§ 1-507.36. Removal of receivers.
163 words·~1 min read·
/nc/chapter-1/1-507-36A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1-507.36. Removal of receivers.
(a)Removal of Receiver. - The court may remove the receiver if:
(i)the receiver fails to execute and file the bond required by G.S. 1-507.26;
(ii)the receiver dies, resigns, refuses, or fails to serve for any reason; or
(iii)for other good cause.
(b)Successor Receiver. - Upon removal of the receiver, if the court determines that further administration of the receivership is required, the court shall appoint a successor receiver. Upon executing and filing a bond under G.S. 1-507.26, the successor receiver shall immediately succeed the removed receiver and shall assume the duties of receiver.
(c)Report and Discharge of Removed Receiver. - Within 30 days after removal, the removed receiver shall file with the court and serve a report pursuant to G.S. 1-507.35, for matters up to the date of the removal. Upon approval of the report, the court may enter an order pursuant to G.S. 1-507.37 discharging the removed receiver. (2020-75, s. 1.)