Railroad Finance

By Frederick A. Cleveland; Fred Wilbur Powell | Go to book overview

CHAPTER XIII
RECEIVERSHIP

The Receiver. -- A receiver is an officer appointed by a court, as an impartial person to take into custody property which is the subject of litigation, when it does not seem equitable that any of the contending parties should be allowed to have control. The office is that of a minister or agent, subject to the orders of the court and with little or no discretionary power; and such authority as is given must be exercised for the benefit of all the parties interested until it is determined which one is entitled to actual possession. The receiver's function is to preserve the property from waste or destruction, to collect the revenues and proceeds, and to make final delivery according to the priorities or rights of those whose claims have been judicially approved. But while the purpose of a receivership was originally to close out the affairs of a business or estate, with the growth of corporate activity, the courts have found it necessary to enlarge the powers of receivers so as to enable them to perform the duties of managers, and thus make possible the final disposition of the property as a going concern.

Bondholders' Right to Possession and Sale. -- In the mortgage or trust deed which is executed to secure the payment of an issue of bonds, title to certain property is conveyed to a trustee with power to sell in the event of default, and to apply the proceeds to the satisfaction of the debt. The time which must elapse between a default and action on the part of the trustees varies; it may be sixty days in one case, and a year or more in another. The number of bondholders who may require the trustee to

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