2004 Minnesota Statutes

     316.11 Receiver, appointment, duties.  

    In any action or proceeding to dissolve a corporation, the 
 court, at any time before judgment, or within three years after 
 judgment, of dissolution, may appoint a receiver to take charge 
 of its estate and effects and to collect the debts and property 
 due and belonging to it, with power to prosecute and defend 
 actions in its name or otherwise, to appoint agents, and do all 
 other acts necessary to the final settlement of the unfinished 
 business of the corporation which it might do if in being.  The 
 power of such receiver shall continue so long as the court deems 
 necessary for such purposes.  The receiver shall pay all debts 
 due from the corporation, if the funds in hand are sufficient 
 therefor; and, if not, shall distribute the same ratably among 
 the creditors who prove their debts, in the manner directed by 
 the court; and, if there be any balance after the payment of the 
 debts, the receiver shall distribute and pay the same to and 
 among those who are justly entitled thereto, as having been 
 stockholders or members.  Every receiver appointed under the 
 provisions of this section shall give bond in such amount as the 
 court shall require, with sureties approved by it.  

    HIST: (8019) RL s 3178; 1986 c 444