Alabama § 6-6-787 - Receiver’s Bond; Alternative Security.
Full text of Alabama Code of Alabama § 6-6-787 — Receiver’s Bond; Alternative Security., with citation guidance and answers to common questions.
§ 6-6-787. Receiver’s Bond; Alternative Security.
(a) Except as otherwise provided in subsection (b), a receiver shall post with the court a bond that satisfies all of the following:
(1) Is conditioned on the faithful undertaking of the receiver’s duties.
(2) Has one or more sureties approved by the court.
(3) Is in an amount the court specifies.
(4) Is effective as of the date of the receiver’s appointment.
(b) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver’s discharge.
(c) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.
(d) A claim against a receiver’s bond or alternative security must be made not later than the date the receiver is discharged.
Frequently Asked Questions About Alabama § 6-6-787
What does Code of Alabama § 6-6-787 cover?
Section 6-6-787 ("Receiver’s Bond; Alternative Security.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 6-6-787?
A common citation format is "Code of Alabama § 6-6-787" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 6-6-787 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.