A judgment is signed
The first step in the Texas receivership process is for the judge to sign the judgment or the Defendant signs an Agreed Judgment. A judgment tells the world that the debtor owes the Judgment creditor a certain amount of money. Keep in mind that judgments can increase in value because of interest.
Judge grants receivership
The judgment creditor will ask that a hearing be set to appoint a receiver in the court case. If the judge approves the order, the receiver will have the power of the court to collect monies owed by the debtor.
Receiver collects money
The receiver will now undertake all legal and necessary actions to collect the money owed to the judgment creditor. The receiver can take money from bank accounts and seize and sell all other non-exempt assets.
Ending the Receivership
At the end of the term allowed by the judge (usually 6 months) the receiver will inform the judge of how much money was collected and how it was disbursed. If the receiver collects all the money before the term, the receivership will end sooner.
Important Texas Law
A Texas receiver is appointed by the court. They do not directly represent the Plaintiff and they do not represent the Defendant. They collect money on behalf of the court for the benefit of the Plaintiff.
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