Receiver
Receiver, in law, a person appointed by a court to take custody and control of another's funds or property pending the outcome of judicial action. Generally receivers are appointed in bankruptcy proceedings, insolvency and creditors' suits, actions to dissolve partnerships and corporations, and proceedings for divorce and separate maintenance. Receivers may be directed to conduct a business for the benefit of its creditors or until it can be dissolved.
Receivers must account to the court that appointed them for all funds and other property placed in their custody, and for any funds or property they may acquire as receivers. They may be held personally liable for losses that occur if they act outside the authority granted them by statute or by the court.
Receivers are paid for their services, the amount being set by statute or by the courts that appoint them. Banks and trust companies often act as receivers.