Property Law Act 1958

A mortgagee entitled to appoint a receiver under the power in that behalf conferred by this Part shall not appoint a receiver until he has become entitled to exercise the power of sale conferred by this Part, or by the Transfer of Land Act 1958, but may then, by writing under his hand, appoint such person as he thinks fit to be receiver.

A receiver appointed under the powers conferred by this Part, or any corresponding previous enactment, shall be deemed to be the agent of the mortgagor; and the mortgagor shall be solely responsible for the receiver's acts or defaults unless the mortgage deed otherwise provides.

The receiver shall have power to demand and recover all the income of which he is appointed receiver, by action, distress or otherwise, in the name either of the mortgagor or of the mortgagee, to the full extent of the estate or interest which the mortgagor could dispose of, and to give effectual receipts accordingly for the same, and to exercise any powers which may have been delegated to him by the mortgagee pursuant to this Part.

A person paying money to the receiver shall not be concerned to inquire whether any case has happened to authorize the receiver to act.

The receiver may be removed, and a new receiver may be appointed, from time to time by the mortgagee by writing under his hand.

The receiver shall for his remuneration, and in satisfaction of all costs, charges and expenses incurred by him as receiver, be entitled to retain out of any money received by him, a commission at such rate, not exceeding five per centum on the gross amount of all money received, as is specified in his 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 for that purpose.

The receiver shall, if so directed in writing by the mortgagee, insure to the extent (if any) to which the mortgagee might have insured and keep insured against loss or damage by fire, out of the money received by him, any building, effects or property comprised in the mortgage, whether affixed to the freehold or not, being of an insurable nature.