Md. Code, Commercial Law § 24-703
This is the official text of Md. Code, Commercial Law § 24-703, part of Maryland’s Code, Commercial Law — governs commercial transactions - Maryland's version of the Uniform Commercial Code.
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§24–703.
Official statutory text
(a) A court may remove a receiver for cause on its own motion or the motion of an interested party.
(b) A court shall replace a receiver that dies, resigns, or is removed.
(c) A receiver replaced under subsection (b) of this section is discharged if a court finds that a receiver that resigns or is removed, or the representative of a deceased receiver, has:
(1) Accounted fully for and turned over to the successor receiver all receivership property; and
(2) Filed a report of all receipts and disbursements during the service of the replaced receiver.
(d) On the transfer of title to any receivership property, the receivership shall terminate automatically as to receivership property subject to the requirements of § 24–602 of this title.
(e) A court may discharge a receiver and terminate the court’s administration of the receivership property if the court finds that:
(1) Appointment of the receiver was improvident; or
(2) The circumstances no longer warrant continuation of the receivership.
(b) A court shall replace a receiver that dies, resigns, or is removed.
(c) A receiver replaced under subsection (b) of this section is discharged if a court finds that a receiver that resigns or is removed, or the representative of a deceased receiver, has:
(1) Accounted fully for and turned over to the successor receiver all receivership property; and
(2) Filed a report of all receipts and disbursements during the service of the replaced receiver.
(d) On the transfer of title to any receivership property, the receivership shall terminate automatically as to receivership property subject to the requirements of § 24–602 of this title.
(e) A court may discharge a receiver and terminate the court’s administration of the receivership property if the court finds that:
(1) Appointment of the receiver was improvident; or
(2) The circumstances no longer warrant continuation of the receivership.
Status: in_force · Read it on the official government site
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