§ 16-117-306. Distribution of funds
(a) Upon the final hearing, the court, after deducting the cost and paying all public taxes, shall order the proceeds to be distributed among the creditors in the order and with the following preferences: (1) The salaries of employees earned within three (3) months and all laborers’ wages shall be paid first; (2) After making […]
§ 16-117-307. Insolvent partnerships
In the case of an insolvent partnership, all or any of the partners may unite in one (1) complaint filed in the county where either one resides; but in such cases, all individual as well as firm property must be turned over to the receiver, and the firm property and the individual property shall be […]
§ 16-117-401. Assignee to take possession of property — Inventory — Bond to be given
(a) In all cases in which any person makes an assignment of his or her property for the benefit of his or her creditors, it shall be the duty of the assignee named in the deed of assignment to take immediate possession of the property for the purpose of making an inventory and description of […]
§ 16-117-402. Actions contesting assignment
(a) All proceedings for the purpose of contesting the validity of the assignment shall be instituted within six (6) months from the date of the assignment, by filing complaint in the circuit court of the proper county, setting forth the grounds upon which the assignment is contested. (b) Any creditor or person interested in the […]
§ 16-117-403. Contest of assignment due to fraud
Any assignment for the benefit of creditors may be contested or attacked for fraud by any creditors. Proof of fraud on the part of the assignor shall be sufficient to invalidate the assignment, whether the assignee knew of it or not.
§ 16-117-404. Sale or disposal of property
(a) Upon the petition of any person interested in the execution of the assignment presented to the circuit court, setting forth the necessity for the sale or disposition of the property or any portion thereof not provided for in the deed of assignment, the circuit court shall make such order in relation thereto as may […]
§ 16-117-405. Employment of counsel by assignee
In case any portion of the property involved in the assignment becomes involved in litigation, that fact, when made known to the circuit court by the assignee, shall authorize the circuit court to direct the assignee to employ counsel either to prosecute or defend in the litigation. The circuit court shall stipulate in the order […]
§ 16-117-406. Account of assignee — Allowances to assignee
(a) The assignee shall, in the circuit court of the county in which the assignment is made, after one (1) year from the date of the assignment, and every year thereafter until the proceeds of the property assigned are disposed of for the benefit of creditors, present to the circuit court a fair written statement […]
§ 16-117-407. Liability of assignee on bond
The assignee shall be liable upon his or her bond to anyone interested in the property included in the assignment for any loss that may occur by reason of his or her negligence or mismanagement of the property after the property comes into his or her possession. He or she shall also be liable for […]
§ 16-117-209. Reports and accounts
(a) (1) Receivers shall make report of their proceedings every six (6) months, or more often if required by the court. (2) The performance of this duty may be enforced by attachment, sequestration, or other proper and effectual means. (b) Receivers shall have credit for all taxes, expenses, attorney’s fees, and necessary disbursements, in the […]