Delaware Code Title 25 Sec. 5907 – Discharge of the receiver
(a) In addition to those situations described in § 5905 of this title, the receiver may also be discharged when:
(1) The condition or conditions alleged in the petition have been remedied;
(2) The property materially complies with all applicable provisions of any state or local statute, code, regulation or ordinance governing the maintenance, construction, use or appearance of the building and the surrounding grounds;
(3) The costs of the above work and any other costs as authorized herein have been paid or reimbursed from the rents and profits of the property; and
(4) The surplus money, if any, has been paid over to the owner.
Terms Used In Delaware Code Title 25 Sec. 5907
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Statute: A law passed by a legislature.
(b) Upon paragraphs (a)(1) and (2) of this section being satisfied, the owner, mortgagee or any lienor may apply for the discharge of the receiver after paying to the latter all moneys expended by the receiver and all other costs which have not been paid or reimbursed from the rent and profits of the property.
(c) If the Court determines that future profits of the property will not cover the costs of satisfying paragraphs (a)(1) and (2) of this section, the Court may discharge the receiver and order such action as would be appropriate in the situation, including but not limited to terminating the rental agreement and ordering the vacation of the building within a specified time. In no case shall the Court permit repairs which cannot be paid out of the future profits of the property.
25 Del. C. 1953, § ?5907; 58 Del. Laws, c. 472, § ?1; 84 Del. Laws, c. 42, § 115;