§ 1-507. 36. Removal of receivers.

(a)Removal of Receiver. —The court may remove the receiver if: (i) the receiver fails to execute and file the bond required by G.S. 1-507.26; (ii) the receiver dies, resigns, refuses, or fails to serve for any reason; or (iii) for other good cause. (b)Successor Receiver. —Upon removal of the receiver, if the court determines that further administration of the receivership is required, the court shall appoint a successor receiver. Upon executing and filing a bond under G.S. 1-507.26, the successor receiver shall immediately succeed the removed receiver and shall assume the duties of receiver. (c)Report and Discharge of Removed Receiver. —Within 30 days after removal, the removed receiver shall file with the court and serve a report pursuant to G.S. 1-507.35, for matters up to the date of the removal. Upon approval of the report, the court may enter an order pursuant to G.S. 1-507.37 discharging the removed receiver. History: History.2020-75, s. 1.