receiver

A person appointed by a court for the purpose of preserving property of a debtor pending an action against him, or applying the property in satisfaction of a creditor's claim, whenever there is danger that, in the absence of such an appointment, the property will be lost, removed or injured. An indifferent person between the parties to a cause, appointed by the court to receive and preserve the property or fund in litigation, and receive its rents, issues, and profits, and apply or dispose of them at the direction of the court when it does not seem reasonable that either party should hold them. A fiduciary of the court, appointed as an incident to other proceedings wherein certain ultimate relief is prayed. He is a trustee or ministerial officer representing court, and all parties in interest in litigation, and property or fund intrusted to him.

Formerly, in bankruptcy proceedings, a person empowered to take charge of the assets of an insolvent person or business and preserve them for sale and distribution to creditors. This function is now performed by a bankruptcy trustee.

A custodian of assets involved in litigation and title to assets remain in owner or owners who are parties in proceedings which lead to appointment of receiver who is managing agent of property for benefit of parties. A. S. S. Wrecking Co. v. Guaranty Bank & Trust Co., 2 Ill.App.3d 66, 275 N.E.2d 724, 728.

As to receivers appointed by federal courts, see Fed.R. Civil P. 66.

See also receivership

- trustee

@ receiver pendente lite

/rasiyvar pendentiy laytiy/

A person appointed to take charge of the fund or property to which the receivership extends while the case remains undecided. The title to the property is not changed by the appointment. The receiver acquires no title, but only the right of possession as the officer of the court. The title remains in those in whom it was vested when the appointment was made. The object of the appointment is to secure the property pending the litigation, so that it may be appropriated in accordance with the rights of the parties, as they may be determined by the judgment in the action. Title Guarantee & Trust Co. v. 457 Schenectady Ave., 235 App.Div. 509, 257 N.Y.S. 413, 417

See also receiver

@ receiver's certificate

A non-negotiable evidence of debt, or debenture, issued by authority of a court of chancery, as a first lien upon the property of a debtor corporation in the hands of a receiver

See also receiver

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