCL 30-36-56; SL 1995, ch 167, § 181.