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LSDefine
Simple English definitions for legal terms
statutory receiver
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A quick definition of statutory receiver:
A statutory receiver is a person appointed by a court or a corporation to protect or collect property that is being litigated or belongs to a bankrupt. They are responsible for managing the assets and distributing them to the rightful parties. In history, a receiver was an officer in the royal household who collected and disbursed revenues to the treasurer and acted as an attorney in any court in England.
A more thorough explanation:
A statutory receiver is a person appointed by a court or a corporation to protect or collect property that is being litigated or belongs to a bankrupt. This person is usually disinterested, meaning they have no personal interest in the property. The appointment of a statutory receiver is provided for in a statute.
- If a company goes bankrupt, a statutory receiver may be appointed to collect and distribute its assets to its creditors.
- If there are multiple claims on a property, a statutory receiver may be appointed to protect the property until the claims are resolved.
These examples illustrate how a statutory receiver is appointed to protect or collect property that is in dispute or belongs to a bankrupt. The receiver is appointed by a court or a corporation and is usually a disinterested person who has no personal interest in the property.