490.1432 - RECEIVERSHIP OR CUSTODIANSHIP.

        490.1432  RECEIVERSHIP OR CUSTODIANSHIP.         1.  A court in a judicial proceeding brought to dissolve a      corporation may appoint one or more receivers to wind up and      liquidate, or one or more custodians to manage, the business and      affairs of the corporation.  The court shall hold a hearing, after      notifying all parties to the proceeding and any interested persons      designated by the court, before appointing a receiver or custodian.      The court appointing a receiver or custodian has exclusive      jurisdiction over the corporation and all its property wherever      located.         2.  The court may appoint an individual or a domestic or foreign      corporation authorized to transact business in this state as a      receiver or custodian.  The court may require the receiver or      custodian to post bond, with or without sureties, in an amount the      court directs.         3.  The court shall describe the powers and duties of the receiver      or custodian in its appointing order, which may be amended from time      to time.  Among other powers:         a.  The receiver may do either or both of the following:         (1)  Dispose of all or any part of the assets of the corporation      wherever located, at a public or private sale, if authorized by the      court.         (2)  Sue and defend in the receiver's own name as receiver of the      corporation in all courts of this state.         b.  The custodian may exercise all of the powers of the      corporation, through or in place of its board of directors or      officers, to the extent necessary to manage the affairs of the      corporation in the best interests of its shareholders and creditors.         4.  The court during a receivership may redesignate the receiver a      custodian, and during a custodianship may redesignate the custodian a      receiver, if doing so is in the best interests of the corporation,      its shareholders, and creditors.         5.  The court from time to time during the receivership or      custodianship may order compensation paid and expense disbursements      or reimbursements made to the receiver or custodian and the      receiver's or custodian's counsel from the assets of the corporation      or proceeds from the sale of the assets.  
         Section History: Recent Form
         89 Acts, ch 288, §158