(a) The court may appoint a receiver:

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Terms Used In Tennessee Code 29-40-106

  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Court: means a chancery court in this state. See Tennessee Code 29-40-102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See Tennessee Code 29-40-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Owner: means the person for whose property a receiver is appointed. See Tennessee Code 29-40-102
  • Person: means an individual. 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
  • 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
  • Rents: means :
    (A) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See Tennessee Code 29-40-102
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
(1) Before judgment, to protect a party that demonstrates an apparent right, title, or interest in real property that is the subject of the action, if the property or the property’s revenue-producing potential:

(A) Is being subjected to or is in danger of waste, loss, dissipation, or impairment; or
(B) Has been or is about to be the subject of a voidable transaction;
(2) After judgment:

(A) To carry the judgment into effect; or
(B) To preserve nonexempt real property pending appeal or when an execution has been returned unsatisfied and the owner refuses to apply the property in satisfaction of the judgment;
(3) In an action in which a receiver for real property may be appointed on equitable grounds; or
(4) During the time allowed for redemption, to preserve real property sold in an execution or foreclosure sale and secure the property’s rents to the person entitled to the property’s rents.
(b) In connection with the foreclosure or other enforcement of a mortgage, a mortgagee is entitled to appointment of a receiver for the mortgaged property if:

(1) Appointment is necessary to protect the property from waste, loss, transfer, dissipation, or impairment;
(2) The mortgagor agreed in a signed record to appointment of a receiver on default;
(3) The owner agreed, after default and in a signed record, to appointment of a receiver;
(4) The property and any other collateral held by the mortgagee are not sufficient to satisfy the secured obligation;
(5) The owner fails to turn over to the mortgagee proceeds or rents the mortgagee was entitled to collect; or
(6) The holder of a subordinate lien obtains appointment of a receiver for the property.
(c) The court may condition appointment of a receiver without prior notice under § 29-40-103(b)(1) or without a prior hearing under § 29-40-103(b)(2) on the giving of security by the person seeking the appointment for the payment of damages, reasonable attorney’s fees, and costs incurred or suffered by any person if the court later concludes that the appointment was not justified. If the court later concludes that the appointment was justified, the court shall release the security.
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