Receiver

Definition: A person appointed by a court to take custody of and manage specified property or assets under the court's direction.

Example

During litigation involving an income-producing building, a court authorizes a receiver to collect rents and pay necessary expenses.

Keep the distinction clear

A receiver's authority comes from the court order and law. The receiver is different from an ordinary property manager hired solely by the owner.

Related terms

Receivership Clause · Property Manager · Litigation (Lawsuit)

Keep studying

Property Manager Duties: The Owner, the Agreement, and the Property

References: Cornell LII: receiver

Pronunciation (US): ree-SEE-ver (capitals show stress)

Pronunciation reference: Merriam-Webster