District of Columbia § 42-1650 Collection and turnover of receivership property.

District of Columbia Statutes

§ 42-1650 — Collection and turnover of receivership property.

District of Columbia·Title 42 Real Property.·Ch. 16B Uniform Commercial Real Estate Receivership.

(a)Unless the Superior Court orders otherwise, on demand by a receiver:

(1)A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment; and

(2)Subject to subsection (c) of this section, a person that has possession, custody, or control of receivership property shall turn the property over to the receiver.

(b)A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.

(c)If a creditor has possession, custody, or control of receivership property and the validity, perfection, or priority of the creditor's lien on the property

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(a) Unless the Superior Court orders otherwise, on demand by a receiver:

(1) A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment; and

(2) Subject to subsection (c) of this section, a person that has possession, custody, or control of receivership property shall turn the property over to the receiver.

(b) A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.

(c) If a creditor has possession, custody, or control of receivership property and the validity, perfection, or priority of the creditor's lien on the property depends on the creditor's possession, custody, or control, the creditor may retain possession, custody, or control until the Superior Court orders adequate protection of the creditor's lien.

(d) Unless a bona fide dispute exists about a receiver's right to possession, custody, or control of receivership property, the Superior Court may sanction as civil contempt a person's failure to turn the property over when required by this section.

District of Columbia § 42-1650 (Collection and turnover of receivership property.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.