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: Indiana Civil & Business Lawyer

The Lastest on Nelms and Cemetery Problems

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The Indianapolis Star published articles yesterday on the Nelms cemetery/funeral home civil litigation.

Temporary receiver named for Nelms properties follows up directly on the report I blogged about in

A Johnson County judge ruled Friday that a Franklin attorney should continue to oversee the operations of an Indianapolis-based cemetery company after its owners' arrests on charges that they misused as much as $27 million in trust funds.

Little surprise there and even less here:

"It's my understanding that business as usual is occurring," Loyd said in court. "Employees are getting paid, and they're doing their job."
"It's my belief that it means nothing adversely to the people who either have plots or trust funds," he added. "I have no reason not to believe it's a very viable company."

Indiana Code 32-30-5-7 sets out the receiver's powers:

The receiver may, under control of the court or the judge:

(1) bring and defend actions;
(2) take and keep possession of the property;
(3) receive rents;
(4) collect debts; and
(5) sell property;
in the receiver's own name, and generally do other acts respecting the property as the court or judge may authorize.

From The Star's reporting, the receiver appears not to be liquidating the business. While I do not have benefit of the pleadings filed by the parties, I think it will be safe to assume that the receivership will continue until the litigation comes to an end. However, the receivership must file a report of her activities within the next year. That report must include the following:

(1) receipts and disbursements to the date of the accounting; and
(2) other appropriate information relative to the:

(A) administration of the receivership;
(B) liquidation of the receivership; and
(C) declaration and payment of dividends.

See IC 32-30-5-14 - 16 for the statutes requiring the report, its contents an d timing.

Full post as published by Indiana Civil & Business Lawyer on January 26, 2008 (boomark / email).