28 U.S. Code § 3103 - Receivership
(a) Appointment of a Receiver.—
If the requirements of section 3101 are satisfied, a court may appoint a receiver for property in which the debtor has a substantial nonexempt interest if the United States shows reasonable cause to believe that there is a substantial danger that the property will be removed from the jurisdiction of the court, lost, concealed, materially injured or damaged, or mismanaged.
(b) Powers of Receiver.—
(1) The appointing court may authorize a receiver—
(c) Duration of Receivership.—
(d) Accounts; Requirement to Report.—
A receiver shall keep written accounts itemizing receipts and expenditures, describing the property and naming the depository of receivership funds. The receiver’s accounts shall be open to inspection by any person having an apparent interest in the property. The receiver shall file reports at regular intervals as directed by the court and shall serve the debtor and the United States with a copy thereof.
(e) Modification of Powers; Removal.—
On motion of the receiver or on its own initiative, the court which appointed the receiver may remove the receiver or modify the receiver’s powers at any time.
(g) Compensation of Receivers.—
If, at the termination of a receivership, there are no funds in the hands of a receiver, the court may fix the compensation of the receiver in accordance with the services rendered and may direct the party who moved for the appointment of the receiver to pay such compensation in addition to the necessary expenditures incurred by the receiver which remain unpaid.
Statutory Notes and Related Subsidiaries