§ 30-3-110 — Termination of receivership

Upon the entry of any final finding and decree as provided in § 30-3-108 , the court shall proceed to wind up the receivership and terminate the proceedings: (1) In the case of a finding under subsections (a) or (c) of § 30-3-108 , that the absentee is dead: (A) By satisfying all outstanding debts and charges of the receivership; and (B) By then certifying the proceedings to the probate court; or (2) In the case of a finding under § 30-3-108(b) : (A) By satisfying all outstanding debts and charges; (B) By then deducting for the insurance fund provided in § 30-3-113 , a sum equal to twenty-five percent (25%) of the total value of the property remaining, including amounts paid to the receivership estate from policies of insurance on the absentee's life; and (C) By distributing the remaining property as provided in § 30-3-111 ; and (3) In both cases by requiring the receiver's account and upon its approval discharging the receiver and the receiver's bondsmen and entering a final decree terminating the receivership.

Legislative History

Acts 1941, ch. 102, § 8; C. Supp. 1950, § 8407.17; T.C.A. (orig. ed.), § 30-1810; Acts 2001, ch. 121, § 4.