Legal Receiver Appointment Order

LEGAL RECEIVER APPOINTMENT ORDER

Court:    Case No.:

In re: Applicant Name:    v.    Respondent Name:

Judge:    Hearing Date: / /

RECITALS

WHEREAS, Applicant presented a verified motion, sworn affidavits, and supporting exhibits requesting the appointment of a receiver over certain assets and business operations alleged to be at risk of dissipation or injury; and

WHEREAS, the Court conducted a hearing on the motion on / / and the Court finds there is probable cause to appoint a receiver to preserve and manage the subject property and business affairs pending final determination.

WHEREAS, the Court finds that the appointment of a receiver is necessary to prevent irreparable harm, to preserve assets for the benefit of interested parties, and to secure the orderly administration and accounting of receipts, disbursements, and property;

NOW, THEREFORE, IT IS ORDERED, ADJUDGED, AND DECREED as follows:

1. APPOINTMENT

The Court appoints as Receiver (the "Receiver") with authority and duties as set forth in this Order. The Receiver accepts appointment under the terms of this Order.

2. SCOPE AND POWERS OF THE RECEIVER

The Receiver shall have all powers necessary to preserve, manage, operate, and protect the assets described in Exhibit A attached hereto and any other assets identified in filings in this action, including but not limited to the following powers (subject to Court order and applicable law):

a. To take exclusive possession and control of the assets, books, records, accounts, keys, and documents of the business or property identified in Exhibit A; to change locks and secure premises as necessary; and to exclude any person whose presence the Receiver reasonably deems inconsistent with preservation of assets.

b. To collect rents, income, accounts receivable, and other sums due; to demand, sue for, compromise, settle, and collect claims belonging to the receivership estate; and to take legal action in the name of the Receiver subject to further order of the Court.

c. To operate the business, to engage employees and independent contractors, to retain attorneys, accountants, brokers, property managers, appraisers, and other professionals as necessary, and to delegate duties where appropriate.

d. To open and maintain bank accounts in the name of the Receiver for receipts and disbursements of receivership funds; to pay ordinary and necessary expenses of operation, preservation, and administration; and to provide periodic statements to the Court.

e. To take such steps as are reasonable and necessary to preserve assets pending further order of the Court, including but not limited to arranging for insurance, storage, maintenance, and any necessary repairs.

3. DUTIES OF THE RECEIVER

The Receiver shall:

a. Within days of appointment, prepare and file with the Court and serve on the parties an inventory and statement of assets and liabilities under the Receiver's control, together with a list of receipts and disbursements to date.

b. Maintain accurate books and records of all transactions and provide monthly accountings to the parties and to the Court as ordered.

4. RECEIVER BOND

Before exercising any powers granted by this Order, the Receiver shall post a bond in the amount of $ conditioned on the faithful performance of the Receiver's duties, unless the Court waives the bond requirement for good cause shown.

5. CUSTODY, ACCESS AND COOPERATION

All persons and entities in possession of property subject to this Order shall surrender possession and provide reasonable access to the Receiver upon request. Law enforcement and other officials are authorized to assist the Receiver in obtaining possession consistent with this Order.

6. COMPENSATION AND EXPENSES

The Receiver shall be compensated at the rate of $ and shall be reimbursed for reasonable out-of-pocket expenses. The Receiver shall submit periodic fee applications or invoices to the Court and the parties in accordance with the Court's procedures and shall not be paid except upon Court approval.

7. SALES AND DISPOSITION OF ASSETS

The Receiver may sell, lease, or otherwise dispose of receivership property only upon express prior approval of the Court. Any proposed sale shall be noticed to the parties and conducted in a commercially reasonable manner, with the Receiver providing the Court with documentation of marketing efforts, bids, and the proposed terms.

8. REPORTS AND ACCOUNTING

The Receiver shall file reports with the Court and serve copies on the parties every days, or as otherwise ordered, detailing receipts, disbursements, actions taken, and any material developments.

9. TURNOVER

Any party in possession of records, keys, electronic files, or other materials belonging to the receivership estate shall turn over such materials to the Receiver upon request. The Receiver is authorized to take copies of books, records, and electronic data for the administration of the receivership.

10. TERM AND TERMINATION

The receivership shall continue until terminated by further order of the Court. The Receiver shall file a final accounting and proposed distribution of funds prior to discharge.

11. NOTICES

12. GOVERNING LAW

This Order and the rights and obligations of the parties and the Receiver shall be governed by the laws of the jurisdiction in which the Court presides.

13. ENTIRE AGREEMENT

This Order constitutes the entire directive of the Court regarding the appointment and authority of the Receiver, superseding prior inconsistent orders to the extent of any conflict.

14. SEVERABILITY

If any provision of this Order is held invalid or unenforceable, the remainder shall continue in full force and effect to the maximum extent permitted by law.

15. AMENDMENT; WAIVER; COUNTERPARTS

This Order may be amended or modified only by further order of the Court. No failure or delay by any party in exercising any right shall operate as a waiver thereof. This Order may be executed in counterparts and by facsimile or electronic signature for filing purposes.

EXHIBIT A — DESCRIPTION OF PROPERTY SUBJECT TO RECEIVERSHIP

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