Louisiana § RS 27:285 - Termination of receivership
Full text of Louisiana Louisiana Civil Code § RS 27:285 — Termination of receivership, with citation guidance and answers to common questions.
§ RS 27:285. Termination of receivership
A. A receivership shall terminate upon:
(1) A sale of the property subject to the receivership to a duly approved or authorized person.
(2) The payment in full of all obligations due to the holder of the security interest in the property subject to the receivership.
(3) An agreement for termination of the receivership signed by the holder of the security interest and the debtor, and approved by the corporation and the court.
(4) The lapse of five years from the date the initial appointment of the receiver.
B. A receivership may also be terminated by a notice from the holder of a security interest who provoked the receivership to the court and the corporation of its intention to withdraw its financial support of the receivership at a specified time not less than ninety days from the date of the notice. In the event of such notice, the holder of the security interest giving the notice shall not be responsible for any costs or expenses of the receivership after the date specified in the notice, except for reasonable costs and fees of the receiver in concluding the receivership, and the costs of a final accounting.
Acts 1992, No. 384, §1, eff. June 18, 1992. Redesignated from R.S. 4:685 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 27:285
What does Louisiana Civil Code § RS 27:285 cover?
Section RS 27:285 ("Termination of receivership") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. 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 Louisiana § RS 27:285?
A common citation format is "Louisiana Civil Code § RS 27:285" (Louisiana). 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 Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 27:285 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana 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 Louisiana.