What is a Receivership?

//What is a Receivership?

What is a Receivership?

A court order whereby all the property subject to dispute in a legal action is placed under the dominion and control of an independent person known as a receiver.
Receivership is an extraordinary remedy, the purpose of which is to preserve property during the time needed to prosecute a lawsuit, if a danger is present that such property will be dissipated or removed from the jurisdiction of the court if a receiver is not appointed. Receivership takes place through a court order and is utilized only in exceptional circumstances and with or without the consent of the owner of the property.

By |2018-10-22T14:29:42+00:00March 16th, 2015|Uncategorized|Comments Off on What is a Receivership?

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