Receivership in the United States

Definition of Receivership

Note: See provisional remedies (in U.S. law).

For a meaning of it, read Receivership in the Legal Dictionary here.

Legal Materials

There is not much on receivership specifically. The leading treatise was Ralph Ewing Clark’s Treatise on the Law and Practice of Receivers 3d (“Clark on Receivers”), which has been reprinted by W.S. Hein & Co., but has not been updated since the 1968-69 supplement.

For more recent information, volume 16 of Fletcher Cyclopedia Corporations discusses receivers. So do the legal encyclopedias American Jurisprudence (Am Jur) andCorpus Juris Secundum (CJS). The Trigild Guide to Receivership and Foreclosure, available on request from Stephanie.Cadirci@trigild.com, summarizes the receivership laws of the 50 states and the U.S. Federal government. The West Key Number system has a section on Receivers. Chapter 66 of Moore’s Federal Practice discusses the special Federal rules for Receivers.

For additional resources, look through materials on liquidation, bankruptcy, corporations, equity and mortgage foreclosures that mention receivers. If you subscribe, you might also want to check Indexmaster.

Effect of Corporate Receivership

This section covers the following:

Generally

Advantages conferred on complainant or on strangers

Powers and liabilities of company

Right to possession of company’s property— Generally

Right to possession of company’s property —Possession of company’s books and records

Right to possession of company’s property —Funds deposited with state official

Right to possession of company’s property —Trial of right to property claimed by receiver

Right to possession of company’s property – Proceedings to compel receivers to turn over property in their hands

Vesting of title in receiver—Generally

Vesting of title in receiver —Receiver as assignee of corporation

Rights of shareholders

Rights of shareholders —Shareholder suits

Rights and powers of corporate ocers

Rights and liabilities of creditors and lienholders— Generally

Rights and liabilities of creditors and lienholders —Foreclosure of mortgages

Tax liability

Rights of debtors and third persons generally

Rights of debtors and creditors of banks

Uncompleted contracts—Generally

Uncompleted contracts —Mutuality of remedy and liability of corporation

Uncompleted contracts —Liability of estate for damages where receiver rejects contract

Uncompleted contracts —Contracts for personal services and for supplies

Uncompleted contracts —Insurance contracts

Leases—Liability of receiver

Leases —Liability of company

Right of action by corporation

Right of action against corporation

Right of action against corporation —Liability of corporation for acts of receivers

Right of action against corporation —Service of process

Pending actions by or against the company

Running of the statute of limitations

Right of seto —Against receiver

Right of seto —By receiver

Right of seto —Deposits in bank

Right of seto —Purchase of claims to be used as seto

Bankruptcy proceedings and assignments for creditors

As act of bankruptcy

Condemnation of property in hands of receiver

Jurisdiction of public service commission

Resources

See Also

• Bankruptcy in this legal Encyclopedia
• Real Estate in this legal Encyclopedia

Further Reading (Articles)

Receivership Reforms, Part Three: Creditors’ Rights and Priority of Claims, Mondaq Business Briefing; September 23, 2013; Warfield, David

Receiverships Revived: A Creditors’ Solution?, American Bankruptcy Institute Journal; November 1, 2008; Gallagher, Adam

Using receiverships to maximize the value of distressed assets., Florida Bar Journal; December 1, 2009; Dervishi, Brian S. Seward, Steven E.

Why Missouri’s Receivership Law Is Due for Reform, Mondaq Business Briefing; September 23, 2013; Warfield, David

Public Housing: Information on Receiverships at Public Housing Authorities., General Accounting Office Reports & Testimony; March 1, 2003

The people’s welfare and the origins of corporate reorganization: The Wabash receivership reconsidered, Business History Review; October 1, 2000; Hansen, Bradley

INSPECTOR GENERAL’S REVIEW SHINES LIGHT ON CALIFORNIA PRISON HEALTH CARE RECEIVERSHIP’S USE OF STATE FUNDS, US Fed News Service, Including US State News; February 27, 2008

New Jersey Appellate Court Issues Written Opinion Supporting Right to Rent Receivership, Mondaq Business Briefing; April 2, 2014; Byrne, David

Receivership Reforms, Part Two: Establishing and Empowering Receivers, Mondaq Business Briefing; September 23, 2013; Warfield, David

Receivership an alternative to filing Chapter 9 for troubled cities, but it’s not without costs., The Bond Buyer; June 24, 1991; Hampton, Ted;

‘A big hammer’: Arizona lawmakers may make school receivership law permanent, Arizona Capitol Times; July 13, 2007; Jim Small

Receivership Looms Larger as Obstacle to GSE& Bill, American Banker; March 26, 2004; Blackwell, Rob

Got Federal Income Taxes? Receiverships That May Have To Pay.(United States. Internal Revenue Service), Mondaq Business Briefing; June 1, 2012

Receivership Best Option in Hindsight, New Zealand Herald (Auckland, New Zealand); March 20, 2010

Global receivership database for monitoring company insolvency considered., Health & Medicine Week; July 28, 2003

Legal and Finance: Banks Deserve Credit for Decline in Receiverships, The Birmingham Post (England); March 30, 2001

New Receivership Database Provides Transparency, Accountability, US Fed News Service, Including US State News; August 8, 2008

Receivership: The Right Tool For Some Jobs., Mondaq Business Briefing; October 29, 2004

Turning building receivership into business opportunities.(INSIDERS OUTLOOK), Real Estate Weekly; April 18, 2007; Gross, Sheldon A.

Revisions to Minnesota Statutes Addressing Receiverships and Assignments for the Benefit of Creditors, Northwestern Financial Review; June 15, 2012; Gibbs, Sarah M.