§ 25-1092 — Receivers; compensation

Nebraska § 25-1092

• Jurisdiction: Nebraska
• Ch. 25: Courts; Civil Procedure

Text

Receivers shall receive for their services such compensation as the court may award, subject to the following restrictions:
(1) Receivers appointed for the purpose of preserving and protecting property pending litigation, or for the purpose of continuing the business of the debtor or corporation pending litigation, or when financially embarrassed, may be awarded a salary or lump sum;
(2) Receivers appointed for the purpose of winding up the affairs of a debtor or corporation, reducing the assets to cash and distributing them, shall be awarded as compensation for such services a percentage upon the cash received and properly accounted for by them, which percentage may be increased where extraordinary services have been performed, and correspondingly reduced where the services have not been meritoriously performed.

Legislative History

Source: Laws 1899, c. 33, § 1, p. 169; R.S.1913, § 7821; C.S.1922, § 8765; C.S.1929, § 20-1092; R.S.1943, § 25-1092. Annotations: Allowance to receiver of lump sum rather than percentage of cash received was proper where receiver was primarily appointed to conserve assets. State ex rel. Beck v. Associates Discount Corp., 168 Neb. 298, 96 N.W.2d 55 (1959). Exercise of power to appoint receiver for winding up affairs of corporation was contemplated by this section. State ex rel. Sorensen v. Nebraska State Bank, 124 Neb. 449, 247 N.W. 31 (1933). Compensation is in discretion of court; and order will not be modified unless discretion was abused. State v. Nebraska Savings & Exchange Bank, 61 Neb. 496, 85 N.W. 391 (1901).