Posts tagged ‘Receiver’

Appointment of Receivers

Courts are empowered for appointment of receivers for the management and protection of any property. The Court can remove a person from the possession or custody of any property and can commit the said property to the custody, management and possession of the receiver, appointed by the Court. Normally the court appoints the receiver for the management of the property, when it appears to the court that the property may be mismanaged or lowered in its worth in the custody of the present possessor. The receiver may be appointed before or after decree is passed in a case pending before the court.

The following are the powers of a receiver appointed by the Court:
a) To bring and defend suits
b) To realize, manage, protect, preserve and improve   property.
c) To collect rents and profits and to apply and dispose rents and profits of the property and to execute documents as     the owner himself has.
d) Other powers, the Court deems fit.

The receiver is entitled for remuneration as fixed by the court for the services rendered by him.
The following are the duties of the receiver:
a) To furnish security if the court thinks fit, duly to account for what he shall receive in respect of the said property.
b) To submit the accounts.
c) To pay the amount due from him.
d) To be responsible for any loss caused to the property by his willful default or gross negligence.