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FAQ
What is a receiver?
- Black's Law Dictionary, 6th
Edition, 1990, defines the term as follows: "A person appointed by a
court for the purpose of preserving property of a debtor pending an
action against him, or applying the property in satisfaction of a
creditor's claim, whenever there is danger that, in the absence of
such an appointment, the property will be lost, removed or injured.
An indifferent person between the parties to a cause, appointed by
the court to receive and preserve the property or fund in
litigation, and receive its rents, issues, and profits, and apply or
dispose of them at the direction of the court when it does not seem
reasonable that either party should hold them. A fiduciary of the
court, appointed as an incident to other proceedings wherein certain
ultimate relief is prayed. He is a trustee or ministerial officer
representing court and all parties in interest to litigation, and
property or fund entrusted to him. "
Who is Bruce S. Kramer?
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