OK HB1964

Receivers are held liable for actual and punitive damages for acts constituting willful misconduct or gross negligence committed while serving as a receiver.

Actual damages are recoverable from bond proceeds, with the receiver personally liable for damages exceeding the bond amount; punitive damages are never recoverable from bond proceeds.

Any party may motion the court for removal or discipline of a receiver for willful misconduct or gross negligence, with the court required to conduct a hearing within 30 days.

Receivers receive civil immunity to the same extent as judges, except for liability specified in the damages provision; attorney receivers may also be subject to discipline under Oklahoma Rules of Professional Conduct.

The act becomes effective July 1, 2015, with an emergency clause allowing it to take effect immediately upon passage and approval.