CHAPTER 51. COURTS AND THEIR OFFICERS.
ARTICLE 6. GENERAL RECEIVERS.
§51-6-1. Appointment; term; duties; authority.
Each circuit court, and every other court of record having
jurisdiction to try or hear suits in chancery or actions at law,
may appoint a general receiver of the court, who shall hold his
office at its pleasure, and whose duty it shall be, unless it be
otherwise specially ordered, to receive, take charge of, and invest
in such stock or other security as the court may order, and in the
manner required by such order, all moneys paid into court, or into
bank or other place of deposit, under any judgment, order or decree
of such court, and standing subject to its orders; and also to pay
out or dispose of the same as the court may order or decree; and to
this end the general receiver shall have authority to check for,
receive and give acquittances for, all such moneys.
§51-6-2. Powers and duties as to securities.
The certificates of stock or other securities in which, under
the orders of the court, such investments may be made, shall be
taken in the name of the general receiver, as such, and be kept by
him, unless otherwise specially ordered; and he shall have the
power to sell, transfer or collect the same, when ordered by the
court to do so, but not otherwise; and in case of his death,
resignation or removal, his successor, or any person specially
appointed by the court for that purpose, shall have like power.
§51-6-3. Dividends and interest.
The general receiver shall collect the dividends and interest
on all certificates of stock or other securities in which
investments have been or may be made under the orders or decrees of
his court, or under the provisions of this article, when and as
often as the same may become due and payable thereon, and shall
invest or dispose of the same as the court shall order or decree.
§51-6-4. Interest on money loaned.
The interest on all loans made to individuals under an order
of court shall become due and payable on the first day of January
in each year, until the principal is paid; and unless the interest
be paid at the time it becomes due and payable compound interest
shall be charged thereon to the borrower from such time until
payment thereof is made.
§51-6-5. Receiver's liability for funds and interest thereon.
He shall be liable for all moneys which may come into his
hands as general receiver; and if at any time he shall fail to
invest any sum of money, as required by the preceding sections, for
the space of sixty days after the same shall be, or ought to have
been, received by him, or shall fail to pay out any sum of money,
when required by the court to pay the same, for the space of sixty
days after it shall come into his hands for the purpose of such
payment, he shall be charged with interest thereon from the day
when such money was, or ought to have been, received by him, until
such investment or payment is made, unless, upon good cause shown,
the court shall order otherwise.
§51-6-6. Receiver's bond.
Said general receiver shall receive or accept no money or
securities until he shall have given bond with good security
approved by the court or the judge thereof in vacation, conditioned
as provided for official bonds, and in such penalty as the said
court or judge may prescribe, but sufficient at least to cover the
probable amount of money and securities that may come into his
possession. If at any time it appears to the said court or judge
that the penalty of the bond or bonds is not sufficient to cover
the probable amount of money and securities that may come into the
possession of the general receiver, or that for any reason, new or
additional bonds should be given by him, the said court or the
judge thereof in vacation shall require the said general receiver
to immediately give new or additional bonds in such penalty as the
said court or judge may prescribe. The said general receiver shall
not receive or accept any money or securities in excess of the
penalty of the bonds given by him as aforesaid and remaining in
full force and virtue.
If the said general receiver shall give bond as aforesaid with
an indemnity or surety company having an unrevoked license or
permit from the insurance commissioner authorizing it to engage or
continue in business in this state, as surety thereon, the premiums
for effecting or continuing such bond shall be treated as a cost or
expense of administering the said receivership estate, and paid by
the said general receiver out of the funds in his hands as ordered
by the said court or judge.
In the event the said general receiver shall give any bond as aforesaid with a surety who is not an indemnity or surety company
as aforesaid, he shall give a new bond at least once in every two
years after his appointment, and at the time of giving such new
bond the surety or sureties thereon shall appear before the said
court or judge and be examined under oath in order that the said
court or judge may determine the sufficiency of the surety on the
§51-6-7. Receiver's compensation.
He shall receive as compensation for his services such percent
of the amount received and invested or paid out by him in each case
as the court may direct.
§51-6-8. Accounts and reports.
