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LOS ANGELES-Agents of the court—not of the parties involved in adispute—receivers play a unique role incommercial real estate. The appointment of thereceiver is an ancillary proceeding concerned with the preservationof a property whose owner has been either temporarily orpermanently removed from taking care of that property (as in adelinquent borrower or foreclosure situation), in which case thepreservation falls under the aegis of the lender and the court. Thereceiver is thus entrusted by both to protect and preserve theasset, and in some cases to manage or dispose of it in the bestmanner possible and for the best interest of all partiesconcerned.

In recent economic times, when foreclosureinstances were plentiful, receivers have been in high demand. AsGlobeSt.com previously reported, with about 65% of the $1.7trillion or so worth of commercial mortgage-backedloans maturing in the next four to five years consideredunsuitable for refinancing, receivers will be assuming anever-increasing role in the mounting saga of distressed properties.Also, receivers are needed for different and more specializedservices than they performed in the past, say industry experts.