A Treatise on the Law and Procedure of Receivers; With Forms Being a Greatly Enl., Newly Classified, and Entirely Rewritten 2D Ed. of Smith on Receivers Volume 1
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ... will. Gooden v. Vinke, 87 1Il. App. S62. An order of the court, even though erroneous, may serve to protect the receiver, at least so far as his acts and expenditures inure to the benefit of the property and the parties interested therein.10 Before taking any step in connection with his management of the property, the receiver, for his own protection, should, however, seek an order of the court directing him what to do,11 but even though he proceeds on his own judgment and exceeds the strict letter of the order appointing him the court may subsequently ratify his acts.12 Where the mortgage covers property used for business purposes, the court may authorize the receiver to carry on the business. Leader Pub. Co. v. Grant Trust & Savings Co., 182 Ind. 651, 108 N. E. 121. The court has power to appoint a receiver whose duty it is to rent the property, if it is rentable; and the duty to rent implies authority to reduce rents at the expiration of existing leases, if such reduction is necessary to secure tenants and make the property productive; but it is improper for the court to reduce the rent during the pendency of an existing lease, without any showing that such reduction will be for the benefit of the mortgagor or the mortgagee. Northwestern Mut. Life Ins. Co. v. Burr, 60 Neb. 467, 476, 83 N. W. 663, 664. A receiver should be authorized to make only such repairs as are strictly necessary to preserve the property. Kronenthal v. Rosenthal, 144 N. Y. Supp. 830; Schaefer v. Fanning, 170 N. Y. Supp. 849. 8 Van Pelt v. Russell (Ark.), 203 S. W. 267. 9 More et al. v. Lane et al. 37 N. D. 563, 164 N. W. 292. io Ball v. Improved Property Holding Co. of New York, 220 Fed. 637, 136 C. C. A. 245; Locke v. Klunker, 123 Cal. 231, 55 Pac. 993; Ruprecht v....
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