Receiverships in Three Sentences

Black’s Law Dictionary defines a receivership as a remedy by which a court appoints a third party to take possession of property and to preserve its value under supervision of the court. The person who undertakes this endeavor — the receiver — is supposed to be neutral and disinterested in any dispute underlying the receivership. Texas law allows institution of receivership proceedings in many different situations.

In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.