2009 Iowa Code
Title 12 - Business Entities
Subtitle 2 - Business and Professional Corporations and Companies
CHAPTER 490 - BUSINESS CORPORATIONS
490.1432 - RECEIVERSHIP OR CUSTODIANSHIP.

        490.1432  RECEIVERSHIP OR CUSTODIANSHIP.
         1.  A court in a judicial proceeding brought to dissolve a
      corporation may appoint one or more receivers to wind up and
      liquidate, or one or more custodians to manage, the business and
      affairs of the corporation.  The court shall hold a hearing, after
      notifying all parties to the proceeding and any interested persons
      designated by the court, before appointing a receiver or custodian.
      The court appointing a receiver or custodian has exclusive
      jurisdiction over the corporation and all its property wherever
      located.
         2.  The court may appoint an individual or a domestic or foreign
      corporation authorized to transact business in this state as a
      receiver or custodian.  The court may require the receiver or
      custodian to post bond, with or without sureties, in an amount the
      court directs.
         3.  The court shall describe the powers and duties of the receiver
      or custodian in its appointing order, which may be amended from time
      to time.  Among other powers:
         a.  The receiver may do either or both of the following:
         (1)  Dispose of all or any part of the assets of the corporation
      wherever located, at a public or private sale, if authorized by the
      court.
         (2)  Sue and defend in the receiver's own name as receiver of the
      corporation in all courts of this state.
         b.  The custodian may exercise all of the powers of the
      corporation, through or in place of its board of directors or
      officers, to the extent necessary to manage the affairs of the
      corporation in the best interests of its shareholders and creditors.

         4.  The court during a receivership may redesignate the receiver a
      custodian, and during a custodianship may redesignate the custodian a
      receiver, if doing so is in the best interests of the corporation,
      its shareholders, and creditors.
         5.  The court from time to time during the receivership or
      custodianship may order compensation paid and expense disbursements
      or reimbursements made to the receiver or custodian and the
      receiver's or custodian's counsel from the assets of the corporation
      or proceeds from the sale of the assets.  

         89 Acts, ch 288, §158