Receiverships: Court Regulated Protection of Assets In Litigation
The philosopher George Santayana observed that those who cannot remember the past are condemned to repeat it. Many seem to have forgotten that the “white hot” real estate market of 2007 turned out to be a bubble which popped, causing dramatic and unfortunate disruptions of the New York commercial and residential markets in 2008. This created myriad foreclosure actions and other related property litigation in which the courts appointed receivers. The same thing happened in the early 1990s.
While perhaps it is premature to say it, what started in New York as “red hot” at the start of 2014 could end in the red in 2016. Thus, a tide of receiverships could once again be in the offing. The class will address receiverships, considerations in accepting or rejecting a receivership, who may, and who may not, serve as a receiver, functions, duties and responsibilities of a receiver, receiver compensation, obtaining payment and terminating a receivership, and many other issues related to receiverships. It will also examine the unique matrix of ethical rules regulating receiverships, which in frequent instances are analogous to ethics rules governing the practice of law.