receivership in foreclosure
- receivership in foreclosure
-
A receivership in all action for the foreclosure of a mortgage or lien. 45 Am J1st Rec § 3. A proceeding in aid of an action for the foreclosure of a mortgage on real estate, wherein a receiver is appointed to take possession of the mortgaged property, collect the rents and profits, pay the expenses of the receivership, insurance, and taxes, account for the surplus proceeds, and turn them over to the court for application on the mortgage debt or, if not required for satisfac-
tion thereof to the mortgagor. 37 Am J1st Mtg § 912.
Ballentine's law dictionary.
Anderson, W.S..
1998.
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