Section 44-8-9 - Removal, death, resignation, substitution and discharge of receiver; termination of receivership. - New Mexico Statutes

44-8-9. Removal, death, resignation, substitution and discharge of receiver; termination of receivership.

A.     Upon notice and hearing, a receiver may be removed either upon application by an interested person or upon the district court's own motion.   

B.     The death, resignation or substitution of a receiver, the expiration of a receiver's term of appointment or the dismissal of the action in which a receiver was appointed shall not have the effect of terminating the receivership.   

C.     A receiver may not resign except by leave of the district court. Leave shall be sought by motion and hearing unless the agreement of all parties obviates the need for a hearing. Leave may provide for the discharge of a receiver, and leave and discharge may be conditioned upon:   

(1)     the substitution of another receiver;   

(2)     the preparation and filing of a receiver's report;   

(3)     the preparation and filing of an accounting;   

(4)     the delivery of receivership property, accounts and books to a successor or to a person appointed by the district court;   

(5)     the consent of all interested persons;   

(6)     the termination of the receivership;   

(7)     the conclusion of litigation to which a receiver is party; or   

(8)     such other terms as the district court may order.   

D.     In the event of the death, resignation or removal of a receiver, the district court shall appoint a successor receiver to oversee a receivership estate.  A receiver so appointed succeeds to the powers of his predecessor.   

E.     Upon disposition of the action concerning the receivership estate, the district court shall enter an order that discharges the receiver from his duties and releases him from any claim or demand of any interested person. Upon the termination of the receiver's duties, the receiver shall prepare and file a final report and account of the receivership and serve it upon all parties who have entered an appearance.  Any objections to the receiver's final account and report and claims to surcharge must be filed within ten days of service.  Upon settlement of the receiver's final account and report, the district court shall enter an order discharging the receiver from all further duties, releasing him from any claim or demand of any interested person and exonerating any bond that the receiver has been required to post in connection with the receivership.