50-637.Powers of receiver; effect of receivership.(a) When a receiver is appointed by the court pursuant to this act, thereceiver shall have the power to sue for, collect, receive and take into thereceiver's possession all the property and chattels, rights and credits, moneysand effects, lands and tenements, books, records, documents, papers, choses inaction, bills, notes and property of every description, including property withwhich such property has been commingled, if it cannot be identified in kindbecause of such commingling, and to sell, convey and assign the same and holdand dispose of the proceeds thereof under the direction of the court. Anyperson who has suffered damages as a result of the use or employment of anypractice declared to be a violation of this act and submits proof to thesatisfaction of the court that the person has in fact been damaged, mayparticipate in the distribution of the assets.
(b) Subject to an order of the court terminating the business affairs of anysupplier who is the subject of receivership proceedings held pursuant to thisact, the provisions of this act shall not bar any claim by a consumer againstany person who has acquired any money or property, real or personal, oranything of value by means of any practice herein declared to be a violation ofthis act.
History: L. 1973, ch. 217, § 15; L. 1976, ch. 236, § 7;L. 1991, ch. 159, § 10; July 1.
50-637.Powers of receiver; effect of receivership.(a) When a receiver is appointed by the court pursuant to this act, thereceiver shall have the power to sue for, collect, receive and take into thereceiver's possession all the property and chattels, rights and credits, moneysand effects, lands and tenements, books, records, documents, papers, choses inaction, bills, notes and property of every description, including property withwhich such property has been commingled, if it cannot be identified in kindbecause of such commingling, and to sell, convey and assign the same and holdand dispose of the proceeds thereof under the direction of the court. Anyperson who has suffered damages as a result of the use or employment of anypractice declared to be a violation of this act and submits proof to thesatisfaction of the court that the person has in fact been damaged, mayparticipate in the distribution of the assets.
(b) Subject to an order of the court terminating the business affairs of anysupplier who is the subject of receivership proceedings held pursuant to thisact, the provisions of this act shall not bar any claim by a consumer againstany person who has acquired any money or property, real or personal, oranything of value by means of any practice herein declared to be a violation ofthis act.
History: L. 1973, ch. 217, § 15; L. 1976, ch. 236, § 7;L. 1991, ch. 159, § 10; July 1.
50-637.Powers of receiver; effect of receivership.(a) When a receiver is appointed by the court pursuant to this act, thereceiver shall have the power to sue for, collect, receive and take into thereceiver's possession all the property and chattels, rights and credits, moneysand effects, lands and tenements, books, records, documents, papers, choses inaction, bills, notes and property of every description, including property withwhich such property has been commingled, if it cannot be identified in kindbecause of such commingling, and to sell, convey and assign the same and holdand dispose of the proceeds thereof under the direction of the court. Anyperson who has suffered damages as a result of the use or employment of anypractice declared to be a violation of this act and submits proof to thesatisfaction of the court that the person has in fact been damaged, mayparticipate in the distribution of the assets.
(b) Subject to an order of the court terminating the business affairs of anysupplier who is the subject of receivership proceedings held pursuant to thisact, the provisions of this act shall not bar any claim by a consumer againstany person who has acquired any money or property, real or personal, oranything of value by means of any practice herein declared to be a violation ofthis act.
History: L. 1973, ch. 217, § 15; L. 1976, ch. 236, § 7;L. 1991, ch. 159, § 10; July 1.
