657A.4 Appointment of receiver. After expiration of a date established pursuant to section 657A.3, subsection 1, or a hearing pursuant to section 657A.3, the court may appoint a receiver to take possession and controlof the property in question. A person shall not be appointed as a receiver unless the personhas first provided the court with a viable financial and construction plan for the rehabilitationof the property in question and has demonstrated the capacity and expertise to perform therequired work in a satisfactory manner. The appointed receiver may be a financial institutionthat possesses an interest of record in the property, a nonprofit corporation that is dulyorganized and exists for the primary purpose of improving housing conditions in the countyor city in which the property in question is located, or any person deemed qualified by thecourt. No part of the net earnings of a nonprofit corporation serving as a receiver under thissection shall benefit a private shareholder or individual. Membership on the board of trusteesof a nonprofit corporation does not constitute the holding of a public office or employmentand is not an interest, either direct or indirect, in a er or individual. Membership on the board of trusteesof a nonprofit corporation does not constitute the holding of a public office or employmentand is not an interest, either direct or indirect, in a contract or expenditure of money bya city or county. A member of a board of trustees of a nonprofit corporation appointed asreceiver is not disqualified from holding public office or employment and is also not requiredto forfeit public office or employment by reason of the membership on the board of trustees. 85 Acts, ch 222, §4; 96 Acts, ch 1204, §29; 2019 Acts, ch 105, §8; 2020 Acts, ch 1063, §369Referred to in §657A.3, 657A.10A, 657A.10B Sat Dec 23 12:22:49 2023 Iowa Code 2024, Section 657A.4 (17, 0)
Iowa Legal Code