Michigan Laws 554.1032 – Removal of receiver; replacement; discharge; termination
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Terms Used In Michigan Laws 554.1032
- Court: means the circuit court. See Michigan Laws 554.1012
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Michigan Laws 554.1012
- Property: means all of a person's right, title, and interest, both legal and equitable, in real property, personal property, and fixtures tangible and intangible, wherever located and however acquired. See Michigan Laws 554.1012
- Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this act or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Michigan Laws 554.1012
- Receivership: means a proceeding in which a receiver is appointed. See Michigan Laws 554.1012
- Receivership property: means the property of an owner that is described in the order appointing a receiver or a subsequent order. See Michigan Laws 554.1012
(1) The court may remove a receiver for cause.
(2) The court shall replace a receiver that dies, resigns, or is removed.
(3) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.
(4) The court may discharge a receiver and terminate the court’s administration of the receivership property if the court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the court finds that the appointment was sought wrongfully or in bad faith, the court may assess both of the following against the person that sought the appointment:
(a) The fees and expenses of the receivership, including reasonable attorney fees and costs.
(b) Actual damages caused by the appointment, including reasonable attorney fees and costs.