§ 51-33-87. Disposition of funds and discharge of receiver

MS Code § 51-33-87 (2019) (N/A)

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All funds received by the receiver, either as payments made by the landowners or by sale of the land as authorized in Section 51-33-83, shall constitute a trust fund in the hands of said receiver for the use and benefit of the bond and judgment holders entitled thereto. The receiver shall make report to court annually and from time to time as the court may order, showing the amount of assessments by him collected. Out of the funds so collected, the court shall order all costs paid. Ten per cent (10%) of the amount collected under said receivership shall, by said receiver, be paid into the state treasury to the credit of the department of audit fund; and the balance remaining shall be paid to the bond and judgment holders entitled thereto in proportion to their respective valid and legal holdings. When all assessed benefits become due and the receiver has collected all that can be collected, either by payment by the landowners or by sale of the land, he shall make final report; and upon paying out all funds in accordance with the orders of the court, the receiver may be finally discharged. Upon the discharge of said receiver, the status quo of the drainage district shall be reestablished by order of the court, or said district may be dissolved as by law permitted.

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§ 51-33-85. Compromise of assessments between landowners and bondholders

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§ 51-33-89. Receivership as additional management method