115Powers, remuneration and duties of receiver

115 Powers, remuneration and duties of receiver

115 Powers, remuneration and duties of receiver

(1) Except where otherwise expressly provided, this section applies only to a receiver appointed under the power in that behalf conferred by this Act.

(2) The receiver shall be deemed to be the agent of the mortgagor or person whose land is subject to the charge, and the mortgagor or person shall be solely responsible for the receiver’s acts or defaults, unless the instrument creating the mortgage or the covenant under which the charge arose otherwise provides.

(3) The receiver shall have power to demand and recover all the income of the property of which he or she is appointed receiver, by action or otherwise, in the name either of the mortgagor or person whose land is subject to the charge or of the mortgagee or chargee, to the full extent of the estate or interest which the mortgagor or person could dispose of, and to give effectual receipts accordingly, for the same, and to exercise any powers which may have been delegated to him or her by the mortgagee or chargee pursuant to this Act.

(4) A person paying money to the receiver shall not be concerned to inquire whether any case has happened to authorise the receiver to act.

(5) The receiver may be removed, and a new receiver may be appointed, from time to time by the mortgagee or chargee, as the case may require, by writing under his or her hand.

(6) The receiver shall be entitled to retain out of any money received by him or her, for his or her remuneration, and in satisfaction of all costs, charges, and expenses incurred by him or her as receiver, a commission at such rate, not exceeding five per centum on the gross amount of all money received, as is specified in his or her appointment, and if no rate is so specified, then at the rate of five per centum on that gross amount, or at such higher rate as the Court thinks fit to allow, on application made by him or her for that purpose.

(6A) Where a mortgagee or chargee or two or more co-mortgagees is or are entitled to appoint a receiver under the power in that behalf conferred by this Act or by the instrument creating the mortgage or the covenant under which the charge arose, or is or are in possession of the mortgaged or charged property, and such mortgagee or chargee or one of such co-mortgagees is a trust corporation, such mortgagee or chargee or co-mortgagees may appoint such trust corporation receiver and in that event such trust corporation shall be entitled to retain out of any money received by it as such receiver for its remuneration, and in satisfaction of all costs, charges and expenses incurred by it as such receiver, such commission as would under the provisions of this Act or of that instrument, as the case may be, be retainable by another person if appointed receiver.