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Alexia can a Judge give receivership to real property when

bankruptsy is not an issue...
Alexia can a Judge give receivership to real property when bankruptsy is not an issue and collection of a judgment is the only issue at hand?
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Answered in 2 hours by:
6/8/2013
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39,498
Experience: Retired
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Hello,

Bankruptcy is not the criterion for appointment of a receiver.

 

Under N.J.S.A. 14A:14-2:

(1) A receivership action may be brought in the Superior Court by

(a) a creditor whose claim is for a sum certain or for a sum which can by computation be made certain; or

(b) a shareholder or shareholders who individually or in combination own at least ten per cent of the outstanding shares of any class of the corporation; or

(c) the corporation, pursuant to resolution of its board.

(2) The action shall be based upon at least one of the following grounds:

(a) the corporation is insolvent;

(b) the corporation has suspended its ordinary business for lack of funds;

(c) the business of the corporation is being conducted at a great loss and greatly prejudicial to the interests of its creditors or shareholders.

 

Although it may not be immediately obvious from the above-quoted statute, the history of receivership under the common law of every U.S. jurisdiction is that a receiver will not be appointed against an individual debtor, except to collect rents on behalf of a mortgagee. . Kaufman v. 53 Duncan Investors, L.P., 368 N.J.Super. 501 (2004); 50 Harv. L. Rev. 1323 June, 1937 Harvard Law Review ("By the overwhelming weight of authority a receiver will not be appointed for an individual at the suit of an unsecured contract creditor even with the consent of the debtor.").

 

In sum, only an incorporated entity or partnership is susceptible to receivership -- the one exception being that a mortgagee can obtain a court-appointed receiver to collect rents as against an individual mortgagor's property.

 

Hope this helps.

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Customer reply replied 4 years ago


can you have a receicer appointed fora trust or llc

A trust, for tax law purposes, is a separate legal entity. However, for all other legal purposes, a trust is simply a contract between a trustor/settlor/grantor and a trustee, to hold property in trust for the equitable use of a beneficiary. The trustee may be a natural person, or a corporation or other separate legal entity. To the extent that a trustee is a separate legal entity, rather than a natural person, a receiver may be appointed.

An LLC is a modern variant of a limited liability partnership. As such, it too, may be subjected to receivership. Silverman v. Kolker, 149 N.J.Super. 162, 373 A.2d 442 (NJ Super. Ct. Chancery 1977).

Hope this helps.
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39,498
Experience: Retired
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Customer reply replied 4 years ago


Thank you so muh

You're welcome and good luck!
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socrateaser
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