Current through Register Vol. 54, No. 45, November 9, 2024
Rule 1533 - Special Relief. Receivers(a) A temporary receiver may be appointed without notice if required by the exigencies of the case. Except as otherwise provided by an Act of Assembly, such appointment may not be made unless(1) The plaintiff files a bond in an amount fixed and with security approved by the court, naming the Commonwealth as obligee, conditioned that if the appointment is vacated because improperly made the plaintiff shall pay to any person injured all damages sustained by reason of such appointment and all legally taxable costs and fees, or(2) The plaintiff deposits with the prothonotary legal tender of the United States in an amount fixed by the court to be held by the prothonotary upon the same condition as provided for the bond. A hearing on the continuation or revocation of the appointment shall be held promptly. Notice of the hearing shall be given by the temporary receiver to all persons interested, including creditors and stockholders, if any, whose addresses are known or can be ascertained.(b) No officer of a corporation or member of a partnership shall be appointed sole temporary receiver of the property of the corporation or partnership but, after hearing, an officer or member may be appointed sole permanent receiver.(c) The court may refuse to appoint a receiver for property and may permit the person in possession to retain it if the person gives such security as the court shall direct. The court may remove a receiver and restore the property to the person from whom it was taken if the person gives such security as may be required.(d) Except as otherwise provided by an Act of Assembly, a receiver, whether temporary or permanent, must give such security for the faithful performance of the receiver's duty as the court shall direct. A receiver shall not act until he or she has given the security required.(e) Except in the case of a public utility, an order authorizing a receiver to operate a business shall be limited to a fixed period, which may be extended from time to time upon cause shown after notice to all parties in interest.(f) Except as otherwise provided by an Act of Assembly, the court upon appointing a permanent receiver shall also appoint two appraisers who shall promptly inventory and appraise all assets of the defendant. The compensation of the appraisers shall be determined by the court.(g) Every order appointing a permanent receiver shall fix the time within which the receiver shall file a report setting forth the property of the debtor, the interests in and claims against it, its income-producing capacity and recommendations as to the best method of realizing its value for the benefit of those entitled.(h) These rules shall not be deemed to impose upon the Secretary of Banking, the Insurance Commissioner or other public officer acting as statutory receiver any duties or restrictions which are in conflict with the Acts of Assembly authorizing their appointment and prescribing their rights and duties.The provisions of the Rule 1533 adopted January 4, 1952, effective 7/1/1952. See Section 501 of the Act of May 17, 1921, P. L. 789, added December 14, 1977, P. L. 280, No. 92, 40 P. S. § 221.1 et seq. and Sections 606 and 701 of the Act of May 15, 1933, P. L. 565, 71 P. S. §§ 733-606, 733-701, relating to appointment of the Insurance Commissioner and the Secretary of Banking as receiver; amended June 3, 1994, effective 7/1/1994, 24 Pa.B. 3010; amended April 12, 1999, effective 7/1/1999, 29 Pa.B. 2274; amended December 16, 2003, effective 7/1/2004, 34 Pa.B. 9; amended October 15, 2004, effective immediately, 34 Pa.B. 5889.