conservatorship

American  

[kuhn-sur-vuh-ter-ship] / kənˈsɜr və tər ʃɪp /

noun

1. the position of being a conservator, especially a person who repairs, restores, or maintains the condition of objects in a museum, library, etc..

   The program will give participants an opportunity to get a feel for the level of precision and care necessary for a career in museum conservatorship.

2. Law. an agreement or order under which one person or entity controls the personal and financial affairs of another, such as a minor or someone who is considered legally incapable of managing their own affairs.

   She's under a court-approved conservatorship that oversees every significant purchase and every key decision that she wants to make.

3. Law. an agreement whereby a business or financial entity is placed under the control of another entity, usually temporarily and often as a result of prior or impending failure.

   This week, a bipartisan coalition in the legislature is demanding that the agency’s leaders be replaced and the agency be put under an independent conservatorship.

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Etymology

Origin of conservatorship

conservator ( def. ) + -ship ( def. )

Example Sentences

A last resort would be a conservatorship, which is an involuntary process and takes place when a person is unable to take care of their finances.

From MarketWatch

While Fairweather thinks that legal guardianships and conservatorships can be necessary, she emphasized that they would only be acceptable in “extremely severe cases with really good oversight.”

From Salon

Fannie Mae stock is down 44% and Freddie Mac 48% this year, as hopes for an IPO and conservatorship exit wane.

From Barron's

The conservatorships may be a “lifeline” for veterans who are stuck in the complex legal and healthcare systems, the Justice Department said Wednesday.

From The Wall Street Journal

They will enter the facility after being put under conservatorship.

From Los Angeles Times