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Definition from Nolo’s Plain-English Law Dictionary

1) In a lawsuit, a neutral person (often a professional trustee) appointed by a judge to take charge of the property and business of a party to the lawsuit, and receive the rents and profits due to the party, while the lawsuit is being decided. A receiver is appointed if requested by the other party to the suit and if there is a strong showing that the property would not be available when the lawsuit concludes. 2) In debt and bankruptcy law, a person appointed to receive rents and profits coming to a debtor either while a bankruptcy is being processed or while an arrangement is being worked out to pay creditors. 3) In criminal law, shorthand for one who commits the crime of receiving stolen goods knowing they were obtained illegally.

Definition provided by Nolo’s Plain-English Law Dictionary.