Appointment of receivers; cases
Sec. 1. A receiver may be appointed by the court in the following
cases:
(1) In an action by a vendor to vacate a fraudulent purchase of
property or by a creditor to subject any property or fund to the
creditor's claim.
(2) In actions between partners or persons jointly interested in
any property or fund.
(3) In all actions when it is shown that the property, fund or
rent, and profits in controversy are in danger of being lost,
removed, or materially injured.
(4) In actions in which a mortgagee seeks to foreclose a
mortgage. However, upon motion by the mortgagee, the court
shall appoint a receiver if, at the time the motion is filed, the
property is not occupied by the owner as the owner's principal
residence and:
(A) it appears that the property is in danger of being lost,
removed, or materially injured;
(B) it appears that the property may not be sufficient to
discharge the mortgaged debt;
(C) either the mortgagor or the owner of the property has
agreed in the mortgage or in some other writing to the
appointment of a receiver;
(D) a person not personally liable for the debt secured by the
mortgage has, or is entitled to, possession of all or a portion
of the property;
(E) the owner of the property is not personally liable for the
debt secured by the mortgage; or
(F) all or any portion of the property is being, or is intended
to be, leased for any purpose.
(5) When a corporation:
(A) has been dissolved;
(B) is insolvent;
(C) is in imminent danger of insolvency; or
(D) has forfeited its corporate rights.
(6) To protect or preserve, during the time allowed for
redemption, any real estate or interest in real estate sold on
execution or order of sale, and to secure rents and profits to the
person entitled to the rents and profits.
(7) In other cases as may be provided by law or where, in the
discretion of the court, it may be necessary to secure ample
justice to the parties.
As added by P.L.2-2002, SEC.15.
Last modified: May 24, 2006