Receiver in the United States

Receiver Definition

One who receives money to the use of another to render an account. Story, Eq. Jur. § 446. A person standing indifferent between the parties, who is appointed by the court to take the charge and management of property pending litigation, or for the benefit of the persons who may ultimately be entitled to it. 16 Wend. (N. Y.) 421; 80 111. 468. Receivers are appointed in various proceedings and for various special purposes, but the general design of a receiver is to hold and protect the subject of litigation, whether it be specific property, or the assets of an insolvent. of Lancaster. An officer of the duchy court, who collects all the revenues, fines, forfeitures, and assessments within the duchy. (This definition of Receiver is based on The Cyclopedic Law Dictionary). For a meaning of it, read Receiver in the Legal Dictionary here.

Practical Information

In real estate, a court appointed custodian who holds property for the court and attends to the details of management pending final disposition of the matter before the court. While the receiver holds the property, no person can proceed against it without the consent of the court. Thus a receivership effectively prevents the dissipation of property through haphazard seizures.

The receiver appointed by the court in which the proceeding is instituted has jurisdiction (in U.S. law) only within the territorial limits of the court as prescribed by law. An ancillary (in U.S. law) receiver is one appointed in a foreign jurisdiction for the purpose of taking charge of the assets in the jurisdiction where he or she is appointed.

A mortgage (in U.S. law) may provide that the holder of the mortgage is entitled to the appointment of a receiver in any action for foreclosure (in U.S. law) on the mortgage. See also default (in U.S. law).

(Revised by Ann De Vries, 1982)

Corporate Receiver’ Sales

This section covers the following:

• Governing rules and procedures
• Authority to sell assets
• Terms of sale
• Purchasers—Rights
• Purchasers —Liabilities
• Purchasers —Directors, ocers, shareholders, and receivers
• Purchasers —Default
• Sales free and clear of liens
• Conrmation of sale
• Vacating and setting aside sale
• Expenses of sale
• Redemption

Accounting and Report of the Corporate Receiver

This section covers the following:

• Accounting requirements—Court ordered accounting
• Accounting requirements —Statutory requirements
• Accounting requirements —Right to compel
• Accounting requirements —Termination of receivership
• Accounting requirements —Expenses and losses
• Accounting requirements —Objections to nal accounting
• Accounting requirements —Appeals from nal accounting
• Reporting requirements

Receiver in Foreign Legal Encyclopedias

For starting research in the law of a foreign country:

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