RECEIVER. One who receives money to the use of another to render an account. Story, Eq. Jur. § 446. Receivers were at common law liable to the action of account render for failure in the latter portion of their duties.
In Equity. A receiver is an indifferent per son between the parties appointed by the court to collect and receive the rents, issues, and profits of land, or the produce of per sonal estate, or other things, which it does not seem reasonable to the court that either party should do ; or where a party is incom petent to do so, as in the case of an infant. The remedy of the appointment of a receiver is one of the very oldest in the court of chancery, and is founded on the inadequacy of the remedy to be obtained in the courts of ordinary jurisdiction; Bisph. Eq. 606.
He is a ministerial officer of the court; 2 S. & S. 98; Field v. Jones, 11 Ga. 413 ; Tex as & P. Ry. Co. v. Bledsoe, 2 Tex. Civ. App. 88, 20 S. W. 1135 (not a party in a full sense ; Youtsey v. Hoffman, 108 Fed. 693) ; with no powers but those conferred by his order of appointment and the practice of the court ; Verplanck v. Ins. Co., 2 Paige, Ch. (N. Y.) 452; which do not extend beyond the jurisdiction of the court which appoints him ; Booth v. Clark, 17 How. (U. S.) 322, 15 L. Ed. 164 (U. S.) (but see infra); ap pointed on behalf of all parties who may establish rights in the cause ; Thom v. Pit tard, 62 Fed. 232, 10 C. C. A. 352, 8 U. S. App. 597 ; on behalf of no particular inter est ; Pennsylvania Steel Co. v. Ry. Co., 198 Fed. 721, 117 C. C. A. 503 ; he stands in the shoes of the company ; Central Trust Co. of New York v. Ry. Co., 59 Fed. 523 ; 3 Atk. 564 ; Iddings v. Bruen, 4 Sandf. Ch. (N. Y.) 417; and after his appointment neither the owner nor any other party can exercise any acts of ownership over the'proP erty ; 2 S. & S. 96. Neither party is respon sible for his acts; Milwaukee & M. R. Co. v. Soutter, 2 Wall. (U. S.) 519, 17 L. Ed. 900. His custody is that of the court, and leaves the right of the parties concerned to be con trolled by the ultimate decree of the court ; 10 Bank. Reg. 517. A receiver of a railroad is a common carrier under the Federal Hours of Labor Law ; U. S. v. Ramsey, 197 Fed.
144, 116 C. C. A. 568, 42 L. R. A. (N. S.) 1031.
The appointment of a receiver does not change the title or right of possession of the property, but puts it into his custody for the benefit of the party ultimately entitled; Union Bank v. Bank, 136 U. S. 223, 10 Sup. Ct. 1013, 34 L. Ed. 341; it does not affect any lien on the property ; Pennsylvania Steel Co. v. Ry. Co., 198 Fed. 721, 117 C. C. A. 503; nor does it work a dissolution of the corporation, but only suspends the function of its officers as far as provided in the de cree; State v. Ry. Co., 115 Ind. 466, 17 N. E. 909, 1 L. R. A. 179.
A court will protect its receiver in the pos session and use of franchises and property committed to him ; Fidelity Trust & S. V. Co. v. Ry. Co., 53 Fed. 687.
The rule that property in the hands of a receiver is in custodia legis, and that inter ference with such possession without leave of the court is a contempt, is as applicable in the seizure thereof to enforce payment of taxes due the state as in any other case ; In re Tyler, 149 U. S. 164, 13 Sup. Ct. 785, 37 L. Ed. 689.
A receiver is an officer of the court which appointed him, and a judgment in another court in a suit affecting the receiver's right of possession, begun without the permission of the court appointing him, is void ; Comer v. Felton, 61 Fed. 731, 10 C. C. A. 28, 22 U. S. App. 313. A receiver is not the agent of the corporation nor a substitute for the board of directors. He is but the hand of the court appointing him. His acts are not the acts of the corporation, and his servants are not the servants of the corporation ; Memphis & C. R. Co. v. Hoechner, 67 Fed. 456, 14 C. C. A. 469, 31 U. S. App. 644. A decree appointing a receiver is an act of such notoriety that all persons have construc tive notice thereof ; Memphis & C. R. Co. v. Hoechner, 67 Fed. 456, 14 C. C. A. 469, 31 U. S. App. 644. A receivership is not per sonal, but continuous, and claims arising against different successive receivers stand on the same footing ; State v. Ry. Co., 84 Fed. 67; Phinizy v. R. Co., 62 Fed. 771; he is analogous to a corporation sole; id.