Section 576.12 Care of Property; Lease; Sale; Control of Business - Minnesota Statutes

576.12 CARE OF PROPERTY; LEASE; SALE; CONTROL OF BUSINESS.

Subdivision 1.Order for care of property.

The court may make orders for the care, custody, leasing, and investing of all property and its proceeds in the possession of the receiver. If any of the property consists of assets subject to likely rapid decline in value or live animals or is perishable or cannot be kept without a great or disproportionate expense, the court may, after the return of the warrant, order such property to be sold at public or private sale. After the appointment of a receiver, upon the receiver's petition and after notice, the court may order all or part of the property, including the rights of the absentee in land, to be sold at public or private sale to supply money for payments authorized by sections 576.04 to 576.16, to preserve value, or for reinvestment approved by the court.

Subd. 2.Absentee business.

The court may make orders for the management of an absentee's business in possession of the receiver. The court may authorize the receiver or person designated by the receiver to operate the business in conformance with sound business practice. Upon the receiver's petition and after notice, the court may authorize the sale of the business to supply money for payments authorized by sections 576.04 to 576.16, to preserve value, or for reinvestment approved by the court.

History:

(8080-9) 1925 c 262 s 9; 1974 c 447 s 9; 1986 c 444