31:
638:
pay bills for the conservatee, manage property by paying for property insurance, mortgage payments or rent, property clean-up, or pay for a property management company to rent the property. An example of a conservator or guardian's medical responsibilities would be the court granting medical authority to the conservator or guardian, and the conservator or guardian authorising a physician to place a feeding tube to provide nourishment into the protected person's stomach if they are in medical need of it. It is not uncommon for one person to hold both offices and be referred to as the "guardian and conservator" of the conservatee, even though a conservator or guardian can be appointed over the person only, the estate only, or both. Generally, a conservator or guardian over the estate is only appointed if the conservatee has assets that need to be protected, marshalled, and managed. These terms may be found in use in
650:
take instruction from the client, but rather acts on their behalf and tells the court what they think is in the best interests of the proposed conservatee or ward, whether or not that is what the proposed conservatee or ward wants. The conservatee has the right to be represented by an attorney, and if they cannot afford a private attorney, they are appointed a public defender that will represent them free of cost.
669:
In an LPS conservatorship, a court-appointed conservator over the person is responsible for managing the conservatee's placement, medical decisions, and mental health treatment. A conservator over the estate is responsible for marshalling, protecting, and managing the conservatee's assets that remain
637:
An example of a conservator's duties includes: locating and marshalling assets, such as property and money, which belong to the conservatee; using the assets to buy food for the conservatee, secure and pay for placement in a facility which would take care of the conservatee or treat a mental illness,
645:
In most states, an outside party or agency must review the facts of the case and submit a report, usually required to be in writing, to the court before the court makes a decision on the request to establish a conservatorship or guardianship. Usually the outside party is a local county mental health
742:
The Korean Family Courts, typically, has the authority to appoint a guardian in Korea. A general adult guardian is one who is in charge of both the ward's financial interests and personal welfare. The Korean family court, or one of its branches, has authority over the ward's address and will hear
649:
The court may appoint an attorney to represent the proposed conservatee or ward. If the proposed conservatee or ward is unable to have an attorney-client relationship because of some impairment, the court may appoint a guardian-ad-litem (who is often also an attorney). A guardian-ad-litem does not
730:
Limited guardian (í•śě •í›„ę˛¬ěť¸): A person may also be designated as a "special guardian," entrusted with restricted authority over the ward's interests. For example, a special guardian may be granted the legal authority in Korea to decide how to handle the ward's assets without being granted any control
746:
Typically, after an evaluation of the ward's health by a doctor, the court proceedings begin. The court will often question the ward and hear his/her testimony regarding the guardianship. So that the ward can make the most use of his or her remaining capacity and choose a suitable guardian. The
673:
LPS conservatorships usually begin in the county mental health system and are referred from acute psychiatric hospitals, where
Probate conservatorships can result from any referral source if validated with proper medical documentation. Mental Health consumers have the right to a Patient's Rights
665:
LPS conservatorships begin with a temporary 30-day conservatorship, and if the conservatee remains gravely disabled, the conservator is reappointed for a year; the LPS conservatorship can be renewed annually, or terminated if no longer needed. Probate conservatorships are referred to as "general
633:
A "limited conservatorship" usually refers to the limited legal responsibilities of a conservator over the affairs of an individual who is developmentally disabled, but still capable of making important decisions for themselves. In these cases, the conservatee to whom the limited conservatorship
540:
results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can
824:
An even more ambitious use of the conservatorship model has been proposed by Duke professors
Lawrence Baxter, Bill Brown, and Jim Cox. They suggest that the troubled U.S. banks be placed in conservatorship, that some of their "good assets" be dropped into newly created "good bank" subsidiaries
759:. Whereas a receiver is expected to terminate the rights of shareholders and managers, a conservator is expected merely to assume those rights, with the prospect that they will be relinquished. Robert Ramsey and John Head, law professors who both specialise in financial issues, suggest that an
624:
Conservatorships are generally put in place for people who are significantly disabled by mental illness, elderly individuals who lack mental capacity due to medical conditions such as dementia, or individuals with developmental disabilities who lack the capacity to manage their own affairs. In
726:
Adult guardian (성년후견인): If an adult chronically lacks the mental competence to manage their own matters due to illness, disability, old age, or other conditions, a Korean court may appoint an adult guardian. This type of guardianship in Korea gives near total power over the ward to the Adult
817:. The intervention leading to the conservatorship of these two entities has become the largest in government history, and was justified as necessary step to prevent the damage to the financial system that would have been caused by their failure. Entities like this are considered "
677:
In 2022, a law was enacted requiring judges in
California to document all alternatives to a conservatorship before granting one, giving potential conservatees in California preference in selecting a conservator, and making it easier to end probate conservatorships in California.
666:
conservatorships", and typically do not have a temporary period unless an urgent emergency exists that is creating risk to the person or their estate. Probate conservatorship do not automatically expire as LPS conservatorships do if they are not renewed by the conservator.
