Michigan § 554.1025 Engagement of professional; compensation.

Michigan Statutes

§ 554.1025 — Engagement of professional; compensation.

Michigan § 554.1025

Ch. 554REAL AND PERSONAL PROPERTY

Act 16 of 2018RECEIVERSHIP ACT (554.1011-554.1040)

This text of Michigan § 554.1025 (Engagement of professional; compensation.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mich. Comp. Laws § 554.1025 (2026).

Text

RECEIVERSHIP ACT (EXCERPT) Act 16 of 2018 554.1025 Engagement of professional; compensation. Sec. 15.

(1)With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose all of the following to the court:

(a)The identity and qualifications of the professional.

(b)The scope and nature of the proposed engagement.

(c)Any potential conflict of interest.

(d)The proposed compensation.

(2)A receiver or professional engaged under subsection (1) shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses. The receiver

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RECEIVERSHIP ACT (EXCERPT) Act 16 of 2018 554.1025 Engagement of professional; compensation. Sec. 15. (1) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose all of the following to the court: (a) The identity and qualifications of the professional. (b) The scope and nature of the proposed engagement. (c) Any potential conflict of interest. (d) The proposed compensation. (2) A receiver or professional engaged under subsection (1) shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses. The receiver shall pay the amount approved by the court.