Utah Code 75-5-422. Sale, encumbrance or transaction involving conflict of interest — Voidable — Exceptions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Utah Code 75-5-422
- Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, an individual authorized to make decisions concerning another's health care, and an individual authorized to make decisions for another under a natural death act. See Utah Code 75-1-201 v2
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Utah Code 75-1-201 v2
- 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.
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2
Any sale or encumbrance to a conservator, his spouse, agent, or attorney, or any corporation or trust in which he has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest, is voidable unless the transaction is approved by the court after notice to interested persons and others as directed by the court.