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typical conservatorship proceedings, an allegedly mentally incapacitated person must be evaluated by a qualified physician or psychiatrist who prepares a report documenting the person's mental capacity that is provided to the court and may be used as evidence.
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by the court and unable to meet their basic needs of food, clothing, and shelter. They are governed by the state's individual laws. Terminology varies, and some states or jurisdictions may refer to a conservator as a guardian of the estate or as a trustee.
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representative called an investigator. They are often required to be experts in some appropriate field, such as social work, mental health, a medical field, or law. Procedures for conservatorship of an adult are often different from those for minors.
30:
581:(with regard to individuals) or via a statutory or regulatory authority (with regard to organizations such as business entities). In other legal terms, a conservatorship may refer to the legal responsibilities over a person who has a
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may be only of the "estate" (financial affairs) but may be also of the "person", wherein the conservator takes charge of overseeing the daily activities, such as healthcare or living arrangements of the
747:
court has the power to decide the beginning of guardianship, the choice of a guardian, change of guardian, cessation of guardianship, the extent of the legal representative's authority, etc.
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in their estate. A conservator reports to the court that appointed them, and is monitored by the supervising judicial court in the county in which the conservatee permanently resides.
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662:
of 1967, referred to as LPS) and
Probate conservatorships. These forms of conservatorship are governed by the California Probate Code, and Welfare and Institutions Codes.
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the guardianship case. When the Family Court is not present in the ward's address, typically, a district court or a branch court has jurisdiction over the matter.
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Specified guardian (íŠąě •í›„ę˛¬ěť¸): A specified guardian is a person appointed to represent a person's interests in relation to a particular court proceeding or process.
634:
applies can retain more control over their personal affairs than other conservatees can; for example, they may retain their right to decide where they may live.
908:
674:
advocate, and are taken through a series of hearings while they are in the acute hospital before they reach the point of needing a conservator.
1102:"Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers"
825:(presumably under new management), and the remaining "bad assets" be left to be managed under the supervision of a conservatorship structure.
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Conservatorship is a legal term referring to the legal responsibilities of a conservator over the affairs of a person who has been deemed
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In the United States, in some states, corporations can be placed under conservatorship, as a less extreme alternative to
1188:"Treasury to Rescue Fannie and Freddie: Regulators Seek to Keep Firms' Troubles From Setting Off Wave of Bank Failures"
1042:
Preventing
Financial Chaos: An International Guide to Legal Rules and Operating Procedures for Handling Insolvent Banks
659:
1053:
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Again, in the U.S. at the federal level, in
September 2008, the chief executive officers and board of directors of
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694:(formerly "guardianship"), "guardianship" in Scotland, controllership in "Northern Ireland", "
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bank should go into receivership rather than conservatorship to guard against false hope and
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In the state of
California there are two types of conservatorships: Lanterman–Petris–Short (
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is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to
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642:(UPC) jurisdictions, even though the UPC uses the term "protected person" in either case.
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In the
Republic of Korea (South Korea) a Conservatorship is called a Guardianship.
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were dismissed. Then, the companies were placed into the conservatorship of the
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At the federal government level in the United States, in July 2008, the failing
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952:"How are Lanterman-Petris-Short (LPS) and Probate conservatorships different?"
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Goldfarb, Zachary A.; David Cho; Binyamin
Appelbaum (September 7, 2008).
1104:(Press release). United States Department of the Treasury. Archived from
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Soloman, Deborah; Reddy, Sudeep; Craig, Susanne (September 8, 2008).
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When referring to government control of private corporations such as
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1160:. Federal Housing Finance Agency. September 7, 2008. Archived from
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Baxter, Lawrence; Brown, Bill; Cox, Jim (February 27, 2009).
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604:, conservatorship implies a more temporary control than does
1093:
1083:"Mounting Woes Left Officials With Little Room to Maneuver"
288:
977:"After #FreeBritney, California to limit conservatorships"
738:
The process of appointing a guardian through Korean courts
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which was placed into conservatorship, also by the FDIC.
565:. A conservator of the person is more typically called a
1120:
1155:"Fact Sheet: Questions and Answers on Conservatorship"
1218:
1219:Goldoftas, Lisa; Hendrickson, Elizabeth A. (2002).
956:
Superior Court of
California, County of Los Angeles
750:
1080:
992:"The Formalities under the Guardian Law in Korea"
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1131:. Federal Housing Finance Agency. Archived from
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722:Types of Guardians under Korean Guardianship Law
931:Superior Court of California, County of Alameda
1129:"Statement of FHFA Director James B. Lockhart"
906:
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805:(FHFA) via the determination of its director
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513:
1127:Lockhart, James B. III (September 7, 2008).
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1100:Paulson, Henry M. Jr. (September 7, 2008).
686:Conservatorship for individuals is called "
1068:
1040:Ramsey, Robert Lee; Head, John W. (2000).
