<div class="chunk-title">Sec. 40-70. - Receivership and foreclosure.</div>
<div class="chunk-content">
            <p class="incr0">
               (a)
               </p>
            		
            <p class="content1">
               <span class="ital">Termination by insolvency.</span> The franchise granted under this article shall, at the option of the county, cease
               and terminate 120 days after the appointment of a receiver or trustee to take over
               and conduct the business of the grantee whether in a receivership, reorganization,
               bankruptcy or other action or proceeding unless such receivership or trusteeship shall
               have been vacated prior to the expiration of the 120 days or unless such receivers
               or trustees:
               </p>
            		
            <p class="incr1">
               (1)
               </p>
            		
            <p class="content2">
               Shall have, within 120 days after their election or appointment, fully complied with
               all the terms and provisions of this article and the franchise granted pursuant to
               this article and the receivers or trustees within the 120 days shall have remedied
               all defaults under the franchise; and
               </p>
            		
            <p class="incr1">
               (2)
               </p>
            		
            <p class="content2">
               Shall, within the 120 days, execute an agreement duly approved by the court having
               jurisdiction in the premises, whereby such receivers or trustees assume and agree
               to be bound by each and every term, provision and limitation of the franchise granted.
               </p>
            		
            <p class="incr0">
               (b)
               </p>
            		
            <p class="content1">
               <span class="ital">Termination by judicial action.</span> If foreclosure or other judicial sale of the plant, property and equipment of the
               grantee or any part thereof occurs, including or excluding the franchise, the county
               may serve notice of termination upon the grantee and the successful bidder at such
               sale, in which event the franchise and all rights and privileges of the grantee granted
               under this article shall cease and terminate 30 days after service of such notice,
               unless:
               </p>
            		
            <p class="incr1">
               (1)
               </p>
            		
            <p class="content2">
               The county shall have approved the transfer of the franchise, in the manner this article
               provides; and
               </p>
            		
            <p class="incr1">
               (2)
               </p>
            		
            <p class="content2">
               Such successful bidder shall have covenanted and agreed with the county to assume
               and be bound by all the terms and conditions of the franchise.
               </p>
            		
            <p class="historynote0">
               (Code 1995, Â§ 517.025)
               </p></div>