Alabama § 6-6-787 Receiver’s Bond; Alternative Security

Alabama Statutes

§ 6-6-787 — Receiver’s Bond; Alternative Security

Alabama § 6-6-787

Title 6Civil Practice

Ch. 6Remedies

Art. 18Alabama Uniform Commercial Real Estate Receivership Act

This text of Alabama § 6-6-787 (Receiver’s Bond; Alternative Security) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 6-6-787 (2026).

Text

(a)Except as otherwise provided in subsection (b), a receiver shall post with the court a bond that satisfies all of the following:

(1)Is conditioned on the faithful undertaking of the receiver’s duties.

(2)Has one or more sureties approved by the court.

(3)Is in an amount the court specifies.

(4)Is effective as of the date of the receiver’s appointment.

(b)The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver’s discharge.

(c)The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this secti

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(a) Except as otherwise provided in subsection (b), a receiver shall post with the court a bond that satisfies all of the following:
(1) Is conditioned on the faithful undertaking of the receiver’s duties.
(2) Has one or more sureties approved by the court.
(3) Is in an amount the court specifies.
(4) Is effective as of the date of the receiver’s appointment.
(b) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver’s discharge.
(c) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.
(d) A claim against a receiver’s bond or alternative security must be made not later than the date the receiver is discharged.