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Title XXXV CIVIL PROCEDURE AND LIMITATIONS

Chapter 515

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  515.515.  General and limited receivers. — A receiver shall be either a general receiver or a limited receiver.  A receiver shall be a general receiver if the receiver is appointed to take possession and control of all or substantially all of a debtor's property and provided the power to liquidate such property.  A receiver shall be a limited receiver if the receiver is appointed to take possession and control of only limited or specific property of a debtor, whether to preserve or to liquidate such property.  A receiver appointed at the request of a person having a lien on or interest in specific property that constitutes all or substantially all of a debtor's property may be either a general receiver or a limited receiver.  The court shall specify in the order appointing a receiver whether the receiver is appointed as a general receiver or as a limited receiver.  The court by order, upon notice and a hearing, may convert either a general receiver into a limited receiver or a limited receiver into a general receiver for good cause shown.  In the absence of a clear designation by the court of the type of receiver appointed, whether limited or general, the receiver shall be presumed to be a general receiver and shall have the rights, powers, and duties attendant thereto.

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(L. 2016 H.B. 1765 merged with S.B. 578)


---- end of effective   28 Aug 2016 ----

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