News & Analysis as of

Court-Appointed Receivers

Can a Receiver be Sued for Not Paying a Pre-Receiver Creditor?

by Ervin Cohen & Jessup LLP on

Question: I am the Receiver for a condo project. A pre-receivership creditor has threatened to sue me because I won’t pay for the services he provided the defendant. I have explained to the creditor that the receivership is...more

The Difference Between Bankruptcy & Receivership Payment of Legal Fees to Defend Fee Applications

by Ervin Cohen & Jessup LLP on

QUESTION: I was appointed receiver for an apartment building. I operated the property for six months, then the defendant filed bankruptcy. ...more

Don’t Assume That the Assets of the Receivership Estate Will Be Used to Pay for the Receivership

by Archer Norris PLC on

Parties (typically plaintiffs) may request the appointment of a receiver in cases involving disputes over corporate assets or interests in real estate. But the appointment of a receiver may have unexpected consequences for...more

Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified...

by Dechert LLP on

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their...more

Trio of Recent Decisions on the I v. I Exclusion Should Remind Policyholders to Annually Review the Language in Their Policy to...

D&O policies vary quite a bit from carrier to carrier, and language on “standard” exclusions can change from year to year. Accordingly, it is important to do a yearly review of your D&O policy to make sure your company has...more

Please Release Me, Let Me Go: Court Affirms The Appointment Of A Receiver Over Ray Price’s Assets Pending A Contest

by Winstead PC on

In In re Estate of Price, Ray Price, a renowned country music singer and songwriter, died in 2013 and was survived by his wife and his biological son. No. 06-16-00062-CV, 2017 Tex. App. LEXIS 1265 (Tex. App.—Texarkana...more

Texas Supreme Court Accepts A Case Dealing With A No-Contest Clause

by Winstead PC on

In Ard v. Hudson, a beneficiary sued testamentary trustees and executors for breach of fiduciary duty and also sought an accounting, temporary injunctive relief, and a receiver. No. 02-13-00198-CV, 2015 Tex. App. LEXIS 8727...more

Do Settlement Agreements Need to Be Approved by the Court?

by Ervin Cohen & Jessup LLP on

QUESTION: As receiver, I sued a third party to collect funds owed to the entity in receivership. I have settled the lawsuit. ...more

How Do I Distribute Funds When One Of The Parties Provides A Social Security Number That Is Not His?

by Ervin Cohen & Jessup LLP on

QUESTION: I am getting ready to close my receivership and distribute the funds in the estate to the two parties. I have just learned that the Social Security number one of the parties gave me is not his. What should I do?...more

If a receiver discovers possible criminal wrongdoing, are they required to report it to authorities?

by Ervin Cohen & Jessup LLP on

QUESTION: If I discover possible criminal wrongdoing, am I, as receiver, required to report it to authorities? ANSWER: The answer depends on whether you are a federal receiver or state court receiver....more

Alternatives to Bankruptcy from Bankruptcy Law Specialist Christy Myatt

by Nexsen Pruet, PLLC on

The general notion behind receiverships is to preserve property pending the outcome of a case, or the foreclosure of real property or such other time as the Court deems a Receiver is not required....more

Wealth Management Update - July 2016

by Proskauer Rose LLP on

July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The July § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Do You Need a Confirmation Hearing When a Receiver is Appointed Ex Parte?

by Ervin Cohen & Jessup LLP on

Question: Do you need a confirmation hearing when a receiver is appointed ex parte and are there any exceptions? Answer: Yes and no. In early practice in California, the appointment of a receiver on an ex parte basis was...more

7 things you should know about the new Missouri Commercial Receivership Act

by Thompson Coburn LLP on

On May 10, 2016, the Missouri General Assembly passed the Missouri Commercial Receivership Act (MCRA), providing for significant changes to Missouri’s law on receiverships. Assuming that Governor Nixon signs the bill (which...more

The Un-Bankruptcy: A Texas Receivership as an Alternative to Bankruptcy (and fourteen ways to appoint a receiver in The Lone Star...

by Bryan Cave on

Creditors seeking to exercise control over a borrower or collateral may utilize a number of remedies. They may seek a foreclosure or UCC sale, assignment for the benefit of creditors, file an involuntary bankruptcy petition...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

by Allen Matkins on

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

NCCUSL Approves Uniform Commercial Real Estate Receivership Act

by Carlton Fields on

The appointment of a receiver of real property is a common equitable judicial remedy available in all states. It is often sought by a foreclosing mortgagee or others who have, or claim, an interest in the real property....more

Freezing Injunctions In Support Of International Arbitration – The Role Of The English Courts

by Bryan Cave on

Arbitration is based on consent. An arbitral tribunal derives its powers from an agreement between the parties. Tribunals also take time to form and their orders are not binding upon third parties. Whilst this grants...more

Can The Defendant Set Aside A Sale Of Receivership Assets To A Buyer?

by Ervin Cohen & Jessup LLP on

QUESTION: I purchased assets from a receiver. The court approved the sale over the objection of one of the defendants. The sale has now closed. I was just informed that the defendant is appealing the order approving the sale....more

Can A Receiver Be Appointed To Take Possession And Safeguard Transferred Property Pending Trial Of A Fraudulent Transfer Action?

by Ervin Cohen & Jessup LLP on

QUESTION: I know receivers often bring actions to set aside fraudulent transfers and recover the property transferred, but can a receiver be appointed in a fraudulent transfer lawsuit to take possession of and safeguard...more

Court Of Chancery Upholds Receiver Claims

by Morris James LLP on

Seiden v. Kaneko, C.A. 9861-VCN (November 3, 2015) - This is an interesting decision because it articulates what claims a receiver may make against former officers and when those claims are barred by laches....more

Recent Case Offers Insight Into the Protection of Security Interests

by Bennett Jones LLP on

The failure to perfect a security interest could result in losing property rights altogether despite being the unqualified owner of the property. A very recent example of this is the case of Wells Fargo Foothill Canada ULC v...more

Avoiding the Fire Sale: Protecting Your Security Interest Against Multiple Creditor Claims

by Bennett Jones LLP on

The failure to perfect a security interest could result in losing property rights altogether in receivership proceedings despite being the owner of the property. A very recent example of this is the case of Wells Fargo...more

Is a “Receiver’s Sale” a Foreclosure Sale?

Earlier this year, the Nevada Supreme Court held in U.S. Bank Nat’l Assn. v. Palmilla Dev. Co. that under Nevada law, a “receiver’s sale” of real property securing a loan qualifies as a judicial foreclosure sale, and...more

Can a Magistrate Appoint a Receiver?

by Ervin Cohen & Jessup LLP on

QUESTION: Can a magistrate appoint a receiver? ANSWER: While an arbitrator cannot appoint a receiver, Marsh v. Williams, 23 Cal. App 4th 238 (1994), a magistrate can....more

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