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Terms Used In Michigan Laws 554.1029

  • Court: means the circuit court. 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
    Except as otherwise ordered by the court for cause, a receiver shall file quarterly interim reports that include all of the following:
    (a) The activities of the receiver since appointment or a previous report.
    (b) Receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the receiver.
    (c) Receipts and dispositions of receivership property.
    (d) Fees and expenses of the receiver and, if not filed separately, a request for approval of payment of the fees and expenses.
    (e) Any other information required by the court.