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.
History: (8019) RL s 3178; 1986 c 444