Florida Statute 617.1432 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 617
CORPORATIONS NOT FOR PROFIT

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F.S. 617.1432

617.1432 Receivership or custodianship.—

(1) A court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the 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 a corporation authorized to act as a receiver or custodian. The corporation may be a domestic corporation or a foreign corporation 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 or her 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 members 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 in the best interests of the corporation and its members 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 the receiver or custodian and his or her counsel from the assets of the corporation or proceeds from the sale of the assets.

(6) The court may appoint an ancillary receiver for the assets and affairs 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 a receiver has not 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. 88, ch. 90-179; s. 94, ch. 97-102.

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Amendments to 617.1432

Arrestable Offenses / Crimes under Fla. Stat. 617.1432

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 617.1432.

Annotations, Discussions, Cases:

Cases Citing Statute 617.1432

Total Results: 2

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

Court: Fla. | Date Filed: 2013-10-31T00:00:00-07:00

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

Snippet: 593 (Fla. 2d DCA 2011), erred because sections 617.1432, 718.117, and 718.1124, Florida Statutes (2010…Specifically, the Second District found that sections 617.1432, 718.117, and 718.1124 do not “restrict a trial…enumerated circumstances set forth in sections 617.1432, 718.117, and 718.1124, Florida Statutes. Specifically…conclude the affairs of the association.” And section 617.1432 provides that a receiver may be appointed for …do not fall within those enumerated in sections 617.1432, 718.117, and 718.1124. See, e.g., Inverrary Gardens

Metro-Dade Investments, Co. v. Granada Lakes Villas Condominium, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2011-11-23T00:00:00-08:00

Citation: 74 So. 3d 593, 2011 Fla. App. LEXIS 18650, 2011 WL 5903851

Snippet: statutory basis to appoint a receiver under sections 617.1432, 718.117, and 718.1124, Florida Statutes (2010…advanced below, Granada Lakes contends that sections 617.1432, 718.117, and 718.1124 specifically limit when…with Granada Lakes' assertion that sections 617.1432, 718.117, and 718.1124 restrict the right of a…a quorum in accordance with its bylaws. See §§ 617.1432(1), 718.117(7)(a), 718.1124(1). We do not construe…asset. Id. All Seasons does not cite to sections 617.1432, 718.117, and 718.1124 in support of its holding