Section 44-8-1 – Short title.
This act [44-8-1 to 44-8-10 NMSA 1978] may be cited as the “Receivership Act”. History: Laws 1995, ch. 81, § 1.
Section 44-8-10 – Appeal and stay of appointment of a receiver.
If an appeal is taken from a district court from a judgment or an order appointing a receiver, perfecting of an appeal from such judgment or order shall not stay enforcement of the judgment or order unless a bond, in a sum fixed by the district court, is given and posted on condition that if […]
Section 44-8-2 – Purpose.
The purpose of the Receivership Act [44-8-1 NMSA 1978] is to provide a framework for the creation and administration of receiverships. History: Laws 1995, ch. 81, § 2.
Section 44-8-3 – Definitions.
As used in the Receivership Act [44-8-1 NMSA 1978]: A. “applicant” means an interested person who seeks the appointment of a receiver; B. “business entity” means a sole proprietorship, a profit or nonprofit corporation, a general or limited partnership, business trust, joint venture or other enterprise composed of one or more persons or entities; C. […]
Section 44-8-4 – Grounds for appointing a receiver.
A. Upon application to a district court, the district court shall appoint a receiver in an action by a mortgagee or secured party or in any other action based upon a contract or other written agreement, where such mortgage, security agreement, contract or other written agreement provides for the appointment of a receiver. B. Upon […]
Section 44-8-5 – Application for appointment of a receiver.
A. An applicant may apply to the district court for the appointment of a receiver by motion in an action already pending or by a separate petition or complaint. B. An application for the appointment of a receiver shall be verified and shall contain: (1) a description of the receivership estate, including the estimated gross […]
Section 44-8-6 – Qualifications for receivers.
A receiver shall meet the following qualifications: A. the person must be at least eighteen years of age or a corporation or other business entity in good standing authorized to do business in New Mexico; B. the person must not be otherwise disqualified under applicable state or federal law to administer the receivership estate; C. […]
Section 44-8-7 – Powers and duties of receivers.
Unless otherwise ordered by the district court, a person who acts as a receiver shall: A. prepare an inventory of the receivership estate within thirty days of appointment and file that inventory with the district court; B. collect and manage the receivership estate in a reasonable and prudent manner; C. file monthly operating reports with […]
Section 44-8-8 – Compensation.
A receiver and an attorney, accountant, broker and other person duly engaged and retained by the receiver shall be entitled to receive reasonable compensation, to be paid from the receivership estate, in a sum to be fixed or approved by the district court, for services rendered to the receivership estate. History: Laws 1995, ch. 81, […]
Section 44-8-9 – Removal, death, resignation, substitution and discharge of receiver; termination of receivership.
A. Upon notice and hearing, a receiver may be removed either upon application by an interested person or upon the district court’s own motion. B. The death, resignation or substitution of a receiver, the expiration of a receiver’s term of appointment or the dismissal of the action in which a receiver was appointed shall not […]