§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.