Florida Statute 607.1432 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 607
FLORIDA BUSINESS CORPORATION ACT

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F.S. 607.1432

607.1432 Receivership or custodianship.—

(1) A court in a judicial proceeding brought under s. 607.1430 may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located.

(2) The court may appoint a natural person or an eligible entity authorized to act as a receiver or custodian. The eligible entity may be a domestic eligible entity or a foreign eligible entity authorized to transact business in this state. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.

(3) The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:

(a) The receiver:

1. May dispose of all or any part of the assets of the corporation wherever located, at a public or private sale, if authorized by the court; and

2. May sue and defend in his, her, or its own name as receiver of the corporation in all courts of this state.

(b) The custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interests of its shareholders and creditors.

(4) The court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver, if doing so is determined by the court to be in the best interests of the corporation and its shareholders and creditors.

(5) The court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to any receiver or custodian and his, her, or its counsel from the assets of the corporation or proceeds from the sale of the assets.

(6) The court has jurisdiction to appoint an ancillary receiver for the assets and business of a corporation. The ancillary receiver shall serve ancillary to a receiver located in any other state, whenever the court deems that circumstances exist requiring the appointment of such a receiver. The court may appoint such an ancillary receiver for a foreign corporation even though no receiver has been appointed elsewhere. Such receivership shall be converted into an ancillary receivership when an order entered by a court of competent jurisdiction in the other state provides for a receivership of the corporation.

History.—s. 133, ch. 89-154; s. 35, ch. 97-102; s. 191, ch. 2019-90; s. 52, ch. 2020-32.

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Amendments to 607.1432

Arrestable Offenses / Crimes under Fla. Stat. 607.1432

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 607.1432.

Annotations, Discussions, Cases:

Cases Citing Statute 607.1432

Total Results: 11

Mary Virginia Graham v. Constance R. Uphold and Barmarrae Books, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2018-04-30

Citation: 245 So. 3d 964

Snippet: Dr. Uphold moved under sections 607.1431(3) and 607.1432, Florida Statutes, for the court to appoint a

Romay v. Caribevision Holdings, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2015-07-29

Citation: 173 So. 3d 1055, 2015 Fla. App. LEXIS 11353, 2015 WL 4549623

Snippet: 147 So.3d 125 (Fla. 3d DCA 2014), sections 607.1432(6) and 608.4492(6) 2 of the Florida

Romay v. Caribevision Holdings, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2014-08-27

Citation: 147 So. 3d 125, 2014 Fla. App. LEXIS 13296, 2014 WL 4212739

Snippet: receiver has been appointed elsewhere.” Section 607.1432(6), Florida Statutes (2013), states: The

Trans Healthcare, Inc. v. Creekmore

Court: District Court of Appeal of Florida | Date Filed: 2014-03-26

Citation: 137 So. 3d 1112, 2014 WL 1230498, 2014 Fla. App. LEXIS 4409

Snippet: the Florida Business Corporation Act, section 607.1432(6), Fla. Stat. (2009). None of these options required

Granada Lakes Villas Condominium Ass'n v. Metro-Dade Investments Co.

Court: Supreme Court of Florida | Date Filed: 2013-10-31

Citation: 125 So. 3d 756, 38 Fla. L. Weekly Supp. 777, 2013 WL 5878908, 2013 Fla. LEXIS 2354

Snippet: or partnership” under certain circumstances); § 607.1432, Fla. Stat. (2012) (authorizing the appointment

Mathes v. Mathes

Court: District Court of Appeal of Florida | Date Filed: 2012-06-15

Citation: 91 So. 3d 207, 2012 WL 2160958, 2012 Fla. App. LEXIS 9689

Snippet: similar to a receivership pursuant to section 607.1432, Florida Statutes (2008). In the final judgment

Phillips v. Greene

Court: District Court of Appeal of Florida | Date Filed: 2008-09-24

Citation: 994 So. 2d 371, 2008 WL 4330454

Snippet: appointed. We agree with Signs and reverse. Section 607.1432(1), Florida Statutes (2007), allows for the appointment

Batur v. Signature Properties of Northwest Florida, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2005-05-19

Citation: 903 So. 2d 985, 2005 Fla. App. LEXIS 7436, 2005 WL 1172059

Snippet: trial court entered an order pursuant to section 607.1432, Florida Statutes (2002), that provided,6 in pertinent

Batur v. SIGNATURE PROPS. OF NORTHWEST FLA.

Court: District Court of Appeal of Florida | Date Filed: 2005-05-19

Citation: 903 So. 2d 985

Snippet: trial court entered an order pursuant to section 607.1432, Florida Statutes (2002), that provided,[6] in

van den Boom v. YLB Investments, Inc.

Court: District Court of Appeal of Florida | Date Filed: 1997-02-14

Citation: 687 So. 2d 964, 1997 Fla. App. LEXIS 1011, 1997 WL 63944

Snippet: The custodian was appointed pursuant to section 607.1432, Florida Statutes (1995), which does not mandate

Brickell Station Towers, Inc. v. JDC (America) Corp.

Court: District Court of Appeal of Florida | Date Filed: 1990-05-15

Citation: 560 So. 2d 1391, 1990 Fla. App. LEXIS 3384, 1990 WL 67240

Snippet: may serve as receivers. See §§ 660.41, 607.281, 607.1432, Fla. Stat. (1989). Therefore, because the brokerage