Law of Property Act receiver
- Law of Property Act receiver
-
England, Wales
A person (not necessarily an insolvency practitioner) appointed under the Law of Property Act 1925 by a lender holding a fixed charge over property to enforce the lender's security. An LPA receiver has the powers and duties specified in and limited by the Law of Property Act 1925 but these can be modified by express provisions in the security document. An LPA receiver is usually appointed with a view to selling the charged property or collecting the rental income from it for the lender.
A receiver appointed under an express power in a security document creating fixed charges over assets is often also referred to as an LPA receiver (to distinguish it from an administrative receiver appointed by a floating charge holder) although technically this is incorrect. Most modern security documents contain an express power to appoint a receiver and it is now rare for a lender to rely on the power implied by the Law of Property Act 1925.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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