31-2-220. Management, disposal, and conversion of estate.
335 words·~2 min read·
/mt/title-31/chapter-2/part-2/31-2-220·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31-2-220 . Management, disposal, and conversion of estate.
(1)Until the inventory and affidavit required by 31-2-213 and 31-2-214 have been made and filed and the assignee has given bond as required by 31-2-219 , the assignee for the benefit of creditors has no authority to dispose of the estate or convert it to the purposes of the trust.
(2)However, if the assignor fails to present the inventory within the required 20 days, then the assignee, before the 10 days have elapsed, may apply to the district judge by verified petition for leave to file a provisional bond until the time that the assignor may be able to present the inventory as provided in this section.
(3)The district judge shall, in the case described in 31-2-214 , and may also at any time on the petition of one or more creditors showing misconduct or incompetency of the assignee or on petition of the assignee, showing sufficient reason, and after due notice of not less than 5 days to the assignor, assignee, surety, and other persons that the judge may prescribe:
(a)remove or discharge the assignee and appoint one or more assignees in the former assignee's place; and
(b)order an accounting of the assignee removed or discharged.
(4)The district judge may:
(a)enjoin the assignee from interfering with the assignor's estate and make provision by order for the safe custody of the estate; and
(b)enforce obedience to the injunction and orders by attachment.
(5)Upon discharge, upon the former assignee's application, the former assignee's bond must be canceled and discharged.
(6)The new assignee shall give a bond, which must be approved as required.
(7)The district judge has power by order to:
(a)require or allow any inventory or schedule filed to be corrected or amended;
(b)require and compel, from time to time, supplemental inventories or schedules to be made and filed within the time that the judge prescribes; and
(c)enforce obedience to the orders by attachment.