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receiver definition
1) a neutral person (often a professional trustee) appointed by a judge to take
charge of the property and business of one of the parties to a lawsuit and receive
his/her rents and profits while the right to the moneys has not been finally decided.
Appointment of a receiver must be requested by petition of the other party to the
suit, and will only be authorized if there is a strong showing that the moneys would
not be available when a decision is made. The funds are held for the prevailing
party. 2) a person appointed to receive rents and profits coming to a debtor either
while a bankruptcy is being processed or while an arrangement is being worked out
to pay creditors, so that funds will be paid for debts and possibly available for
distribution to creditors. 3) shorthand for one who commits the crime of receiving
stolen goods knowing they were obtained illegally.
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