receivership
Receivership is a court-ordered remedy in which a neutral third party, called a receiver, is appointed to take possession of, manage, or preserve property that is the subject of ongoing litigation. The purpose of a receivership is to protect the property from neglect, waste, mismanagement, or dissipation while the legal dispute is pending or until final resolution. For example, in a lawsuit involving ownership or control of a shopping center, a court may appoint a receiver to collect rents, maintain operations, and safeguard the property until judgment is entered or a settlement is reached.
Receivership is considered a provisional and equitable remedy, and the rules governing the appointment, powers, and duties of receivers vary by jurisdiction. See state civil procedure rules or applicable statutory provisions for specific requirements.
[Last reviewed in November of 2025 by the Wex Definitions Team]
Wex