West Virginia Code 55-21-22 – Removal of receiver; replacement; termination of receivership
(a) The court may remove a receiver for cause.
Terms Used In West Virginia Code 55-21-22
- Court: means a circuit court. See West Virginia Code 55-21-2
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See West Virginia Code 55-21-2
- Property: means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See West Virginia Code 55-21-2
- 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 article or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See West Virginia Code 55-21-2
- Receivership: means a proceeding in which a receiver is appointed. See West Virginia Code 55-21-2
- Receivership property: means the property of an owner which is described in the order appointing a receiver or a subsequent order. See West Virginia Code 55-21-2
(b) The court shall replace a receiver that dies, resigns, or is removed.
(c) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.
(d) The court may discharge a receiver and terminate the court’s administration of the receivership property if the court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the court finds that the appointment was sought wrongfully or in bad faith, the court may assess against the person that sought the appointment:
(1) The fees and expenses of the receivership, including reasonable attorney’s fees and costs; and
(2) Actual damages caused by the appointment, including reasonable attorney’s fees and costs.