(a) An owner and a mortgagor shall do all of the following: (1) Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control. (2) Identify all records and other information relating to the receivership property, including a password, authorization, or other information needed to obtain or maintain access to or control of the receivership property, and make available to the receiver the records and information in the owner’s possession, custody, or control. (3) On subpoena, submit to examination under oath by the receiver concerning the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to the receivership property or the receivership. (4) Perform any duty imposed by court order, this article, or law of this state other than this article. (5) Assist and cooperate with the receiver in the administration of the receivership and the undertaking of the receiver’s duties in accordance with the intent of this subsection. (b) If an owner is a person other than an individual, this section applies to each officer, director, manager, member, partner, trustee, or other person exercising or having the power to exercise control over the affairs of the owner. (c) If a person knowingly fails to perform a duty imposed by this section, the court may do any of the following: (1) Award the receiver actual damages caused by the person’s failure, reasonable attorney fees, and costs. (2) Sanction the failure as civil contempt.
‹ Prev All Alabama sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.