Nevada § 119A.665 - Appointment of receiver

§ 119A.665. Appointment of receiver

1. When the Administrator ascertains that an association or a developer, if there

is no association, is insolvent or in imminent danger of insolvency, or the association's

or developer's affairs are being mismanaged, the Administrator may file a complaint

in the district court of the county in which the principal office of the association

or developer is located for the appointment of a receiver. 2. Upon appointment, the receiver shall take possession of all the property, business

and assets of the association or developer which are located within this state and

retain possession of them until further order of the court. The receiver shall make or cause to be made an inventory of the assets and known

liabilities of the association or developer. Upon approval of the court, the receiver shall take such other actions as appear

necessary and reasonable for the conduct of the business of the association or developer. 3. The inventory made by the receiver and all claims filed by creditors are open at

all reasonable times for inspection and any action taken by the receiver upon any

of the claims is subject to the approval of the court before which the cause is pending. 4. The expenses of the receiver and compensation of counsel, as well as all expenditures

required in any liquidation proceeding, must be fixed by the receiver, subject to

the approval of the court, and, upon certification of the receiver, must be paid out

of the assets he or she controls as receiver.