Massachusetts General Laws ch. 200 sec. 12 – Receiver; compensation; accounting; limitation on actions
Section 12. The receiver shall be allowed such compensation and disbursements as the court orders, to be paid out of said property or proceeds. If before any order for distribution is made under section thirteen, such absentee, or a duly appointed administrator, executor, assignee in insolvency or trustee in bankruptcy of his estate, or his duly appointed guardian or conservator, appears and claims said property, such receiver shall account for, deliver and pay over to such absentee or legal representative the remainder thereof, after making such deductions as may be allowed under this section and section ten. If such absentee or legal representative does not appear and claim said property prior to any such order, all the right, title and interest of such absentee in said property, real or personal, or the proceeds thereof shall cease, except as provided in section thirteen, and no action shall be brought by him or such legal representative on account thereof.
Terms Used In Massachusetts General Laws ch. 200 sec. 12
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.