Michigan Laws 554.1023 – Duties of owner
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Terms Used In Michigan Laws 554.1023
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Owner: means the person for whose property a receiver is appointed. 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
- 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
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 554.1012
- Subpoena: A command to a witness to appear and give testimony.
- Trustee: A person or institution holding and administering property in trust.
(1) An owner shall do all of the following:
(a) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties.
(b) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control.
(c) Identify all records and other information relating to the receivership property, including a password, authorization, or other information needed to obtain or maintain access to or control of the receivership property, and make available to the receiver the records and information in the owner’s possession, custody, or control.
(d) Except as may be otherwise ordered by the court for cause, within 7 days after the entry of the order appointing the receiver, deliver to the receiver a list containing the name and address of all creditors and other known interested parties of the receivership estate.
(e) On subpoena, submit to examination under oath by the receiver concerning the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to the receivership property or the receivership.
(f) Perform any duty imposed by court order, this act, or law of this state other than this act.
(2) If an owner is a person other than an individual, this section applies to each officer, director, manager, member, partner, trustee, or other person exercising or having the power to exercise control over the affairs of the owner.
(3) If a person knowingly fails to perform a duty imposed by this section, the court may do 1 or both of the following:
(a) Award the receiver actual damages caused by the person’s failure, reasonable attorney fees, and costs.
(b) Sanction the failure as contempt.