[Download] "First National Bank Fairbanks v. Margaret" by Supreme Court of Alaska " Book PDF Kindle ePub Free
eBook details
- Title: First National Bank Fairbanks v. Margaret
- Author : Supreme Court of Alaska
- Release Date : January 28, 1964
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
AREND, Justice. This case concerns itself principally with the duties and responsibilities of a court-appointed receiver of
property involved in a mortgage foreclosure proceeding and of the responsibility, if any, for the payment of the receivership
expenses by the party requesting the appointment of the receiver. It is provided by statute in this jurisdiction that a receiver may be appointed by the court 'provisionally, before judgment,
on the application of either party, when his right to the property which is the subject of the action or proceeding and which
is in the possession of an adverse party is probable, and where it is shown that the property or its rents or profits are
in danger of being lost or materially injured or impaired'. 1 The receiver is required to take an oath and file an undertaking
'that he will faithfully discharge the duties of receiver and obey the orders of the court.' 2 On May 10, 1955, the appellant,
the First National Bank of Fairbanks, commenced an action in the District Court for the District of Alaska 3 to foreclose
its real and chattel mortgage on certain property designated as the Black Rapids Lodge, situate on the Richardson Highway
about 138 miles south of Fairbanks. Simultaneously the bank moved for the appointment of one Mort Cass as receiver to take
possession of and operate the lodge until the entry of a final decree in the action. 4 The court granted the bank's motion
and appointed Cass the receiver, not without strenuous objection, however, by Black Rapids Hunting Lodge, Inc., successor
to Margaret M. Dual, who had mortgaged the lodge to the bank.