Receiver

Definition

A receiver is an officer of the court who administers property pending resolution of disputes between claimants to the property.

Purpose

The purpose of a receiver is to manage and preserve the value of disputed property, ensuring it is properly cared for and managed until the court resolves the dispute.

Examples of Use

• In bankruptcy cases, a receiver may be appointed to manage the debtor's assets.
• During a divorce, a receiver might be appointed to oversee jointly owned businesses until a settlement is reached.
• In foreclosure proceedings, a receiver can be appointed to manage and maintain the property.

Related Terms

• Trustee: A person or organization that holds and manages assets for the benefit of another.
• Conservator: A court-appointed guardian and manager of someone's property and affairs.
• Custodian: An individual or institution that manages and protects assets.

Notes

Receivers play a crucial role in ensuring that disputed properties are not neglected or mismanaged, safeguarding the interests of all parties involved.