Receivership
As a provisional remedy, courts may appoint a receiver to oversee a party's property. This prevents the party from neglecting or destroying the property while the suit is pending. For example, in a suit over ownership of a shopping mall, a party might request that the court appoint a receiver so that its owner could not neglect the mall if she thought she was going to lose the suit.
Rules regarding the appointment of receiver vary by jurisdiction. See State Civil Procedure Rules.
Definition from Nolo’s Plain-English Law Dictionary
The process of appointment by a court of a receiver to take custody of the property, business, rents and profits 1) of a party to a lawsuit pending a final decision or 2) an agreement that a receiver control the financial receipts of a debtor for the benefit of creditors.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm
