§ 24-403

314 words·~1 min read·/md/commercial-law/24-403

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§24–403.

(a)Except as provided by court order, an owner shall:

(1)Assist and cooperate with the receiver in administering the receivership and discharging the receiver’s duties;

(2)Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control, including all depository and investment accounts;

(3)Identify and turn over all records and other information relating to receivership property, including all passwords, keys, alarm codes, authorizations, or other information needed to obtain or maintain access to or control of receivership property;

(4)Make available and turn over to the receiver the records and information in the owner’s possession, custody, or control, including all financial records, accounting records, bank statements, leases, and contracts;

(5)After being issued a subpoena, submit to examination by the receiver that is under oath regarding the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to receivership property or the receivership;

(6)Refrain from entering the receivership property at any time without the prior express written consent of the receiver;

(7)Refrain from interfering with, obstructing, or preventing in any way the receiver’s actions regarding the receivership property; and

(8)Perform any duty imposed by court order, this title, or a law of the State other than this title.

(b)If an owner is a person other than an individual, this section applies to:

(1)Any person acting in concert with the owner and the owner’s agents; and

(2)Each officer, director, manager, member, partner, trustee, affiliate, subsidiary, or other person exercising or having the power to exercise control over the affairs of the owner.

(c)If a person knowingly fails to perform a duty imposed by this section, the court may:

(1)Award the receiver:

(i)Actual damages caused by the person’s failure;

(ii)Reasonable attorney’s fees; and

(iii)Costs; or

(2)Sanction the failure as civil contempt.