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§ 24-303. Appointment of professional to provide services to receivership

West's Annotated Code of MarylandCommercial LawEffective: May 8, 2020

West's Annotated Code of Maryland
Commercial Law
Title 24. Maryland Commercial Receivership Act (Refs & Annos)
Subtitle 3. Rights, Powers, and Duties of a Receiver (Refs & Annos)
Effective: May 8, 2020
MD Code, Commercial Law, § 24-303
§ 24-303. Appointment of professional to provide services to receivership
Currentness
(a)(1) A receiver shall obtain court approval before engaging any attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing the receiver's duties and administering receivership property.
(2) The receiver may request appointment of a professional to provide services to the receivership.
(3) A request under this section shall disclose to the court:
(i) The identity and qualifications of the professional;
(ii) The scope and nature of the proposed engagement;
(iii) Any potential conflict of interest; and
(iv) The proposed compensation.
(b)(1)(i) Except as provided in subparagraph (ii) of this paragraph, if the agreement is disclosed to the court, a person is not disqualified from engagement under this section solely because of the person's engagement by, representation of, or other relationship with the receiver, a creditor, or any other party.
(ii) The court may disqualify a person under subparagraph (i) of this paragraph if the court determines that there is an actual conflict of interest.
(2) This title does not prevent a receiver from serving in the receivership as an attorney, an accountant, an auctioneer, or a broker when providing the services that will be in the best interest of the receivership estate.
(c)(1) Unless otherwise ordered by the court, a receiver or a professional engaged under subsection (a) of this section shall file with the court an itemized statement of:
(i) The time spent;
(ii) The work performed;
(iii) The billing rate of each person who performed the work; and
(iv) An itemized list of expenses.
(2) Unless objections are filed with the court within the time specified in the Maryland Rules, or unless otherwise ordered by the court, the receiver may pay the fees and expenses related to the services of the professional or the receiver.
(3) The court shall set a hearing for any timely filed objections as the court considers appropriate.
(d)(1) To the extent funds are available, the receiver shall pay the amount authorized in accordance with this section.
(2) In a receivership established under § 24-103(a)(1) of this title in which the property is subject to a single mortgage, a receiver may pay fees and expenses agreed to and stipulated by the mortgagor.

Credits

Added by Acts 2019, c. 284, § 1, eff. Oct. 1, 2019. Amended by Acts 2020, c. 627, § 1, eff. May 8, 2020.
MD Code, Commercial Law, § 24-303, MD COML § 24-303
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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