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Current as of January 01, 2024 | Updated by Findlaw Staff
1. Except as limited by court order or any other provision of law, a receiver may:
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 in the ordinary course of business;
c. In the ordinary course of business, incur unsecured debt and pay expenses incidental to the receiver's preservation, use, sale, lease, license, exchange, collection, or disposition of receivership property;
d. Assert a right, claim, cause of action, or defense of the owner which relates to receivership property;
e. Seek and obtain instruction from the court concerning receivership property, exercise of the receiver's powers, and performance of the receiver's duties;
f. On subpoena, compel a person to submit to examination under oath, or to produce and permit inspection and copying of designated records or tangible things, with respect to receivership property or any other matter that may affect administration of the receivership;
g. Engage a professional under section 32-10.1-14;
h. Apply to a court of another state for appointment as ancillary receiver with respect to receivership property located in that state; and
i. Exercise any power conferred by court order, this chapter, or any other provision of law.
2. With court approval, a receiver may:
a. Incur debt for the use or benefit of receivership property other than in the ordinary course of business;
b. Make improvements to receivership property;
c. Use or transfer receivership property other than in the ordinary course of business under section 32-10.1-15;
d. Adopt or reject an executory contract of the owner under section 32-10.1-16;
e. Pay compensation to the receiver under section 32-10.1-20, and to each professional engaged by the receiver under section 32-10.1-14;
f. Recommend allowance or disallowance of a claim of a creditor under section 32-10.1-19; and
g. Make a distribution of receivership property under section 32-10.1-19.
3. A receiver shall:
a. Prepare and retain appropriate business records, including a record of each receipt, disbursement, and disposition of receivership property;
b. Account for receivership property, including the proceeds of a sale, lease, license, exchange, collection, or other disposition of the property;
c. File with the county recorder wherein the property is located a copy of the order appointing the receiver and, if a legal description of the real property is not included in the order, the legal description;
d. Disclose to the court any fact arising during the receivership which would disqualify the receiver under section 32-10.1-06; and
e. Perform any duty imposed by court order, this chapter, or any other provision of law.
4. The powers and duties of a receiver may be expanded, modified, or limited by court order.
Cite this article: FindLaw.com - North Dakota Century Code Title 32. Judicial Remedies § 32-10.1-11. Powers and duties of receiver - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-32-judicial-remedies/nd-cent-code-sect-32-10-1-11/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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