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"Ten Musts For All Receiverships"

Prepared by, Peter Davidson, Ervin Cohen & Jessup LLP, Taylor B. Grant, Real Estate Receiverships, and Richard Ormond, Buchalter Nemer, this document does not represent the views of the Los Angeles County Bar Association.

Ten Appointing Order Musts From The Court's Perspective
  1. Clear instructions with regard to turnover if a bankruptcy is filed.
  2. Clear instructions with regard to turnover if a lender forecloses.
  3. Full disclosure of all affiliates of the Receiver with regard to billing practices.
  4. Guidance as to Receiver's responsibility in regards to any Security Deposits.
  5. Instructions regarding the Receiver's authority of concerning entitlements, DRE, building permits, HOA, etc. to avoid further court appearances.
  6. Clear authority to hire counsel.
  7. Clear instructions concerning use of a tax identification number.
  8. Guidance as to the Defendant and Plaintiff's responsibilities to cooperate and provide information, access, etc.
  9. A clear temporary restraining order, as applicable.
  10. Clear instructions concerning utility companies and the US Post office regarding cooperation with the Receiver.
Ten Receiver Musts From The Court's Perspective
  1. Avoid conflicts of interest and represent the court as a neutral.
  2. Fulfill the obligations of the appointing order using their best business judgment.
  3. File complete and accurate interim reports if requested by the court.
  4. Operate in a totally transparent manner. All parties to the action our entitled to the work product of the receiver, unless otherwise instructed by the court.
  5. Do not overreach the appointing order, ask the judge for instructions.
  6. When selling property from the estate, notify all parties and obtain stipulations, notices of no opposition or other clarity as to each party's position.
  7. Do not enter into any fee or other compensation agreements with either party pre foreclosure and do not act as the Plaintiff's "agent".
  8. Verify that adequate insurance is in place immediately and insure all parties as appropriate.
  9. Prior to making leases beyond one year or non emergency capital improvements obtain court approvals.
  10. Remember you are the court's neutral representative and be prepared to explain anything you do to your "boss" the judge, with the "neutrality light" shining in your face!

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