Definition of conservator

1. official appointed by a banking regulator to protect the assets of a troubled bank or savings institution while a permanent solution to its financial problems is worked out. A bank declared to be insolvent is placed under control of a receiver, and assets sold to pay its creditors.

court-appointed custodian of assets belonging to someone determined by the courts to be unable to manage his or her own property.

individual appointed by a court to manage the property of a person who lacks the capacity to manage his own property. A conservator may be charged with liquidating the assets of a business in bankruptcy, or may have to take control of the personal finances of an incompetent individual who needs to be protected by the court.

court-appointed or commissioner of insurance appointed custodian to manage the affairs of an insurance company whose management is deemed unable to manage that company in a proper fashion. Usually such a company faces insolvency prior to the appointment of the conservator.

same as guardian.