Receiver’s Duty to Report and Keep Accurate Account

A receiver should look to local court rules for guidance on filing of reports and an inventory in receivership cases. Absent a relevant court rule, the receiver should look to the appointing court for the frequency and manner of filing. A receiver should also file an account of receipts and disbursements with the appointing court in the frequency and manner as required by the court. The receiver should have support for the accuracy of the expenditures in the report prepared by the receiver.38 Vouchers supporting the expenditures should be preserved by the receiver.

The receiver should file a final account and report “to give account of his complete stewardship and at the same time lay the foundation for the receiver’s discharge.” Clark on Receivers §383.1(a), Vol. 2, pg. 644. All interested parties should receive notice of the receivers filing of a final account and request for discharge.39

38 Standish v. Musgrove, 223 Ill 500, 506, 79 NE 161 (1906)
39 Farmer’s Savings Bank of Shelby v. Pomeroy, 211 Iowa 337, 233 NW 488 (1930).