§ 1-507.41. Ancillary receiverships.

224 words·~1 min read·/nc/chapter-1/1-507-41

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

(a)Ancillary Receiverships in Foreign Jurisdictions. - A receiver appointed by a court of this State may, without first seeking approval of the court, apply in any foreign jurisdiction for appointment as receiver with respect to any receivership property which is located within the foreign jurisdiction.

(b)Ancillary Receiverships in This State. - A foreign receiver may obtain appointment by a court of this State as a receiver in an ancillary receivership with respect to any property subject to the foreign receivership that is located in this State or subject to the jurisdiction of the court for which a receiver could be appointed under this Article if

(i)the foreign receiver would be eligible to serve as receiver under G.S. 1-507.25 and

(ii)the appointment is in furtherance of the foreign receiver's possession, control, or disposition of property subject to the foreign receivership and in accordance with orders of the foreign jurisdiction.

The courts of this State may enter any order necessary to effectuate orders entered by the foreign jurisdiction's receivership proceeding. Unless the court orders otherwise, a receiver appointed in an ancillary receivership in this State shall have the powers and duties of a limited receiver as set forth in this Article and shall otherwise comply with the provisions of this Article applicable to limited receivers. (2020-75, s. 1.)