Passive Receivers Law and Legal Definition
A receiver is a person appointed by a court to administer or hold in trust, property in bankruptcy or in a lawsuit. Passive receivers are those receivers who merely preserve the property, collect the assets, and report the fund to the court for distribution. Alternatively, active receivers are those to whom are confided the management of going concerns. [State Bank of Virginia v. Domestic Sewing-Mach. Co., 99 Va. 411 (Va. 1901)].