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 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 24-102 – Supplemental Provisions
Unless displaced by a particular provision of this title, the principles of law and equity supplement this title.