
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 28USC3103]

 
               TITLE 28--JUDICIARY AND JUDICIAL PROCEDURE
 
                     PART VI--PARTICULAR PROCEEDINGS
 
             CHAPTER 176--FEDERAL DEBT COLLECTION PROCEDURE
 
                   SUBCHAPTER B--PREJUDGMENT REMEDIES
 
Sec. 3103. Receivership

    (a) Appointment of a Receiver.--If the requirements of section 3101 
are satisfied, a court may appoint a receiver for property in which the 
debtor has a substantial nonexempt interest if the United States shows 
reasonable cause to believe that there is a substantial danger that the 
property will be removed from the jurisdiction of the court, lost, 
concealed, materially injured or damaged, or mismanaged.
    (b) Powers of Receiver.--(1) The appointing court may authorize a 
receiver--
        (A) to take possession of real and personal property and sue 
    for, collect, and sell obligations upon such conditions and for such 
    purposes as the court shall direct; and
        (B) to administer, collect, improve, lease, repair or sell 
    pursuant to section 3007 such real and personal property as the 
    court shall direct.

A receiver appointed to manage residential or commercial property shall 
have demonstrable expertise in the management of these types of 
property.
    (2) Unless expressly authorized by order of the court, a receiver 
shall have no power to employ attorneys, accountants, appraisers, 
auctioneers, or other professional persons.
    (c) Duration of Receivership.--A receivership shall not continue 
past the entry of judgment, or the conclusion of an appeal of such 
judgment, unless the court orders it continued under section 3203(e) or 
unless the court otherwise directs its continuation.
    (d) Accounts; Requirement to Report.--A receiver shall keep written 
accounts itemizing receipts and expenditures, describing the property 
and naming the depository of receivership funds. The receiver's accounts 
shall be open to inspection by any person having an apparent interest in 
the property. The receiver shall file reports at regular intervals as 
directed by the court and shall serve the debtor and the United States 
with a copy thereof.
    (e) Modification of Powers; Removal.--On motion of the receiver or 
on its own initiative, the court which appointed the receiver may remove 
the receiver or modify the receiver's powers at any time.
    (f) Priority.--If more than one court appoints a receiver for 
particular property, the receiver first qualifying under law shall be 
entitled to take possession, control, or custody of the property.
    (g) Compensation of Receivers.--(1) A receiver is entitled to such 
commissions, not exceeding 5 percent of the sums received and disbursed 
by him, as the court allows unless the court otherwise directs.
    (2) If, at the termination of a receivership, there are no funds in 
the hands of a receiver, the court may fix the compensation of the 
receiver in accordance with the services rendered and may direct the 
party who moved for the appointment of the receiver to pay such 
compensation in addition to the necessary expenditures incurred by the 
receiver which remain unpaid.
    (3) At the termination of a receivership, the receiver shall file a 
final accounting of the receipts and disbursements and apply for 
compensation setting forth the amount sought and the services rendered 
by the receiver.

(Added Pub. L. 101-647, title XXXVI, Sec. 3611, Nov. 29, 1990, 104 Stat. 
4944.)

                  Section Referred to in Other Sections

    This section is referred to in section 3101 of this title.
