§ 10-21-11. Collection and turnover of receivership property.
(a) Unless the 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
Free access — add to your briefcase to read the full text and ask questions with AI
§ 10-21-11. Collection and turnover of receivership property.
(a) Unless the 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 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 court may sanction as civil contempt a person's
failure to turn the property over when required by this section.