1. Introduction
Provisions have been provided about receiver not only in
Transfer of Property act, but in Civil Procedure Code. Comparative study of
such provisions reveals that receiver, who is appointed under Transfer of
Property Act, is a special receiver, and he is appointed for a particular
purpose. However, such receiver does not have that status, which has been
described for receiver under Civil Procedure Code. Even such receiver does not
have those powers, which have been described in Civil Procedure Code.
2. Appointment of Receiver
Under Transfer of Property Act, following points are
important for explanation of appointment of receiver;
(i) Who can Appoint Receiver?
Following can appoint receiver of income of
mortgaged-property;
(a) Appointment of receiver by Mortgagee
Mortgagee, who has power to sell mortgaged-property without
intervention of court on default of payment of mortgage-money, can appoint
receiver.
(b) Appointment of Receiver By Court
Court can also appoint receiver.
(ii) Who can be appointed as Receiver?
Following persons can be appointed as receiver;
(a) Any Person, who has been named in Mortgage-deed
Mortgagee can appoint any person as receiver when such
person has been named in mortgage-deed and is willing and able to act as
receiver.
(b) Any person to whose Appointment Mortgagor Agrees
If no person has been named in mortgage-deed or if all
persons, who have been named in mortgage-deed, are unable or unwilling to act
or are dead, mortgagee can appoint any person to whose appointment mortgagor
agree.
(c) Any Person Appointment through Court
If mortgagor does not agree to appointment of any person as
receiver by mortgagee, mortgagee is entitled to apply to court of appointment
of receiver. And any person, who is appointed by court, is deemed to have duly
appointed by mortgagee.
3. Duties of Receiver
Followings are duties of receiver;
(i) Administration of Mortgaged-property
Duty of receiver is to administer mortgaged-property.
(ii) Collections From mortgaged-property
It is duty of receiver to make collections from
mortgaged-property amicably or though suit.
(iii) Insurance of Mortgaged-property
Receiver is to insure mortgaged-property especially when
mortgagee gives written requisition.
(iv) Use of Money
Receiver is to use all the money, which he receives in
following manner;
(i)
Payment of cost of
collections
(ii)
Payment of rents, taxes and
land revenue
(iii)
Payment of charges,
receiver’s own commission and insurance premium
(iv)
Payment of interest
(v)
Payment of principal amount
of mortgage
(vi)
Payment to entitled person
4. Conclusion
To conclude, it can be stated that receiver is considered
agent of mortgagor, and mortgagor is responsible for acts and defaults of
receiver particularly when receiver’s acts and defaults are not caused through
mortgagee’s improper intervention.
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