West Virginia Code 44A-3-12 – Self-dealing and conflicts of interest
(a) Unless court approval is first obtained, or unless such relationship existed prior to the appointment and was disclosed in the petition for appointment, a conservator may not:
Terms Used In West Virginia Code 44A-3-12
- Conservator: means a person appointed by the court who is responsible for managing the estate and financial affairs of a protected person, and, where the context plainly indicates, the term "conservator" means or includes a "limited conservator" or a "temporary conservator". See West Virginia Code 44A-1-4
- Estate: means real and personal property or any interest in the property and means anything that may be the subject of ownership. See West Virginia Code 44A-1-4
- Fiduciary: A trustee, executor, or administrator.
- Interested person: means :
(A) An individual who is the subject of a guardianship or conservatorship proceeding. See West Virginia Code 44A-1-4
- 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: means , generally, a natural person, any corporation, association, partnership or other business entity, any political subdivision or other public agency, public official or any estate, trust or other collection of properties to which the law attributes the capacity of having rights or duties. See West Virginia Code 44A-1-4
- Protected person: means an adult individual, eighteen years of age or older, who has been found by a court, because of mental impairment, to be unable to receive and evaluate information effectively or to respond to people, events, and environments to such an extent that the individual lacks the capacity: (A) To meet the essential requirements for his or her health, care, safety, habilitation, or therapeutic needs without the assistance or protection of a guardian. See West Virginia Code 44A-1-4
(1) Have any interest, financial or otherwise, directly or indirectly, in any business transaction or activity with the conservatorship;
(2) Acquire an ownership, possessors, security, or other pecuniary interest adverse to the protected person, or to the estate, or an interest in an asset in which the protected person also owns an interest;
(3) Directly or indirectly purchase, lease, or sell any property from or to the protected person or from or to the estate;
(4) Borrow or loan funds to the protected person or to the estate, except for reasonable advances without interest for the protection of the estate;
(5) Compromise or otherwise modify a debt owed by the conservator to the protected person or to the estate;
(6) Employ individuals or entities who were associated with or employed by the conservator prior to the appointment; or
(7) Directly or indirectly purchase, lease or sell property or services from or to any entity in which the conservator or a relative of the conservator is an officer, director, shareholder or proprietor, or owns a significant financial interest.
(b) Any activity prohibited by this section is voidable by the court upon the petition of any interested person or upon a motion of the court. This section does not limit any other remedies which may be available for a breach by the conservator or others of their fiduciary duty to the protected person or to the estate.