(a) A temporary non-liquidating receiver shall: (1) Assist the owner in developing an operating plan in consultation; (2) Present the operating plan to the court for approval; and (3) Monitor the owner’s business operations and the owner’s compliance with the plan. (b) An operating plan must: (1) Except to the extent that a particular creditor has agreed to a different treatment of its claim: (i) Provide for the payment of any secured obligation of the owner on the terms of the secured obligation; (ii) Provide for the payment of the owner’s debts accruing or arising after the appointment of the receiver when such debts become due; and (iii) Provide for the payment of each of the owner’s other debts either: (A) In periodic installments over a term of not more than three (3) years after the court approves the plan; or (B) As to a particular debt, in such other manner as the owner and the creditor may agree in a record; and (2) Include such other measures as necessary to justify the termination of the receivership. (c) The court may modify the operating plan. (d) A temporary non-liquidating receiver may not exercise any of the powers under §§ 10-21-12(a)(1) through (4) unless: (1) The court directs otherwise for cause; or (2) The owner defaults on an approved operating plan after such notice and opportunity to cure the default as the court specifies.
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