Washington Code 7.60.140 – Receivership financing
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(1) If a receiver is authorized to operate the business of a person or manage a person’s property, the receiver may obtain unsecured credit and incur unsecured debt in the ordinary course of business allowable under RCW 7.60.230(1)(a) as an administrative expense of the receiver without order of the court.
Terms Used In Washington Code 7.60.140
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(2) The court, after notice and a hearing, may authorize a receiver to obtain credit or incur indebtedness other than in the ordinary course of business. The court may allow the receiver to mortgage, pledge, hypothecate, or otherwise encumber estate property as security for repayment of any indebtedness that the receiver may incur.
[ 2004 c 165 § 16.]
NOTES:
Purpose—Captions not law—2004 c 165: See notes following RCW 7.60.005.