Section 24-303 – Professional Services to Assist Receiver
(a) (1) A receiver shall obtain court approval before engaging any attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing the receiver’s duties and administering receivership property. (2) The receiver may request appointment of a professional to provide services to the receivership. (3) A request under this section shall disclose to the court: (i) The […]
Section 24-801 – Short Title
This title may be cited as the Maryland Commercial Receivership Act.
Section 24-304 – Receivership Property
(a) A receiver may use receivership property other than in the ordinary course of business if: (1) The receiver files a motion with the court to use receivership property other than in the course of ordinary business; and (2) The court grants the motion. (b) (1) A receiver may transfer receivership property other than in the ordinary course of business […]
Section 24-305 – Executory Contract
(a) (1) (i) At any time before a court’s approval of a final report under § 24–602 of this title, a receiver may assume or reject an executory contract of the owner if the receiver has provided notice of the contract and an opportunity for a hearing to the counterparty to the contract. (ii) If the requirement under subparagraph […]
Section 24-401 – Stay
(a) Except as provided in subsection (c) of this section or ordered by the court, the entry of an order appointing a receiver under § 24–103(a)(2) or (3) of this title shall operate as a stay of an act to: (1) Commence or continue a judicial, administrative, or other action or proceeding against the owner that was […]
Section 24-402 – Turning Over of Receivership Property
(a) (1) Except as provided in paragraph (2) of this subsection, and unless otherwise ordered by a court, a person that has possession, custody, or control of receivership property shall turn the receivership property over to the receiver on demand of the receiver. (2) If a creditor has possession, custody, or control of receivership property and the validity, […]
Section 24-403 – Responsibilities of Owner of Property
(a) Except as provided by court order, an owner shall: (1) Assist and cooperate with the receiver in administering the receivership and discharging the receiver’s duties; (2) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control, including all depository and investment accounts; (3) Identify and turn over all records and other […]
Section 24-404 – Property Acquired After Appointment of Receiver
Except as otherwise provided by a law of the State other than this title, property that a receiver or an 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.
Section 24-405 – Rights of Mortgagee
A request by a mortgagee for the appointment of a receiver, the appointment of a receiver, or the application by a mortgagee of receivership property or proceeds to the secured obligation does not: (1) Make the mortgagee a mortgagee in possession of the real property; (2) Make the mortgagee an agent of the owner; (3) Constitute an election […]
Section 24-406 – Assigned Property
(a) An assignee for the benefit of creditors shall be treated as a receiver appointed under § 24–201(a)(3) of this title. (b) The property assigned shall be treated as receivership property. (c) Except for § 24–201 of this title, this title shall govern all proceedings following the filing of the assignment.