Chapter 33 - Receivers
CHAPTER 33 - RECEIVERS
1-33-101. Cases in which receiver appointed.
(a) A receiver may be appointed by the district court in thefollowing actions or cases:
(i) By a vendor to vacate a fraudulent purchase of property;
(ii) By a creditor to subject any property or fund to his claim;
(iii) By a partner or other person jointly owning or interestedin any property or fund, whose right to or interest in the property or fund orthe proceeds thereof is probable and where it is shown that the property orfund is in danger of being lost, removed or materially injured;
(iv) By a mortgagee for the foreclosure of his mortgage and saleof mortgaged property where it appears that the mortgaged property is in dangerof being lost, removed or materially injured, or that a condition of themortgage has not been performed and the property is probably insufficient todischarge the mortgage debt;
(v) After judgment to carry the judgment into effect;
(vi) After judgment to dispose of the property according to thejudgment or preserve it during the pendency of an appeal, or when an executionhas been returned unsatisfied and the judgment debtor refuses to apply theproperty in satisfaction of the judgment;
(vii) When a corporation has been dissolved or is insolvent or inimminent danger of insolvency or has forfeited its corporate rights; and
(viii) In all other cases where receivers have been appointed bycourts of equity.
1-33-102. Persons ineligible as receiver; exceptions.
Noperson interested in an action shall be appointed receiver or be arepresentative of the receiver except by consent of the parties.
1-33-103. Oath and bond of receiver.
Beforehe enters upon his duties the receiver must be sworn to perform faithfully andgive surety approved by the court, or by the clerk upon order of the court, insuch sum as the court shall direct not to exceed double the amount of anyproperty involved, conditioned that he will faithfully discharge the duties ofreceiver and obey the orders of the court.
1-33-104. Powers of receiver.
Thereceiver under control of the court, may bring and defend actions in his ownname as receiver, take and keep possession of the property, receive rents,collect, compound for and compromise demands, make transfers and generally doacts respecting the property as the court may authorize.
1-33-105. Investment of funds by receiver.
Fundsin the hands of a receiver may be invested upon interest by order of the courtwith the consent of all parties to the action.
1-33-106. Disposition of trust property during litigation.
Whena party admits he has in his possession or under his control any money or otherthing capable of delivery which is the subject of the litigation, held by himas trustee for another party or which belongs or is due to another party, thecourt may order the same to be deposited in court or delivered to the otherparty with or without security, subject to further direction of the court.
1-33-107. Enforcement of orders of court.
Whena court orders the deposit or delivery of money or other thing and the order isdisobeyed, the court, besides punishing the disobedience as for contempt, mayorder the sheriff to take the money or thing and deposit or deliver it inconformity with the direction of the court.
1-33-108. Publication of notice of appointment of receiver; requiringclaims to be presented.
Withinthirty (30) days after a receiver is appointed and qualified if the court soorders, the receiver shall publish for three (3) weeks in a newspaper of thecounty in which he is appointed a notice that he is appointed receiver, statingthe date of the appointment and requiring all persons having claims against theperson, company, corporation or partnership for which the receiver is appointedto exhibit their claims to the receiver within the four (4) months from thedate of the first publication of the notice, and if the claims are notexhibited within the four (4) months they are forever barred from participationin the assets of the receivership.
1-33-109. Publication of notice of appointment of receiver; proof ofpublication; procedure when claimant out of state.
Afterthe notice is given as required, a copy with an affidavit of publication mustbe filed in the office of the clerk of court and the court shall enter a decreethat notice to creditors has been duly given and that all claims not exhibitedas required by law are barred. When it appears by affidavit to the satisfactionof the court that a claimant had no notice by reason of being out of the state,the claim may upon order of the court be presented at any time before a decreeof final settlement of the receivership is entered.
1-33-110. Time for bringing suit against receiver.
Whena properly filed claim is rejected by the receiver, or if allowed by thereceiver is rejected by the court, the holder of the claim must bring suitagainst the receiver within four (4) months after the date upon which he isgiven notice of the rejection, otherwise the claim is forever barred.