{"data":{"id":"us-ky/krs-271b.14-320","jurisdiction":"us-ky","citation":"KRS 271B.14-320","heading":"Receivership or custodianship.","body":"(1) A court in a judicial proceeding brought to dissolve a corporation may appoint one\n(1) or more receivers to wind up and liquidate, or one (1) or more custodians to\nmanage, the business and affairs of the corporation. The court shall hold a hearing,\nafter notifying all parties to the proceeding and any interested persons designated by\nthe court, before appointing a receiver or custodian. The court appointing a receiver\nor custodian shall have exclusive jurisdiction over the corporation and all of its\nproperty wherever located.\n(2) The court may appoint an individual or a domestic or foreign corporation\n(authorized to transact business in this state) as a receiver or custodian. The court\nmay require the receiver or custodian to post bond, with or without suret ies, in an\namount the court directs.\n(3) The court shall describe the powers and duties of the receiver or custodian in its\nappointing order, which may be amended from time to time. Among other powers:\n(a) The receiver:\n1. May dispose of all or any part of  the assets of the corporation wherever\nlocated, at a public or private sale, if authorized by the court; and\n2. May sue and defend in his own name as receiver of the corporation in all\ncourts of this state; and\n(b) The custodian may exercise all of the po wers of the corporation, through or in\nplace of its board of directors or officers, to the extent necessary to manage\nthe affairs of the corporation in the best interests of its shareholders and\ncreditors.\n(4) The court during a receivership may redesignate the receiver a custodian, and during\na custodianship may redesignate the custodian a receiver, if doing so is in the best\ninterests of the corporation, its shareholders, and creditors.\n(5) The court from time to time during the receivership or custodians hip may order\ncompensation paid and expense disbursements or reimbursements made to the\nreceiver or custodian and his counsel from the assets of the corporation or proceeds\nfrom the sale of assets.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"5f1418ee2e8eb65d24c24038c6d51700ba02e78d5bcb902aa6aaca242ad46543","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.14-310","next":"us-ky/krs-271b.14-330"},"notice":"GroundRules: Original legal text. Not legal advice."}