Michigan Laws 554.1031 – Fees and expenses
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Terms Used In Michigan Laws 554.1031
- Court: means the circuit court. See Michigan Laws 554.1012
- 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
(1) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver.
(2) The court may order 1 or more of the following to pay the reasonable and necessary fees and expenses of the receivership, including reasonable attorney fees and costs and any fees and expenses of professionals engaged under section 15:
(a) A person that requested the appointment of the receiver, if the receivership does not produce sufficient funds to pay the fees and expenses.
(b) A person whose conduct justified or would have justified the appointment of the receiver under section 6(1)(a).