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§ 24-703. Removal for cause; replacement; termination of receivership

West's Annotated Code of MarylandCommercial LawEffective: October 1, 2019

West's Annotated Code of Maryland
Commercial Law
Title 24. Maryland Commercial Receivership Act (Refs & Annos)
Subtitle 7. Actions Against Receiver and Termination of Receivership (Refs & Annos)
Effective: October 1, 2019
MD Code, Commercial Law, § 24-703
§ 24-703. Removal for cause; replacement; termination of receivership
Currentness
(a) A court may remove a receiver for cause on its own motion or the motion of an interested party.
(b) A court shall replace a receiver that dies, resigns, or is removed.
(c) A receiver replaced under subsection (b) of this section is discharged if a court finds that a receiver that resigns or is removed, or the representative of a deceased receiver, has:
(1) Accounted fully for and turned over to the successor receiver all receivership property; and
(2) Filed a report of all receipts and disbursements during the service of the replaced receiver.
(d) On the transfer of title to any receivership property, the receivership shall terminate automatically as to receivership property subject to the requirements of § 24-602 of this title.
(e) A court may discharge a receiver and terminate the court's administration of the receivership property if the court finds that:
(1) Appointment of the receiver was improvident; or
(2) The circumstances no longer warrant continuation of the receivership.

Credits

Added by Acts 2019, c. 284, § 1, eff. Oct. 1, 2019.
MD Code, Commercial Law, § 24-703, MD COML § 24-703
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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