The professionals at Harrison Real Estate have extensive experience in receivership. Our team has the experience to manage a company or real estate entity’s affairs and can liquidate the assets of a business or turn a short-term crisis into long-term viability. Our objective is to complete a transaction expeditiously, while simultaneously maximizing the value of an estate to the benefit of all stakeholders.
As Court‐Appointed Receivers, Harrison Real Estate provides:
- Report Preparation
- Expert Opinions & Testimony
- Asset Protection
- Asset Liquidation
- Operational Guidance
- Sale of Business
Chapter 5. Receiverships
Appointment of receivers; cases
Sec. 1. A receiver may be appointed by the court in the following cases:
(1) In an action by a vendor to vacate a fraudulent purchase of property or by a creditor to subject any property or fund to the creditor’s claim.
(2) In actions between partners or persons jointly interested in any property or fund.
(3) In all actions when it is shown that the property, fund or rent, and profits in controversy are in danger of being lost, removed, or materially injured.
(4) In actions in which a mortgagee seeks to foreclose a mortgage. However, upon motion by the mortgagee, the court shall appoint a receiver if, at the time the motion is filed, the property is not occupied by the owner as the owner’s principal residence and:
(A) it appears that the property is in danger of being lost, removed, or materially injured;
(B) it appears that the property may not be sufficient to discharge the mortgaged debt;
(C) either the mortgagor or the owner of the property has agreed in the mortgage or in some other writing to the appointment of a receiver;
(D) a person not personally liable for the debt secured by the mortgage has, or is entitled to, possession of all or a portion of the property;
(E) the owner of the property is not personally liable for the debt secured by the mortgage; or
(F) all or any portion of the property is being, or is intended to be, leased for any purpose.
(5) When a corporation:
(A) has been dissolved;
(B) is insolvent;
(C) is in imminent danger of insolvency; or
(D) has forfeited its corporate rights.
(6) To protect or preserve, during the time allowed for redemption, any real estate or interest in real estate sold on execution or order of sale, and to secure rents and profits to the person entitled to the rents and profits.
(7) In other cases as may be provided by law or where, in the discretion of the court, it may be necessary to secure ample justice to the parties.
As added by P.L.2-2002, SEC.15.