District of Columbia § 42-1661 Removal of receiver; replacement; termination of receivership.

District of Columbia Statutes

§ 42-1661 — Removal of receiver; replacement; termination of receivership.

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

(a)The Superior Court may remove a receiver for cause.

(b)The Superior Court shall replace a receiver that dies, resigns, or is removed.

(c)If the Superior Court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.

(d)The Superior Court may discharge a receiver and terminate the Superior Court's administration of the receivership property if the Superior Court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the Superior

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(a) The Superior Court may remove a receiver for cause.

(b) The Superior Court shall replace a receiver that dies, resigns, or is removed.

(c) If the Superior Court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.

(d) The Superior Court may discharge a receiver and terminate the Superior Court's administration of the receivership property if the Superior Court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the Superior Court finds that the appointment was sought wrongfully or in bad faith, the Superior Court may assess against the person that sought the appointment:

(1) The fees and expenses of the receivership, including reasonable attorney's fees and costs; and

(2) Actual damages caused by the appointment, including reasonable attorney's fees and costs.

District of Columbia § 42-1661 (Removal of receiver; replacement; termination of receivership.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.