Whenever the business or property of any person, company or corporation in this state shall be placed by any court in this state in the hands of a receiver, whether upon foreclosure or creditor’s bill, the receiver shall report immediately to the court appointing the receiver the amount due by the person, company or corporation, at the date of the receiver’s appointment, to employees and laborers of the person, company or corporation. The court shall order the receiver to pay out of the first receipts and earnings of such person, company or corporation, after paying current operating expenses under the administration of the receiver, the wages of all employees and laborers that had accrued within six months prior to the appointment of the receiver. The court also shall order the receiver to pay the wages of all employees and laborers employed by the receiver, at least once every 30 days, out of the first receipts and earnings of the person, company or corporation while under the management of the receiver. However, should the receiver not take in sufficient money from receipts and earnings to pay the employees and laborers at least once every 30 days, the receiver shall issue and deliver to each of the employees and laborers, upon demand, a receiver’s certificate, showing the amount due the employee or laborer in money, which certificate will draw interest at the rate of eight percent per annum from the date of issuance until paid. The receiver shall thereafter pay such certificates, in the order of their issuance, out of the first money coming into the receiver’s hands from the receipts and earnings of the properties under the charge of the receiver. [Formerly 31.050; 2003 c.14 §396]
Note: 652.500 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 652 or any series therein by legislative action. See the Preface to Oregon Revised Statutes for further explanation.
Section: Previous 652.414 652.420 652.425 652.430 652.435 652.440 652.445 652.500 652.510 652.520 652.530 652.540 652.550 652.560 652.570 NextLast modified: August 7, 2008