A court order whereby all the property subject to dispute in a legal action is placed under the dominion and control of an independent person known as a receiver.
Receivership is an extraordinary remedy, the purpose of which is to preserve property during the time needed to prosecute a lawsuit, if a danger is present that such property will be dissipated or removed from the jurisdiction of the court if a receiver is not appointed. Receivership takes place through a court order and is utilized only in exceptional circumstances and with or without the consent of the owner of the property.
"Receivership." West's Encyclopedia of American Law. . Encyclopedia.com. (June 25, 2018). http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/receivership
"Receivership." West's Encyclopedia of American Law. . Retrieved June 25, 2018 from Encyclopedia.com: http://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/receivership
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re·ceiv·er·ship / riˈsēvərˌship/ • n. the state of being dealt with by an official receiver: the company went into receivership last week.
"receivership." The Oxford Pocket Dictionary of Current English. . Encyclopedia.com. (June 25, 2018). http://www.encyclopedia.com/humanities/dictionaries-thesauruses-pictures-and-press-releases/receivership
"receivership." The Oxford Pocket Dictionary of Current English. . Retrieved June 25, 2018 from Encyclopedia.com: http://www.encyclopedia.com/humanities/dictionaries-thesauruses-pictures-and-press-releases/receivership