A receiver is appointed by a judge, typically following an application filed by one of the parties to a lawsuit. The Court generally holds a hearing before making the appointment. Once appointed, the receiver takes an oath of office and serves as an independent officer of the Court.
Unlike a traditional Realtor, who is hired by a client, a court-appointed receiver does not represent either party. Instead, the receiver has a duty to act neutrally, exercise reasonable diligence, preserve and protect the assets under the receiver’s control, and carry out the Court’s orders in the best interests of the receivership.
