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32-26 Administration of Assignment for Benefit of Creditors

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CHAPTER 32-26ADMINISTRATION OF ASSIGNMENT FOR BENEFIT OF CREDITORS32-26-01. District court has supervision. When any person, partnership, corporation,or limited liability company in this state shall make an assignment for the benefit of creditors, or a<br>trust deed, or the whole or any substantial part of the property of such person, partnership,<br>corporation, or limited liability company, the same shall be administered under the supervision of<br>the district court.32-26-02. Public administrator as receiver. The making of an assignment shall because for the appointment of a receiver of the property of the assignor, and the public<br>administrator of the county wherein the greater part of the assets of such assignor shall be<br>situated, either on the public administrator's own petition or on the petition of any creditor of the<br>assignor, shall be appointed receiver of the property of such assignor, and shall proceed to<br>administer and distribute the same in the place and stead of the assignee named in such<br>assignment, and, as nearly as may be, in accordance with the terms and provisions of such<br>assignment, under the supervision of the district court.32-26-03. When property in several counties. When the property of the assignor issituated in different counties, the public administrator of any county wherein a portion of such<br>property is situated, first petitioning, shall be entitled to be appointed receiver as aforesaid, but<br>the court thereafter on the petition of any creditor or public administrator, and on the facts being<br>shown to its satisfaction, shall vacate such appointment and shall appoint as receiver the public<br>administrator of the county wherein the greater part of the assignor's property is situated.32-26-04.When assignee may act.In case of failure of any creditor or publicadministrator to apply for the appointment of a receiver as herein provided, the estate may be<br>administered by the assignee appointed in the assignment, but shall be administered and<br>distributed under the supervision of the district court.32-26-05. Sales - Fees and expenses - Subject to approval of court. Property of anestate shall be sold only subject to the confirmation of the district court, on petition of the receiver<br>or assignee, and on such notice as the court may fix. The fees and expenses of all officers and<br>employees shall be under the control of the court, and shall not be paid by the receiver or<br>assignee until approved by the court. Any transfer of any property by any assignee or trustee or<br>receiver shall be void unless the same shall have been approved by the judge of the district court<br>before whom such matter should be pending.32-26-06. What court has jurisdiction - Transfer. The district court of any countywhere any property of the assignor may be situated shall have jurisdiction to entertain<br>proceedings in accordance with the provisions of this chapter, but may transfer, and on the<br>showing of facts to its satisfaction shall transfer, such proceedings to the district court of the<br>county wherein the greater part of the assignor's property is situated.Page No. 1Document Outlinechapter 32-26 administration of assignment for benefit of creditors