A court may appoint a receiver: Before judgment, to protect a party that demonstrates an apparent right to property that is the subject of the action, if the property or the revenue–producing potential of the property: Is being subjected to or is in danger of waste, loss, dissipation, or impairment; or Has been or is about to be the subject of a fraudulent conveyance voidable under Title 15, Subtitle 2 of this article; After judgment, to: Carry the judgment into effect; or Preserve nonexempt property: Pending appeal; or When an execution has been returned unsatisfied and the owner refuses to apply the property in satisfaction of the judgment; In an action seeking dissolution of a corporation under § 3–411 or § 3–415 of the Corporations and Associations Article; or To a receivership under § 24–103(a)(3) of this title. In connection with or anticipation of a foreclosure or any other enforcement of a mortgage, a mortgagee is entitled to the appointment of a receiver. On request, a court shall appoint a receiver for the mortgaged property if: There is a default under the mortgage; and Appointment of a receiver is necessary to protect the property from waste, loss, transfer, dissipation, or impairment; The mortgagor agreed in a signed record, including the mortgage or an assignment of leases and rents, to the appointment of a receiver on default; The owner agreed, after default and in a signed record, to the appointment of a receiver; The property and any other collateral held by the mortgagee are not sufficient to satisfy the secured obligation; The owner fails to turn over to the mortgagee proceeds or rent the mortgagee was entitled to collect; or The holder of a subordinate lien obtains the appointment of a receiver for the property. A court may condition appointment of a receiver without prior notice under § 24–501(b)(1) of this title, or without a prior hearing under § 24–501(b)(2) of this title, on the giving of security by the person seeking the appointment for: The payment of damages; Reasonable attorney’s fees; or If the court concludes that the appointment was not justified, costs incurred by any person. If the court later concludes that the appointment was justified, the court shall release the security.

Subject to subsection (b) of this section, a court may appoint as an ancillary receiver for property located in the State or subject to the jurisdiction of the court for which a receiver could be appointed under this title: A receiver appointed in another state; or A nominee of the receiver in the other state. An ancillary receiver under subsection (a) of this section shall: Be eligible to serve as a receiver under § 24–203 of this subtitle; and Further the person’s possession, custody, control, or disposition of property subject to the receivership in the other state. A court may issue an order that gives effect to an order entered in another state appointing or directing a receiver. Unless the court orders otherwise, an ancillary receiver appointed under subsection (a) of this section has the rights, powers, and duties of a receiver appointed under this title.

A court may not appoint a person as a receiver unless the person provides a statement under penalty of perjury that the person is not disqualified under subsection (b) of this section. Except as otherwise provided in subsection (c) of this section, a person is disqualified from appointment as a receiver if the person: Is an affiliate of a party; Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver; Has a debtor–creditor relationship with a party; Holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company; Is or was a director, an officer, or an employee of the owner within 2 years immediately preceding the appointment of the receiver; Has been convicted of a felony or any other crime involving moral turpitude; or Is supervised by or an employee of a person who has been convicted of a felony or any other crime of moral turpitude; Has been found liable in civil court for fraud, breach of fiduciary duty, theft, or similar misconduct; or Is controlled by a person who has been found liable in civil court for fraud, breach of fiduciary duty, theft, or similar misconduct; or Otherwise has an interest materially adverse to an interest of a party or the receivership estate, or of any creditor or equity security holder, by reason of any direct or indirect relationship to, connection with, or interest in the owner. A person is not disqualified from appointment as a receiver solely because the person: Was appointed as a receiver of another receivership; Is owed compensation in an unrelated matter involving a party; Was engaged by a party in a matter unrelated to the receivership; Is an individual obligated to a party on a debt that: Is not in default; and Was incurred primarily for personal, family, or household purposes; or Maintains with a party a deposit account as defined in § 9–102(a)(29) of this article. Notwithstanding subsection (b)(5) of this section, a person who is or was a director, an officer, or an employee of the owner within 2 years immediately preceding the appointment of the receiver is not disqualified from appointment as a receiver if the court: Appoints the person as a receiver; and Determines that: The appointment would be in the best interest of the receivership estate; and The person is not disqualified for a reason listed in subsection (b)(1) through (4) or (b)(6) through (8) of this section. A person seeking appointment of a receiver may nominate a person to serve as receiver. A court is not bound by a nomination received under paragraph (1) of this subsection.

The court may: Require a receiver to post a bond or security with the court; Authorize a receiver to act without posting a bond or other security; or Authorize a receiver to act before the receiver posts any bond required by the court. If a court requires a bond to be posted under subsection (a) of this section, the bond shall be: Conditioned on the faithful discharge of the receiver’s duties; With one or more sureties approved by the court; In an amount the court specifies; and Effective as of the date of the receiver’s appointment. The court may also authorize a receiver to act without posting a bond or other security.

A court that appoints a receiver under this title: Has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property wherever located within the State, including all controversies relating to: The collection, preservation, improvement, disposition, and distribution of receivership property; The exercise of the receiver’s powers; or The performance of the receiver’s duties; and May, on motion by a party in interest or on its own initiative, assign the receivership to a judge who shall be responsible for the entire case during the course of the receivership.