(a) The court may appoint a receiver appointed in another state, or that person‘s nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be appointed under this chapter, if:

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Terms Used In Tennessee Code 29-40-124

  • Court: means a chancery court in this state. See Tennessee Code 29-40-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual. 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
  • 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: means a proceeding in which a receiver is appointed. See Tennessee Code 29-40-102
  • 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
(1) The person or nominee would be eligible to serve as receiver under § 29-40-107; and
(2) The appointment furthers the person’s possession, custody, control, or disposition of property subject to the receivership in the other state.
(b) The court may issue an order that gives effect to an order entered in another state appointing or directing a receiver.
(c) Unless the court orders otherwise, an ancillary receiver appointed under subsection (a) has the rights, powers, and duties of a receiver appointed under this chapter.
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