Massachusetts General Laws ch. 156 sec. 51 – Appointment of receiver
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Section 51. Under the circumstances set forth in section fifty-two of chapter one hundred and fifty-five, or if a judgment has been recovered against a corporation, and it has neglected for thirty days after demand made on execution to pay the amount due with the officer’s fees, or to exhibit to the officer real or personal property belonging to it and subject to be taken on execution sufficient to satisfy the same, and the execution has been returned unsatisfied, one or more receivers may be appointed with the powers and duties provided in, and subject to, said section.
Terms Used In Massachusetts General Laws ch. 156 sec. 51
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Personal property: All property that is not real property.