Tennessee § 29-40-107 Disqualification from appointment as receiver - Disclosure of interest

Tennessee Statutes

§ 29-40-107 — Disqualification from appointment as receiver - Disclosure of interest

(a)The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.

(b)Except as otherwise provided in subsection (c), a person is disqualified from appointment as receiver if the person:

(1)Is an affiliate of a party;

(2)Has an interest materially adverse to an interest of a party;

(3)Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver;

(4)Has a debtor-creditor relationship with a party; or (5) Holds an equity interest in a party, other than a noncontrolling interest in a publicly-traded company.

(c)A person is not disqualified from appointment as receiver solely because the person:

(1)Was appointed receiver or is owed

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(a) The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified. (b) Except as otherwise provided in subsection (c), a person is disqualified from appointment as receiver if the person: (1) Is an affiliate of a party; (2) Has an interest materially adverse to an interest of a party; (3) Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver; (4) Has a debtor-creditor relationship with a party; or (5) Holds an equity interest in a party, other than a noncontrolling interest in a publicly-traded company. (c) A person is not disqualified from appointment as receiver solely because the person: (1) Was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership; (2) Is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family, or household purposes; or (3) Maintains with a party a deposit account as defined in § 47-9-102(a) . (d) A person seeking appointment of a receiver may nominate a person to serve as receiver, but the court is not bound by the nomination.

Tennessee § 29-40-107 (Disqualification from appointment as receiver - Disclosure of interest) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.