The process where a court orders an outside party to take custodial responsibility of another’s property is called receivership.
It’s a common law process that goes back about 500 years or so; however, there is no guidance in state law regarding the practice.
Rep. Joe Hoppe (R-Chaska) and Sen. Dave Thompson (R-Lakeville) sponsor a new law, signed by Gov. Mark Dayton March 30, which lays out a framework for receiverships. It takes effect Aug. 1, 2012.
The law also makes limited changes to statutes by clarifying receivership requirements in an effort to provide transparency to the rules and requirements.
Court-appointed receiverships can be used to protect real estate, liquidate fraudulently operated businesses or seize assets being withheld in a divorce.
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SF352/CH143
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