RECEIVERS, officers appointed by the court to receive and hold money for the use of others and to render an account of the same, or in equity proceedings to receive the rents or profits of land or the profits of other property the ownership of which is in dis pute. The receiver acts as the ministerial agent of the court, and must be without any personal interest in the disputed question. The cases in which the appointment ol' siiclt an agent is most common are such as the winding up of business corporations, insurance companies, and banks, and in the dissolution of partnerships by suit brought by one partner against his copartners. Where judgment has been rendered against a debtor but cannot be satisfied by levy and execution, on application of the creditors a receiver may bn appointed to collect assets payable to the debtor and apply them on the judgment. It is by statute provided in most states that receivers may be appointed in certain cases, and especially in winding up the affairs of a bankrupt or insolvent corporation, and the duties and responsibilities of the position are carefully defined. After the appointment
the owner can exercise no rights of ownership over the property. The receiver may bring snits, but only after obtaining authority for each case from the court, and he is secured from all suits brought against him without permission from the same source. Au attorney or solicitor will not heappointed by the court. When once appointed the receiver has a vested legal right in the property or assets as trustee, and in order to defend the rights of the interested parties may do any act which an owner might do, being accountable oily to the court from which lie derives his authority. He is liable in damages for loss of value by the negligent or dishonest execution of his trust, but bound to use only the ordinary care required of a bailee for a consideration. As a rule, receivers will not be appointed where the property is already in the court's possession. or where the applicant has possessiori under a legal title, or where his equitable title is defective.