Except as provided in subsection (c) of this section or ordered by the court, the entry of an order appointing a receiver under § 24–103(a)(2) or (3) of this title shall operate as a stay of an act to: Commence or continue a judicial, administrative, or other action or proceeding against the owner that was or could have been commenced before entry of the order; Collect, assess, or recover a claim against the owner that arose before entry of the order; Obtain possession of, exercise control over, or enforce a judgment against the receivership property obtained before entry of the order; or Create, perfect, or enforce a lien or other claim against the receivership property that arose before entry of the order. Except as provided in paragraph (2) of this subsection, a court may order a stay of an act against or relating to an owner if the stay is necessary to: Protect the receivership property or business; or Facilitate administration of the receivership. A court may not order a stay under paragraph (1) of this subsection, with respect to a governmental unit commencing or continuing an action or proceeding to enforce its police or regulatory power, that includes enforcing a nonmonetary judgment. Unless an order is entered under subsection (b) of this section, the following matters are not stayed: An act to foreclose or otherwise enforce a mortgage by the person seeking appointment of the receiver; An act to perfect, maintain, or continue the perfection of an interest in receivership property; Commencement or continuation of a criminal proceeding; Commencement or continuation of an action or a proceeding by a governmental unit to enforce its police or regulatory power; Enforcement of a judgment other than a money judgment in an action or a proceeding by a governmental unit to enforce its police or regulatory power; Establishment by a governmental unit of a tax liability against the owner or receivership property or an appeal of the liability; The exercise of the right of setoff or recoupment; The commencement of a bankruptcy case under Title 11 of the United States Code; or Any other matter provided under 11 U.S.C. § 362(b) to the extent not inconsistent with any provision of this section. A person whose act is stayed under this section may apply to the court for relief from the stay for cause shown. Except as provided in subsections (c) and (d) of this section, the stay shall terminate as to receivership property when: The property is no longer receivership property; or The court enters: An order approving the final report; or An order dismissing the case. The court may void an act that violates a stay under this section. If a person willfully violates a stay under this section, the court may: Award the receiver actual damages caused by the violation, including reasonable fees and costs; and Sanction the violation as civil contempt.

Except as provided in paragraph (2) of this subsection, and unless otherwise ordered by a court, a person that has possession, custody, or control of receivership property shall turn the receivership property over to the receiver on demand of the receiver. If a creditor has possession, custody, or control of receivership property and the validity, perfection, or priority of the creditor’s lien on the receivership property depends on the creditor’s possession, custody, or control, subject to § 24–401(c)(2) of this subtitle, the creditor may retain possession, custody, or control until the court enters an order providing adequate protection of the creditor’s lien. A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner. In the absence of a bona fide dispute with respect to the receiver’s or the respondent’s right to possession, custody, or control of receivership property, the court may sanction as civil contempt a person’s failure to turn the property over when required by this section.

Except as provided by court order, an owner shall: Assist and cooperate with the receiver in administering the receivership and discharging the receiver’s duties; Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control, including all depository and investment accounts; Identify and turn over all records and other information relating to receivership property, including all passwords, keys, alarm codes, authorizations, or other information needed to obtain or maintain access to or control of receivership property; Make available and turn over to the receiver the records and information in the owner’s possession, custody, or control, including all financial records, accounting records, bank statements, leases, and contracts; After being issued a subpoena, submit to examination by the receiver that is under oath regarding the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to receivership property or the receivership; Refrain from entering the receivership property at any time without the prior express written consent of the receiver; Refrain from interfering with, obstructing, or preventing in any way the receiver’s actions regarding the receivership property; and Perform any duty imposed by court order, this title, or a law of the State other than this title. If an owner is a person other than an individual, this section applies to: Any person acting in concert with the owner and the owner’s agents; and Each officer, director, manager, member, partner, trustee, affiliate, subsidiary, or other person exercising or having the power to exercise control over the affairs of the owner. If a person knowingly fails to perform a duty imposed by this section, the court may: Award the receiver: Actual damages caused by the person’s failure; Reasonable attorney’s fees; and Costs; or Sanction the failure as civil contempt.

Except as otherwise provided by a law of the State other than this title, property that a receiver or an owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the receiver.

A request by a mortgagee for the appointment of a receiver, the appointment of a receiver, or the application by a mortgagee of receivership property or proceeds to the secured obligation does not: Make the mortgagee a mortgagee in possession of the real property; Make the mortgagee an agent of the owner; Constitute an election of remedies that precludes a later action to enforce the secured obligation; Make the secured obligation unenforceable; or Limit any right available to the mortgagee with respect to the secured obligation.

An assignee for the benefit of creditors shall be treated as a receiver appointed under § 24–201(a)(3) of this title. The property assigned shall be treated as receivership property. Except for § 24–201 of this title, this title shall govern all proceedings following the filing of the assignment.