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Affidavit by an Attorney-in-Fact in the Capacity of a Court Appointed...

Queens New York Affidavit by an Attorney-in-Fact in the Capacity of a Court Appointed Receiver

Name: Queens New York Affidavit by an Attorney-in-Fact in the Capacity of a Court Appointed Receiver
Brand: US Legal Forms
Rating: 4.8 (348 reviews)

Category:

Affidavits - Attorneys

State:

Multi-State

County:

Queens

Control #:

US-00486BG

Format:

Instant download

Description

The following form is by an affiant as a court appointed receiver.

Terms and Conditions of General Constructi...

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Roles and Functions of a Receiver The general roles of a receiver includes (1) to hold, manage and operate businesses, real properties and other forms of income producing assets, and (2) to cause the sale of the parties' assets to realize cash.

Receivers seek to realize and secure assets and manage affairs to pay debts. For businesses, receivers seek to maximize profits and asset value, and either terminate operations or sell all or part of the company. When a receiver is appointed, a company is said to be "in receivership."

A receiver's powers generally include taking legal control of and protecting assets, filing claims on behalf of an entity placed into a receivership, and, ultimately, distributing assets to defrauded investors, claimants or creditors through a court-approved plan.

Both the receiver and trustee are court appointed, but the receiver is more involved in asset management and reorganization than the bankruptcy trustee is in either Chapter 7 or 13. The receiver's goal is to guide the company out of bankruptcy while protecting the assets of creditors and policyholders simultaneously.

A receiver has a fiduciary duty to stakeholders and the court, and typically has the discretion to marshal, manage and liquidate the receivership company's assets, while accounting for all receipts and payments.

(1) Upon appointment as receiver, the receiver shall take possession of the Corporation in order to wind up the business operations of the Corporation, collect the debts owed to the Corporation, liquidate its property and assets, pay its creditors, and distribute the remaining proceeds to stockholders.

In reversing, the court of appeal cited to a number of probate cases which held that a court appointed fiduciary may be surcharged for failure to pay taxes in operating the business of an estate. It also noted that under federal law a receiver is personally liable to the extent he pays other creditors when there are

A receiver is a person appointed as custodian of a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities. Receivers seek to realize and secure assets and manage affairs to pay debts.

(b) Under Subsection (a)(1), (2), or (3), the receiver may be appointed on the application of the plaintiff in the action or another party. The party must have a probable interest in or right to the property or fund, and the property or fund must be in danger of being lost, removed, or materially injured.

A Receiver is an officer of the Court and is appointed to administer and protect assets in custodia legis (The Custody of the Court). The Receiver has fiduciary duty to the Court and to whomever the Court ultimately determines are the proper beneficiaries (usually creditors).

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Injunctions, Receivers, Deposits in Court, Offer of. Out to illustrate how specific terms are used or applied in various legal contexts.(1) An affidavit used in a family law case must be filed. In a hearing before this court on August 30, 2007, regarding Lake Shore Limited's. Costs of the receivership, including the receiver's attorney's fees.2. (2) In a proceeding, the Court may appoint one or more persons to represent an absent person. Tradesmen has consented to the appointment of a Receiver. Power of the court to appoint a guardian (Section 81. The Appointment of Senior Counsel in Western Australia. 10.4. The Queen's Bench Guide.

Queens New York Affidavit by an Attorney-in-Fact in the Capacity of a Court Appointed Receiver

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What is a Queens Affidavit?

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