2005 Nevada Revised Statutes - Chapter 32 — Receivers

CHAPTER 32 - RECEIVERS

NRS 32.010 Casesin which receiver may be appointed.

NRS 32.015 Additionalcases in which receiver may be appointed.

NRS 32.020 Reversionand disposition of unclaimed dividends in receivership.

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NRS 32.010 Casesin which receiver may be appointed. A receivermay be appointed by the court in which an action is pending, or by the judgethereof:

1. In an action by a vendor to vacate a fraudulentpurchase of property, or by a creditor to subject any property or fund to hisclaim, or between partners or others jointly owning or interested in anyproperty or fund, on application of the plaintiff, or of any party whose rightto or interest in the property or fund, or the proceeds thereof, is probable, andwhere it is shown that the property or fund is in danger of being lost, removedor materially injured.

2. In an action by a mortgagee for the foreclosure ofhis mortgage and sale of the mortgaged property, where it appears that themortgaged property is in danger of being lost, removed or materially injured,or that the condition of the mortgage has not been performed, and that theproperty is probably insufficient to discharge the mortgage debt.

3. After judgment, to carry the judgment into effect.

4. After judgment, to dispose of the propertyaccording to the judgment, or to preserve it during the pendency of an appeal,or in proceedings in aid of execution, when an execution has been returnedunsatisfied, or when the judgment debtor refuses to apply his property insatisfaction of the judgment.

5. In the cases when a corporation has been dissolved,or is insolvent, or in imminent danger of insolvency, or has forfeited itscorporate rights.

6. In all other cases where receivers have heretoforebeen appointed by the usages of the courts of equity.

[1911 CPA 251; RL 5193; NCL 8749]

NRS 32.015 Additionalcases in which receiver may be appointed.

1. In addition to the cases enumerated in NRS 32.010, a court or judge may appoint areceiver in an action brought by a secured lender to enforce the right providedin NRS 40.507, or a similar rightprovided in a mortgage, to enter and inspect real collateral to determine theexistence, location, nature and magnitude of any past, present or threatenedrelease or presence of a hazardous substance from, in, into or onto it. A rightprovided in a mortgage is subject to the same limitations and requirement ofnotice as are provided in NRS 40.507.

2. As used in this section, hazardous substance,release and secured lender have the meanings ascribed to them in NRS 40.504, 40.505 and 40.506, respectively.

(Added to NRS by 1993, 151)

NRS 32.020 Reversionand disposition of unclaimed dividends in receivership.

1. In any receivership proceeding instituted in whicha dividend has been declared and ordered paid to creditors, any dividend whichremains unclaimed for 3 years reverts to the general fund of the estate andmust be applied as follows:

(a) To the payment of costs and expenses of theadministration of the estate and receivership.

(b) To a new dividend distributed to creditors whoseclaims have been allowed but not paid in full. After those claims have beenpaid in full, the balance is presumed abandoned under NRS 120A.210.

2. This section applies to any receivership proceedingwhich may be brought, and includes any bank, banking corporation, corporation,copartnership, company, association or natural person.

[1:34:1929; NCL 9422]+[2:34:1929; NCL 9423](NRSA 1979, 1760; 1983, 1476; 1987, 754; 2001, 1648)