Section 24-602 – Final Report; Discharge of Receiver
(a) On completion of a receiver’s duties, the receiver shall file a final report that includes: (1) A description of the activities of the receiver during the course of the receivership; (2) A list of receivership property at the commencement of the receivership and any receivership property received during the receivership; (3) A list of disbursements, including payments to […]
Section 24-701 – Fees and Expenses
(a) A court may award to a receiver from receivership property or proceeds the reasonable and necessary fees and expenses of performing the duties and exercising the powers of the receiver. (b) A court may order one or more of the following persons to pay the reasonable and necessary fees and expenses of the receivership, including reasonable […]
Section 24-301 – Rights, Powers, and Duties
(a) Except as limited by court order or a law of the State other than this title, 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) In the ordinary […]
Section 24-702 – Defenses and Immunities; Actions
(a) A receiver is entitled to all defenses and immunities under applicable State law for an act or omission within the scope of the receiver’s appointment. (b) A person shall receive approval from the court that appointed the receiver before taking the following actions: (1) An action against the receiver personally based on an act or omission in […]
Section 24-302 – Creditor’s Claims
(a) Except as provided in subsection (f) of this section, a receiver shall give notice of the appointment of the receiver to creditors of the owner if: (1) The receivership is a receivership under § 24–103(a)(2) or (3) of this title; or (2) Ordered by a court. (b) (1) The receiver shall provide the notice required under subsection (a) of […]
Section 24-703 – Removal, Replacement, Termination, or Discharge
(a) A court may remove a receiver for cause on its own motion or the motion of an interested party. (b) A court shall replace a receiver that dies, resigns, or is removed. (c) A receiver replaced under subsection (b) of this section is discharged if a court finds that a receiver that resigns or is removed, or […]
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 23-102 – Conflicts Between Terms and Conditions; Remedies for Breach
(a) If a conflict exists between the express terms and conditions of an operating agreement and the terms and conditions implied by the law governing the relationship between a principal and agent, the express terms and conditions of the operating agreement shall govern. (b) A court may order the remedy of specific performance for anticipatory or actual […]