He shall keep an accurate and itemized account of all moneys
received, invested and paid out by him, showing the respective
amounts to the credit of each case in the court, and designated in
the items, the judgments, orders or decrees of the court under
which the respective sums have been received, invested or paid out.
On the first day of each regular term of the court, he shall report
to such court a general statement showing the balance to the credit
of each case in the court in which money has been received by him,
the manner in which it is invested, the amounts received, invested
or paid out since his last report, and the whole amount then
invested and subject to the future order of the court; and he
shall, at any time when required by the court so to do, furnish a
statement of the amount subject to the order of the court in any
case pending therein.
§51-6-9. Failure to keep accounts or make statements.
If he shall fail to keep the account, or to make out and
return the statements required by the next preceding section of
this article, he shall be subject to a fine of not less than one
hundred nor more than one thousand dollars, to be imposed by the
court at its discretion; and the condition of his official bond
shall be taken and held to embrace the liability of himself and his
sureties for any such fine.
§51-6-10. Settlement of accounts of general receiver and others
who hold money subject to order of court; examination
of bonds and securities.
Each circuit court, and every other court which has appointed
a general receiver, shall, at its first regular term after the
first day of January in each year, by an order entered of record,
require one of its commissioners in chancery, other than the
commissioner who may have been appointed general receiver thereof,
to state and settle the accounts of the general receiver of such
court, and, unless otherwise provided, of all persons who have
money subject to the future order of the court, and which then
remains undisbursed. The clerk of the court shall furnish to such
commissioner a copy of the order so made, with a list appended
thereto exhibiting the names of such receiver and persons. The
commissioner shall summon such receiver and persons, or the
personal representatives of such of them as are dead, before him,
and audit, state and settle their accounts, and report the same to
the circuit court at its next term after such order has been made.
He shall also cause the bond of the receiver of the court, and the
bonds or other securities given for any money loaned under the
order of the court, to be produced before him, and shall ascertain
if the obligors in such bonds, or if such other securities, are
sufficient, and report thereon to the court at the times before
§51-6-11. Examination of reports; recordation; new bond or
additional security; effect.
The court shall examine the reports required by the preceding
section, when the same are made to it, and, if satisfied of the
correctness thereof, shall order them, by indorsement thereon, to
be recorded. If it appear from the report of the commissioner that
any bond of a receiver, or any bond or other security given by any
person to whom money has been loaned under its order, is
insufficient, the court shall order additional security to be
given, or another bond to be executed before it, in such penalty as
may seem right, and with sufficient sureties. But the execution of
such new bond shall not discharge the sureties in any prior bond
from their liability for acts of the principal obligor done
previously to the execution of such new bond.
§51-6-12. "Receivers' book"; recordation of reports; inspection.
The clerk of each circuit court shall procure, at the expense
of his county, a book to be called the "receivers' book," wherein
he shall record such reports, when approved by the court; and he
shall make an index thereto, showing the style of the suit or other
proceeding in which money has been paid as aforesaid, and the page
where any report respecting the same has been recorded. Such book
shall be open to the examination of any person interested, or his
counsel, without the payment of any fee therefor.
§51-6-13. Charges of clerks and commissioners.
For recording the reports required by section ten of this
article the clerks may charge, in each case mentioned in such
report, a fee of fifty cents, to be paid out of the fund in court;
and such commissioners may charge for the reports made under said
section the same fees allowed by law to commissioners in chancery
for other reports, to be paid out of the funds in court, and
charged to the respective cases therein, in such proportion as the
court shall judge right.
§51-6-14. Application of unclaimed funds in hands of general
receiver of circuit court.
Whenever it shall appear to any circuit court that any fund in
its charge and in the hands of its general receiver, for a period
of at least twenty years, will, in all probability never be claimed
by anyone entitled thereto, the court may order such fund applied
to any loss of or shrinkage in the investments of such general
receiver due to economic condition, and may release such general
receiver from any further liability on account of such fund so in
But before entering any such order, the court shall cause a
notice of such intention to be given by the clerk of said court by
publication thereof as a Class II legal advertisement in compliance
with the provisions of article three, chapter fifty- nine of this
code, and the publication area for such publication shall be said
county. If no claimant shall appear and establish a right to said
fund within one year from the date of the last publication thereof,
the court may take said facts to have been fully established, and
shall so apply said fund.