Section 10-21-7. – Disqualification from appointment as receiver — Disclosure of interest.
§ 10-21-7. Disqualification from appointment as receiver — Disclosure of interest. (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 […]
Section 10-21-8. – Receiver’s bond — Alternative security.
§ 10-21-8. 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 […]
Section 10-21-9. – Status of receiver as lien creditor.
§ 10-21-9. Status of receiver as lien creditor. On appointment of a receiver, in addition to the receiver’s other status under this chapter, the receiver has the status of a lien creditor under: (1) Chapter 9 of title 6A as to receivership property that is personal property or fixtures; and (2) Section 34-13-2 as to […]
Section 10-21-10. – Security interest covering after-acquired property.
§ 10-21-10. Security interest covering after-acquired property. Except as otherwise provided by law of this state other than this chapter, 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 […]
Section 10-21-11. – Collection and turnover of receivership property.
§ 10-21-11. 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 […]
Section 10-21-12. – Powers and duties of receiver.
§ 10-21-12. Powers and duties of receiver. (a) Except as limited by court order or law of this state other than this chapter, 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 […]
Section 10-21-12.1. – Powers and duties of temporary non-liquidating receiver — Operating plan.
§ 10-21-12.1. Powers and duties of temporary non-liquidating receiver — Operating plan. (a) A temporary non-liquidating receiver shall: (1) Assist the owner in developing an operating plan in consultation; (2) Present the operating plan to the court for approval; and (3) Monitor the owner’s business operations and the owner’s compliance with the plan. (b) An […]
Section 10-21-13. – Duties of owner.
§ 10-21-13. 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 […]
Section 10-21-13.1. – Owner’s duties in temporary non-liquidating receivership.
§ 10-21-13.1. Owner’s duties in temporary non-liquidating receivership. Unless the court orders otherwise, the owner shall: (1) Develop an operating plan and any modifications to the plan that the temporary non-liquidating receiver may propose; (2) Obtain court approval of the operating plan; and (3) Timely perform the owner’s duties under the operating plan. History of […]
Section 10-21-14. – Stay — Injunction.
§ 10-21-14. 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; […]