§ 28C-8. Powers and duties of permanent receiver. - North Carolina Statutes - USA Laws Searching

Statutes > North Carolina Statutes > Chapter 28C - Estates of Missing Persons. > § 28C-8. Powers and duties of permanent receiver.

§ 28C-8. Powers and duties of permanent receiver.

§28C‑8.  Powers and duties of permanent receiver.

The permanent receiver shallunder the direction of the judge administer the absentee's property as anequity receivership with the following powers:

(1)        To take custody andcontrol of all property of the absentee wherever situated,

(2)        To collect all debtsdue to the absentee and to pay all debts owed by him,

(3)        To bring and defendsuits,

(4)        To pay insurancepremiums,

(5)        With the approval ofthe judge in each instance, to continue  to operate and manage any businessenterprise, farm or farming operations, and to make necessary contracts withreference thereto,

(6)        With the approval ofthe judge in each instance, to renew notes and other obligations, obtain loanson life insurance policies, and pledge or mortgage property for loans necessaryin carrying on or liquidating the affairs of such absentee,

(7)        With the approval ofthe judge in each instance, to partition property owned by the absentee andanother as joint tenants or tenants in common, with or without the right ofsurvivorship; provided, in the case of property owned by the  absentee andspouse as tenants by the entirety, such property may be partitioned only if theabsentee's spouse consents in writing to the partitioning, and, in the event ofpartitioning, one half of the property or proceeds shall belong to the spouseand one half shall belong to the receiver as property of the absentee,

(8)        With the approval ofthe judge in each instance to sell, lease, invest and reinvest any or allproperty, its income, or its proceeds,

(9)        To pay over or applythe proceeds of loans and sales of such  portion, or all of the property or theincome thereof as may  be necessary for the maintenance and support of theabsentee's dependents; and if the income from the property of the absentee isnot sufficient to pay all his debts and to provide for the maintenance andsupport of his dependents, the permanent receiver may apply to the judge for anorder to sell or mortgage so much of the real or personal property as may benecessary therefor; each such sale or mortgage shall be reported to the judge,and if approved and confirmed by the judge, the receiver shall execute therequired conveyances or mortgages of such property to the purchaser or lenderupon his complying with the terms of sale or mortgage.

The judge may, in hisdiscretion, by written order modify, add to or subtract from the statutorypowers granted in this section. (1965,  c. 815, s. 1; 1973,c. 1329, s. 2.)