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Definition of 'Conservatorship'
A circumstance in which the court declares an individual unable to take care of legal matters and appoints another individual, known as a conservator, to do so.
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Investopedia explains 'Conservatorship'
This is sometimes referred to as "LPS Conservatorship". The LPS stands for Lanterman, Petris and Short - the three senators who passed California's mental health conservatorship laws.
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These mortgage giants had to be put under government conservatorship, driving home the gravity of the subprime crisis.
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