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Receivership Services

The Accelerated Marketing Group (AMG) is a professional, experienced party that occasionally accepts a Receiver position of responsibility.   A Receiver is a person in a unique position of trust to a presiding Court, a neutral person who is appointed by a Court to hold temporary possession of a property belonging to one or more litigants.   In virtually all cases, a lawsuit is filed in order to get a Receiver appointed.

There are many factors to be considered before deciding to appoint a Receiver. Some are outlined below and AMG will be pleased to discuss this with a lender or other qualified principal.

Most common Receivership is where there is a monetary default in an income-producing property.   This is also the most common type of Receivership service offered by AMG.   The process is usually:

  • Lender commences judicial foreclosure and asks the Court to appoint the Receiver, and records a Notice of Default under the Deed of Trust to begin non-judicial foreclosure.
  • Lender must choose between foreclosing non-judicially at a trustee's sale or by obtaining a decree of foreclosure in Court.
  • Election of remedies not final until auction completed or Court enters judgment.
  • Receiver collects rent for up to 4 months notice period before a sale can take place.
  • Receiver pays expenses, including his or her fees and counsel's fees from rent collected.
  • Balance paid to Lender at end of receivership.
  • The Receiver must faithfully discharge duties and comply with the Court.
  • Receiver must keep funds in insured accounts, maintained by licensed securities dealers and not in the Bank that is a party to the action.

How does the Court choose whom to appoint as Receiver?

  • It is up to the judge, but the parties usually nominate AMG.

There are different types of Receivers and their duties:

  • Rents and profits receivers; begins to collect accounts and rents
  • Equity receivers.
  • Receiver is not liable for debts incurred by the Borrower prior to the appointment of the Receiver.
  • Receiver is appointed due to defaulted real estate loans.
  • Receiver secures control over premises
  • Receiver inventories: tangible and intangible assets.

Can the Receiver sell assets outside the ordinary course of business?
Only with Court approval.

Can the Receiver abandon assets that are too costly to maintain?

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