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Legal Definitions - Receivership
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Definition of Receivership
Receivership is a legal process where a court appoints a person or entity to take control of a party's property. This is done to prevent the party from damaging or neglecting the property while a legal case is ongoing.
For example, if there is a dispute over the ownership of a shopping mall, one party may ask the court to appoint a receiver to oversee the mall's operations. This ensures that the mall is properly maintained and managed while the case is being resolved.
The rules for appointing a receiver can vary depending on the jurisdiction. In some cases, a receiver may be appointed to manage a business that is in financial distress or to oversee the distribution of assets in a bankruptcy case.
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Simple Definition
Receivership: When there is a problem with someone's property, a court can appoint a person called a receiver to take care of it. This is to make sure that the property is not damaged or neglected while the problem is being solved. For example, if there is a disagreement about who owns a shopping mall, a receiver might be appointed to make sure that the mall is taken care of until the disagreement is resolved. The rules for appointing a receiver are different in different places.
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