State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-507_2

§1‑507.2.  Powers and bond.

The receiver has power andauthority to –

(1)        Demand, sue for,collect, receive and take into his possession  all the goods and chattels,rights and credits, moneys and effects, lands and tenements, books, papers,choses in action, bills, notes, and property of every description of thecorporation.

(2)        Foreclose mortgages,deeds of trust, and other liens executed to the corporation.

(3)        Institute suits forthe recovery of any estate, property, damages, or demands existing in favor ofthe corporation, and he shall, upon application by him, be substituted as partyplaintiff in the place of the corporation in any suit or proceeding pending atthe time of his appointment.

(4)        Sell, convey, andassign all of the said estate, rights, and  interest.

(5)        Appoint agents underhim.

(6)        Examine persons andpapers, and pass on claims as elsewhere provided in this part.

(7)        Do all other actswhich might be done by the corporation, if  in being, that are necessary forthe final settlement of its  unfinished business.

The powers of the receiver maybe continued as long as the court  thinks necessary, and the receiver shallhold and dispose of the proceeds of all sales of property under the directionof the court, and, before acting, must enter into such bond and comply withsuch terms as the court prescribes. (Code, s. 668; 1901, c. 2,ss. 74, 84; Rev., ss. 1222, 1231; C.S., s. 1209; 1955, c. 1371, s. 2.)