A real estate receiver is a court-appointed individual who is given custodial responsibility over real property that serves as collateral for a loan in default. Once appointed by the court, the receiver completely displaces the borrower and becomes responsible for the tangible and intangible assets related to the property. Owing a fiduciary duty to the court and parties involved in the litigation, the receiver makes all decisions regarding management and operations, including leasing, improvements, and in some cases, positioning the property for sale.