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520:
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1257:Montana Code Annotated 72-1-103(8) (2005)
577:Conservatorship is established either by
1126:
1221:The Conservatorship Book for California
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813:'s commitment to keep the corporations
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855:Britney Spears conservatorship dispute
1014:
780:Federal Deposit Insurance Corporation
1017:"Appointment of a Guardian in Korea"
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13:
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879:Southeast Tennessee Legal Services
541:refer to an adult. A person under
29:
14:
1299:
1250:
1021:The Korean Law Blog by IPG Legal
996:The Korean Law Blog by IPG Legal
909:"Finally, A Bridge to Somewhere"
751:Conservatorship of organizations
585:, including individuals who are
1283:Family law in the United States
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704:guardianship and administration
1223:(4th ed.). Berkeley, CA:
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776:administrative receivership
10:
1304:
1015:Hayes, Sean (2023-01-30).
990:Khan, Sarah (2023-01-30).
660:Lanterman–Petris–Short Act
612:Conservatorship of persons
927:"Limited Conservatorship"
788:IndyMac Federal Bank, FSB
682:International equivalents
467:History of bankruptcy law
1069:Ramsey & Head (2000)
731:over the ward's person.
690:" in England, Wales and
237:Voidable floating charge
16:Legal term and authority
1087:The Wall Street Journal
629:Limited conservatorship
484:Pre-packaged insolvency
437:Bankruptcy alternatives
325:Cross-border insolvency
263:Trading while insolvent
114:Insolvency practitioner
93:Provisional liquidation
227:Undervalue transaction
34:
1135:on September 12, 2008
979:. September 30, 2022.
807:James B. Lockhart III
432:Anti-deprivation rule
330:Insolvency Regulation
222:Fraudulent conveyance
206:Scheme of arrangement
160:Preferential creditor
139:Trustee in bankruptcy
134:Referee in Bankruptcy
33:
1167:on September 9, 2008
1108:on September 9, 2008
640:Uniform Probate Code
1193:The Washington Post
186:Administration (UK)
462:Financial distress
335:UNCITRAL Model Law
253:Fraudulent trading
170:Unsecured creditor
35:
1278:Legal professions
1259:Example state law
1234:978-0-87337-795-9
885:on March 27, 2017
850:Custodial account
840:Power of attorney
530:
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489:Sovereign default
472:List of bankrupts
442:Creditors' rights
304:Security interest
232:Unfair preference
214:Avoidance regimes
124:Regulatory agency
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1273:Court orders
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1200:September 7,
1198:. Retrieved
1191:
1181:
1171:September 7,
1169:. Retrieved
1162:the original
1149:
1139:September 7,
1137:. Retrieved
1133:the original
1122:
1112:September 7,
1110:. Retrieved
1106:the original
1095:
1086:
1076:
1071:, p. 37
1064:
1041:
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1024:. Retrieved
1020:
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999:. Retrieved
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961:December 20,
959:. Retrieved
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946:
936:December 20,
934:. Retrieved
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921:
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889:December 20,
887:. Retrieved
883:the original
878:
869:
845:Receivership
823:
811:Hank Paulson
792:
772:IndyMac Bank
769:
765:moral hazard
757:receivership
754:
745:
741:
733:
729:
727:Guardian.
725:
721:
720:
717:
696:guardianship
685:
676:
672:
668:
664:
657:
648:
644:
636:
632:
623:
615:
595:
576:
562:
557:
555:
547:corporations
543:guardianship
537:
531:
476:
401:South Africa
98:Receivership
78:Examinership
67:
799:Freddie Mac
784:bridge bank
714:South Korea
598:Freddie Mac
579:court order
573:Appointment
563:conservatee
558:conservator
406:Switzerland
258:Misfeasance
88:Liquidation
73:Dissolution
1288:Insolvency
1267:Categories
1225:Nolo Press
1026:2023-01-30
1001:2023-01-30
875:"Lawbytes"
861:References
795:Fannie Mae
688:deputyship
654:California
602:Fannie Mae
478:Pari passu
343:By country
129:Liquidator
53:Bankruptcy
23:Insolvency
761:insolvent
708:Australia
587:psychotic
381:Hong Kong
356:Australia
196:Cram down
147:Claimants
106:Officials
40:Processes
1243:48892898
829:See also
591:suicidal
534:U.S. law
351:Anguilla
294:Mortgage
276:Security
245:Offences
155:Creditor
119:Tribunal
815:solvent
797:and of
786:called
778:by the
457:Default
391:Ireland
1241:
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1052:
1046:Kluwer
532:Under
452:Debtor
396:Russia
371:Cayman
366:Canada
1165:(PDF)
1158:(PDF)
706:" in
702:and "
700:India
698:" in
424:Other
386:India
376:China
1239:OCLC
1229:ISBN
1202:2008
1173:2008
1141:2008
1114:2008
1050:ISBN
963:2017
938:2017
891:2017
556:The
549:and
536:, a
289:Lien
821:".
600:or
361:BVI
83:IVA
63:CVA
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521:e
514:t
507:v
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