33-2612. Duties of owner
A. An owner shall:
1. Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties.
2. Preserve and turn over to the receiver all receivership property in the owner's possession, custody or control.
3. Identify all records and other information relating to the receivership property, including passwords, authorizations 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.
4. 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.
5. Perform any duty imposed by court order, this chapter or another law other than this chapter.
B. 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.
C. If a person knowingly fails to perform a duty imposed by this section, the court may:
1. Award the receiver actual damages caused by the person's failure, reasonable attorney fees and costs.
2. Sanction the failure as civil contempt.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
