Final answer:
A Temporary Receivership is a legal measure where a court appoints a receiver to manage and protect property or assets involved in a dispute, serving as a neutral party until a final decision is reached.
Step-by-step explanation:
A Temporary Receivership refers to a provisional remedy in the legal system whereby a court appoints a neutral third party (known as a receiver) to administer, preserve, and manage the property or assets that are the subject of litigation. This is often done to prevent harm or loss that could result from a dispute over the property or assets. The receiver is given authority to take control of and protect the property, but does so temporarily until the court can make a final decision on the matter at hand.
A temporary receivership is a legal remedy that allows for the appointment of a temporary receiver to manage and protect assets or property during ongoing litigation. It is typically used when there is a risk of harm to the assets or property involved in a lawsuit.For example, let's say a company is being sued for fraud, and there is a concern that the company may try to hide or dissipate its assets to avoid paying damages. In such a case, a temporary receiver may be appointed by the court to take control of the company's assets and ensure they are preserved until the lawsuit is resolved.