33-2601. Definitions In this chapter, unless the context otherwise requires: 1. " Affiliate" means: (a) With respect to an individual: (i) A companion of the individual. (ii) A lineal ancestor or descendant, whether by blood or adoption, of either the individual or a companion of the individual. (iii) A companion of an ancestor or descendant […]
33-2602. Notice and opportunity for hearing; exceptions A. Except as otherwise provided in subsection B of this section, the court may issue an order under this chapter only after notice and opportunity for a hearing appropriate in the circumstances. B. The court may issue an order under this chapter: 1. Without prior notice if the […]
33-2603. Scope; exclusions A. Except as otherwise provided in subsection B or C of this section, this chapter applies to a receivership for an interest in commercial real property and any personal property related to or used in operating the real property. B. This chapter does not apply to a receivership for an interest in […]
33-2604. Power of court The court that appoints a receiver under this chapter has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property.
33-2605. Appointment of receiver A. The court may appoint a receiver: 1. Before judgment, to protect a party that demonstrates an apparent right, title or interest in real property that is the subject of the action, if the property or its revenue-producing potential: (a) Is being subjected to or is in danger of waste, loss, […]
33-2606. Disqualification from appointment as a receiver; exceptions; nomination A. The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified. B. Except as otherwise provided in subsection C of this section, a person is disqualified from appointment […]
33-2607. Receiver’s bond; alternative security A. Except as otherwise provided in subsection B of this section, a receiver shall post with the court a bond that: 1. Is conditioned on the faithful discharge of the receiver s duties. 2. Has one or more sureties approved by the court. 3. Is in an amount the court […]
33-2608. Status of receiver as lien creditor On appointment of a receiver, the receiver has the status of a lien creditor under the Uniform Commercial Code, title 47, chapter 9, as to receivership property that is personal property or fixtures and chapter 7, article 5 of this title as to receivership property that is real […]
33-2609. Security agreement covering after-acquired property Except as otherwise provided by law, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the receiver.
33-2610. Collection and turnover of receivership property A. Unless the court orders otherwise, on demand by a receiver: 1. A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent […]
33-2611. Powers and duties of receiver A. Except as limited by court order or another law, a receiver may: 1. Collect, control, manage, conserve and protect receivership property. 2. Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection or disposition of the property in the ordinary course of business. 3. […]
33-2612. Duties of owner A. An owner shall: 1. Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties. 2. Preserve and turn over to the receiver all receivership property in the owner’s possession, custody or control. 3. Identify all records and other information relating to […]
33-2613. Stay; injunction A. Except as otherwise provided in subsection D of this section or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action or proceeding: 1. To obtain possession of, exercise control over or enforce a judgment against receivership property. 2. To […]
33-2614. Engagement and compensation of professional A. With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court: 1. The identity and qualifications of the professional. 2. The […]
33-2615. Use or transfer of receivership property not in the ordinary course of business; definition A. With court approval, a receiver may use receivership property other than in the ordinary course of business. B. With court approval, a receiver may transfer receivership property other than in the ordinary course of business by sale, lease, license, […]
33-2616. Executory contract; definition A. Except as otherwise provided in subsection G of this section, with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. The court may condition the receiver’s adoption and continued performance of the contract on terms appropriate under the circumstances. B. A […]
33-2617. Defenses and immunities of receiver A. A receiver is entitled to all defenses and immunities provided by a law other than this chapter for an act or omission within the scope of the receiver’s appointment. B. A receiver may be sued personally for an act or omission in administering receivership property only with approval […]
33-2618. Interim report of receiver A receiver may file or, if ordered by the court, shall file an interim report that includes: 1. The activities of the receiver since appointment or a previous report. 2. Receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the receiver. 3. […]
33-2619. Fee and expenses A. The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. B. The court may order one or more of the following to pay the reasonable and necessary fees and expenses […]
33-2620. Removal of receiver; replacement; termination of receivership A. The court may remove a receiver for cause. B. The court shall replace a receiver that dies, resigns or is removed. C. If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully […]
