Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Owner: means the person for whose property a receiver is appointed. See Tennessee Code 29-40-102
Proceeds: means the following property: (A) Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property. See Tennessee Code 29-40-102
Property: includes proceeds, products, offspring, rents, or profits of or from the property. See Tennessee Code 29-40-102
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Tennessee Code 29-40-102
Receivership property: includes any proceeds, products, offspring, rents, or profits of or from the property. See Tennessee Code 29-40-102
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Tennessee Code 29-40-102
Subpoena: A command to a witness to appear and give testimony.
(1) Collect, control, manage, conserve, and protect receivershipproperty;(2) Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property in the ordinary course of business;(3) In the ordinary course of business, incur unsecured debt and pay expenses incidental to the receiver’s preservation, use, sale, lease, license, exchange, collection, or disposition of receivership property;(4) Assert a right, claim, cause of action, or defense of the owner that relates to receivership property;(5) Seek and obtain instruction from the court concerning receivership property, exercise of the receiver’s powers, and performance of the receiver’s duties;(6) On subpoena, compel a person to submit to examination under oath, or to produce and permit inspection and copying of designated records or tangible things, with respect to receivership property or any other matter that may affect administration of the receivership;(7) Engage a professional as provided in § 29-40-115;(8) Apply to a court of another state for appointment as ancillary receiver with respect to receivership property located in that state; and(9) Exercise any power conferred by court order, this chapter, or a law of this state other than this chapter.(b) With court approval, a receiver may:
(1) Incur debt for the use or benefit of receivership property other than in the ordinary course of business;(2) Make improvements to receivership property;(3) Use or transfer receivership property other than in the ordinary course of business as provided in § 29-40-116;(4) Adopt or reject an executory contract of the owner as provided in § 29-40-117;(5) Pay compensation to the receiver as provided in § 29-40-121, and to each professional engaged by the receiver as provided in § 29-40-115;(6) Recommend allowance or disallowance of a claim of a creditor as provided in § 29-40-120; and(7) Make a distribution of receivership property as provided in § 29-40-120.(c) A receiver shall:
(1) Prepare and retain appropriate business records, including a record of each receipt, disbursement, and disposition of receivership property;(2) Account for receivership property, including the proceeds of a sale, lease, license, exchange, collection, or other disposition of the property;(3) File with the county clerk of the county where the real property is located a copy of the order appointing the receiver and, if a legal description of the real property is not included in the order, the legal description;(4) Disclose to the court any fact arising during the receivership that would disqualify the receiver under § 29-40-107; and(5) Perform any duty imposed by court order, this chapter, or the law of this state, other than this chapter.(d) The powers and duties of a receiver may be expanded, modified, or limited by court order.
