32-10 Receivers - North Dakota Statutes

Download pdf

Loading PDF...

CHAPTER 32-10RECEIVERS32-10-01. Receiver - When appointed. A receiver may be appointed by the court inwhich an action is pending, or by a judge thereof:1.In an action by a vendor to vacate a fraudulent purchase of property, or by a creditor
to subject any property or fund to the creditor's claim, or between partners or others
jointly owning or interested in any property or fund, on the application of the plaintiff,
or of any party whose right to or interest in the property or fund or the proceeds
thereof is probable, and when it is shown that the property or fund is in danger of
being lost, removed, or materially injured.2.In an action by a mortgagee for the foreclosure of the mortgage and sale of the
mortgaged property, when it appears that the mortgaged property is in danger of
being lost, removed, or materially injured, or that the conditions of the mortgage
have not been performed and that the property is probably insufficient to discharge
the mortgage debt.3.After judgment, to carry the judgment into effect.4.After judgment, to dispose of the property according to the judgment or to preserve it
during the pendency of an appeal, or in proceedings in aid of execution, when an
execution has been returned unsatisfied, or when the judgment debtor refuses to
apply the debtor's property in satisfaction of the judgment.5.In the cases provided in this code, when a corporation or limited liability company
has been dissolved, or is insolvent or in imminent danger of insolvency, or has
forfeited its corporate rights, and in like cases within this state, of foreign
corporations and of foreign limited liability companies.6.In all other cases in which receivers heretofore have been appointed by the usages
of courts of equity.32-10-02. Who may be receiver - Undertaking by applicant.No party or personinterested in an action can be appointed receiver therein without the written consent of the
opposing party filed with the clerk. If a receiver is appointed upon an ex parte application, the
court before making the order may require from the applicant an undertaking with sufficient
sureties in an amount to be fixed by the court, to the effect that the applicant will pay to the
defendant all damages the defendant may sustain by reason of the appointment of such receiver
and the entry by the receiver upon the receiver's duties, in case the applicant shall have procured
such appointment wrongfully, maliciously, or without sufficient cause, and the court in its
discretion at any time after said appointment may require an additional undertaking.32-10-03. Qualification of receiver. Before entering upon the duties of receiver, thereceiver must be sworn to perform them faithfully, and, with one or more sureties approved by
the court or judge, must execute an undertaking to such person and in such sum as the court
may direct, to the effect that the receiver will faithfully discharge the duties of receiver in the
action and will obey the orders of the court therein.32-10-04. Powers. The receiver, under the control of the court, has power to bring anddefend actions in the receiver's own name as receiver, to take and keep possession of the
property, to receive rents, to collect debts, to compromise the same, to make transfers, and
generally to do such acts respecting the property as the court may authorize.32-10-05. Investment of funds on consent. Funds in the hands of a receiver may beinvested upon interest by order of the court, but no such order can be made except upon the
consent of all the parties to the action.Page No. 1Document Outlinechapter 32-10 receivers