Section 554.1032 – Removal of Receiver; Replacement; Discharge; Termination.
554.1032 Removal of receiver; replacement; discharge; termination. Sec. 22. (1) The court may remove a receiver for cause. (2) The court shall replace a receiver that dies, resigns, or is removed. (3) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted […]
Section 554.1033 – Final Report of Receiver; Contents; Discharge.
554.1033 Final report of receiver; contents; discharge. Sec. 23. (1) On completion of a receiver’s duties, the receiver shall file a final report including all of the following: (a) A description of the activities of the receiver in the conduct of the receivership. (b) A list of receivership property at the commencement of the receivership […]
Section 554.1034 – Receivership in Another State; Rights, Powers, and Duties of Ancillary Receiver.
554.1034 Receivership in another state; rights, powers, and duties of ancillary receiver. Sec. 24. (1) The court may appoint a receiver appointed in another state, or that person’s nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be […]
Section 554.1035 – Enforcement by Secured Party; Effect.
554.1035 Enforcement by secured party; effect. Sec. 25. A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not do any of the following: (a) Make the secured party a mortgagee in possession […]
Section 554.1022 – Powers and Duties of Receiver.
554.1022 Powers and duties of receiver. Sec. 12. (1) Except as limited by court order or applicable law, a receiver may do all of the following: (a) Collect, control, manage, conserve, and protect receivership property. (b) Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property […]
Section 554.1023 – Duties of Owner.
554.1023 Duties of owner. Sec. 13. (1) An owner shall do all of the following: (a) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties. (b) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control. (c) Identify […]
Section 554.1024 – Stay or Injunction.
554.1024 Stay or injunction. Sec. 14. (1) Except as otherwise provided in subsection (4) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding to do any of the following: (a) Obtain possession of, exercise control over, or enforce a judgment […]
Section 554.1025 – Engagement of Professional; Compensation.
554.1025 Engagement of professional; compensation. Sec. 15. (1) 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 all of the following to the court: (a) The identity and qualifications […]
Section 554.1016 – Appointment of Receiver; Circumstances; Appointment Without Prior Notice or Hearing; Security.
554.1016 Appointment of receiver; circumstances; appointment without prior notice or hearing; security. Sec. 6. (1) The court may appoint a receiver as follows: (a) Before judgment, to protect a party that demonstrates an apparent right, title, or interest in property that is the subject of the action, under either of the following circumstances: (i) The […]
Section 554.1017 – Appointment of Receiver; Objection; Requirements; Disqualifications.
554.1017 Appointment of receiver; objection; requirements; disqualifications. Sec. 7. (1) If a court determines there is good cause to appoint a receiver, the court shall select the receiver in accordance with this section. A receiver selected by the court must have sufficient competence, qualifications, and experience to administer the receivership estate. (2) The party moving […]