§ 2-6-122 — Receivership - Proceeds - Termination

In the event the approved plan of disposition requires the sale of processed catfish, or the distribution of proceeds from the surety bond, or both, the Secretary of the Department of Agriculture or his or her designee shall submit to the court a proposed plan of distribution of those proceeds. Upon such notice and hearing as may be required by the court, the court shall accept or modify the proposed plan. When the plan is approved by the court and executed by the secretary or his or her designee, the secretary or his or her designee shall be discharged and the receivership terminated.

Legislative History

Amended by Act 2023, No. 588,§ 18, eff. 8/1/2023. Acts 1989 (3rd Ex. Sess.), No. 53, § 7.