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Agreement between Creditors and Debtor for Appointment of Receiver

King Washington Agreement between Creditors and Debtor for Appointment of Receiver

Name: King Washington Agreement between Creditors and Debtor for Appointment of Receiver
Brand: US Legal Forms
Rating: 4.62 (266 reviews)

Category:

Contracts - Appointments

State:

Multi-State

County:

King

Control #:

US-03283BG

Format:

Instant download

Description

A receiver is a person authorized to take custody of another's property in a receivership and to apply and use it for certain purposes. Receivers are either court receivers or non-court receivers.

Appointment of a receiver may be by agreement of the debtor and his or her creditors. The receiver takes custody of the property, business, rents and profits of an insolvent person or entity, or a party whose property is in dispute.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Receivership, formally known as administrative receivership, is a legal process whereby a receiver is appointed by a floating charge holder such as a bank or other lender. The receiver then "receives" any of the assets of the company that it can liquidate in order to pay back the lender.

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.

Definition: a provision in a mortgage, related to income-producing property, that is designed to require that income derived shall be used to make mortgage payments in the event the borrower defaults.

The receiver is a neutral, legally-appointed professional who is entrusted to manage a company's operations, finances, and property in the event that they default on their loan payments. The main goals of receivership are to: Repay debts to creditors. Negotiate with creditors to secure lower interest rates.

(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.

Both positions of receiver and manager within a company are generally appointed by a secured creditor through powers contained in a mortgage or loan. A company receiver and manager is usually appointed by a secured creditor under the powers contained in a secured loan or mortgage.

A Receiver is an officer appointed by the Court who is given custody of specified assets with direction to liquidate them and distribute the proceeds. A Court order is typically required to appoint a Receiver, and the terms of the order describe the Receiver's duties and powers.

The purpose of the receiver is to preserve property or other assets of the parties subject to litigation in an effort to ensure an equitable outcome for all parties involved.

What Is a Receiver? 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.

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The security documents, the secured creditor or the debtor comply with? While a secured creditor may have a contractual right to appoint a receiver pursuant to a security agreement, it may have no choice but to seek a court.The receiver won't pay the lender's debt service, absent agreement between the parties or a court order. 406 creditor, or a party. Another way to find out information about debtors' assets is to inquire from financial institutions with which the debtor may have dealings. ( See title " Equity , " III .

King Washington Agreement between Creditors and Debtor for Appointment of Receiver

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