Nevada Revised Statutes 86.5412 – Appointment of receiver or trustee of insolvent company: Powers
1. The district court, at the time of ordering the injunction, or at any time afterwards, may appoint a receiver or receivers or a trustee or trustees for the creditors and members of the limited-liability company.
Terms Used In Nevada Revised Statutes 86.5412
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Trustee: A person or institution holding and administering property in trust.
2. Receivers or trustees shall have full power and authority:
(a) To demand, sue for, collect, receive and take into possession all the goods and chattels, rights and credits, moneys and effects, lands and tenements, books, papers, choses in action, bills, notes and property, of every description of the company;
(b) To institute suits at law or in equity for the recovery of any estate, property, damages or demands existing in favor of the company;
(c) In their discretion to compound and settle with any debtor or creditor of the company, or with persons having possession of its property or in any way responsible at law or in equity to the company at the time of its insolvency or suspension of business, or afterwards, upon such terms and in such manner as they shall deem just and beneficial to the company; and
(d) In case of mutual dealings between the company and any person to allow just setoffs in favor of such person in all cases in which the same ought to be allowed according to law and equity.
3. A debtor who shall have in good faith paid a debt to the company without notice of its insolvency or suspension of business, shall not be liable therefor, and the receiver or receivers or trustee or trustees shall have power to sell, convey and assign all the estate, rights and interests, and shall hold and dispose of the proceeds thereof under the directions of the district court.