576.21 DEFINITIONS. (a) The definitions in this section apply throughout this chapter unless the context requires otherwise. (b) “Court” means the district court in which the receivership is pending unless the context requires otherwise. (c) “Entity” means a person other than a natural person. (d) “Executory contract” means a contract, including a lease, where the […]
576.22 APPLICABILITY OF CHAPTER AND OF COMMON LAW. (a) This chapter applies to receiverships provided for in section 576.25, subdivisions 2 to 6, and to receiverships: (1) pursuant to section 193.147, in connection with a mortgage on an armory; (2) pursuant to section 223.17, subdivision 8, paragraph (b), in connection with a defaulting grain buyer; […]
576.23 POWERS OF THE COURT. The court has the exclusive authority to direct the receiver and the authority over all receivership property wherever located including, without limitation, authority to determine all controversies relating to the collection, preservation, improvement, disposition, and distribution of receivership property, and all matters otherwise arising in or relating to the receivership, […]
576.24 TYPES OF RECEIVERSHIPS. A receivership may be either a limited receivership or a general receivership. Any receivership which is based upon the enforcement of an assignment of rents or leases, or the foreclosure of a mortgage lien, judgment lien, mechanic’s lien, or other lien pursuant to which the respondent or any holder of a […]
576.25 APPOINTMENT OF RECEIVERS; RECEIVERSHIP NOT A TRUST. Subdivision 1. No necessity of separate action. A receiver may be appointed under this chapter whether or not the motion for appointment of a receiver is combined with, or is ancillary to, an action seeking a money judgment. Subd. 2. Before judgment. Except where judgment for failure […]
576.26 ELIGIBILITY OF RECEIVER. Subdivision 1. Who may serve as receiver. Unless otherwise prohibited by law or prior order, any person, whether or not a resident of this state, may serve as a receiver, provided that the court, in its order appointing the receiver, makes written conclusions based in the record that the person proposed […]
576.27 BOND. After appointment, a receiver shall give a bond in the sum, nature, and with the conditions that the court shall order in its discretion consistent with section 574.11. Unless otherwise ordered by the court, the receiver’s bond shall be conditioned on the receiver’s faithful discharge of its duties in accordance with the orders […]
576.28 IMMUNITY; DISCOVERY FROM RECEIVER. (a) The receiver shall be entitled to all defenses and immunities provided at common law for acts or omissions within the scope of the receiver’s appointment. (b) No person other than a successor receiver duly appointed by the court shall have a right of action against a receiver to recover […]
576.29 POWERS AND DUTIES OF RECEIVERS; GENERALLY. Subdivision 1. Powers. (a) A receiver, whether general or limited, shall have the following powers in addition to those specifically conferred by this chapter or otherwise by statute, rule, or order of the court: (1) the power to collect, control, manage, conserve, and protect receivership property; (2) the […]
576.30 RECEIVER AS LIEN CREDITOR; REAL PROPERTY RECORDING; SUBSEQUENT SALES OF REAL PROPERTY. Subdivision 1. Receiver as lien creditor. As of the time of appointment, the receiver shall have the powers and priority as if it were a creditor that obtained a judicial lien at the time of appointment pursuant to sections 548.09 and 550.10 […]
576.31 DUTIES OF RESPONDENT. The respondent shall: (1) assist and cooperate fully with the receiver in the administration of the receivership and the receivership property and the discharge of the receiver’s duties, and comply with all orders of the court; (2) immediately upon the receiver’s appointment, deliver to the receiver all of the receivership property […]
576.32 EMPLOYMENT AND COMPENSATION OF PROFESSIONALS. Subdivision 1. Employment. (a) To represent or assist the receiver in carrying out the receiver’s duties, the receiver may employ attorneys, accountants, appraisers, auctioneers, and other professionals that do not hold or represent an interest adverse to the receivership. (b) This section does not require prior court approval for […]
576.33 SCHEDULES OF PROPERTY AND CLAIMS. (a) The court may order the respondent or a general receiver to file under oath to the best of its actual knowledge: (1) a schedule of all receivership property and exempt property of the respondent, describing, as of the time of appointment: (i) the location of the property and, […]
576.34 NOTICE. In a general receivership, unless the court orders otherwise, the receiver shall give notice of the receivership to all creditors and other parties in interest actually known to the receiver by mail or other means of transmission within 21 days after the time of appointment. The notice of the receivership shall include the […]
576.35 NOTICES, MOTIONS, AND ORDERS. Subdivision 1. Notice of appearance. Any party in interest may make an appearance in a receivership by filing a written notice of appearance, including the name, mailing address, fax number, email address, if any, and telephone number of the party in interest and its attorney, if any, and by serving […]
576.36 RECORDS; INTERIM REPORTS. Subdivision 1. Preparation and retention of records. The receiver shall prepare and retain appropriate business records, including records of all cash receipts and disbursements and of all receipts and distributions or other dispositions of receivership property. After due consideration of issues of confidentiality, the records may be provided by the receiver […]
576.37 REMOVAL OF RECEIVERS. Subdivision 1. Removal of receiver. The court may remove the receiver if: (1) the receiver fails to execute and file the bond required by section 576.27; (2) the receiver resigns, refuses, or fails to serve for any reason; or (3) for other good cause. Subd. 2. Successor receiver. Upon removal of […]
576.38 TERMINATION OF RECEIVERSHIPS; FINAL REPORT. Subdivision 1. Termination of receivership. The court may discharge a receiver and terminate the receivership. If the court determines that the appointment of the receiver was procured in bad faith, the court may assess against the person who procured the receiver’s appointment: (1) all of the receiver’s fees and […]
576.39 ACTIONS BY OR AGAINST RECEIVER OR RELATING TO RECEIVERSHIP PROPERTY. Subdivision 1. Actions by or against receiver. The receiver may sue in the receiver’s capacity and, subject to other sections of this chapter and all immunities provided at common law, may be sued in that capacity. Subd. 2. Venue. Unless applicable law requires otherwise […]
576.40 TURNOVER OF PROPERTY. Subdivision 1. Demand by receiver. Except as expressly provided in this section, and unless otherwise ordered by the court, upon demand by a receiver, any person shall turn over any receivership property that is within the possession or control of that person. Unless ordered by the court, a person in possession […]
