This case has been cited 1 times or more.
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2000-06-19 |
DAVIDE JR., C.J. |
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| The fact that respondent is under receivership does not divest the HLURB of that jurisdiction. A receiver is a person appointed by the court, or in this instance, by a quasi~judicial administrative agency, in behalf of all the parties for the purpose of preserving and conserving the property and preventing its possible destruction or dissipation, if it were left in the possession of any of the parties.[19] It is the duty of the receiver to administer the assets of the receivership estate; and in the management and disposition of the property committed to his possession, he acts in a fiduciary capacity and with impartiality towards all interested persons.[20] The appointment of a receiver does not dissolve a corporation, nor does it interfere with the exercise of its corporate rights.[21] In this case where there appears to be no restraints imposed upon respondent as it undergoes rehabilitation receivership,[22] respondent continues to exist as a corporation and hence, continues or should continue to perform its contractual and statutory responsibilities to petitioners as homeowners. | |||||