(a) Appointment. Circuit courts may appoint receivers for any lawful purpose when such appointment shall be deemed necessary and proper. The receiver shall give bond, with sufficient security, in an amount to be approved by the court, for the benefit of all persons in interest. The receiver shall likewise take an oath to faithfully perform the duties reposed in him by the court.
Rule 66.Receivers
Last amended March 13, 2003 · Last verified July 13, 2026
In one sentenceRule 66 lays out how circuit courts appoint receivers, require them to post bond and report regularly, let them hire help with court approval, and remove them or end the receivership when the court sees fit.
Full Text of Rule 66
(b) Reports. The receiver shall make a report of his proceedings and actions every six (6) months or at such other times as directed by the court. All moneys or property collected by the receiver shall be accounted for and deposited into court or otherwise be subject to the orders of the court.
(c) Employment of Others. Subject to the approval of the court, the receiver shall have power to employ an attorney, an accountant or such other persons as may be necessary to conduct the business or affairs entrusted to the receiver. The wages or fees paid by the receiver shall be paid as an expense from the assets collected by him.
(d) Removal. Receivers may be removed at any time by the court for good cause. Substitute receivers shall be subject to the same requirements as the previous receiver.
(e) Dismissal of Action. No action wherein a receiver has been appointed shall be dismissed except by order of the court.
Amendment History
Amended March 13, 2003.
Reporter's Notes
Reporter’s Notes to Rule 66: 1. Rule 66 varies substantially in form from FRCP 66. Whereas the latter attempts to incorporate by reference existing federal statutes dealing with receiverships, this rule attempts to define the procedures used in receiverships.
2. Receiverships were formerly governed by superseded Ark. Stat. Ann. §§ 36-101, et seq. (Repl. 1962). The procedure remains essentially the same under Rule 66 as it did under prior Arkansas law. No attempt has been made to define and identify those situations in which the appointment of a receiver is proper; accordingly, resort must still be made to traditional equitable grounds for the appointment of a receiver. This rule is not intended to cover receivers appointed pursuant to Ark. Stat. Ann. § 66-4805 (Repl. 1966) for insolvent insurance companies. The latter involves the insurance commissioner as the statutory receiver and the insurance code contains specific provisions for such receiverships. 3. Following the example of superseded Ark. Stat. Ann. § 36-104 (Repl. 1962), no attempt has been made to define the powers of a receiver. The extent of such powers must be determined by reference to traditional equitable principles. This power is largely determined by the court which should exercise close supervision and control over the receiver’s actions.
Addition to Reporter’s Notes, 2003 Amendment: In light of Constitutional Amendment 80, the reference to "courts of equity" in subdivision (a) has been replaced with "circuit courts."
Plain-English Summary
A receivership is what a court sets up when property or a business needs an independent custodian while litigation over it plays out -- a neutral pair of hands to preserve value, collect income, and keep records until the court decides who is entitled to what. Rule 66(a) lets a circuit court appoint a receiver for any lawful purpose it finds necessary, but only after the receiver posts bond, with security the court approves, and swears an oath to carry out the court's directions faithfully. That bond protects everyone with a stake in the property from a receiver who mismanages or absconds with it.
Once appointed, the receiver answers to the court on a schedule. Rule 66(b) requires a report of the receiver's actions every six months, or more often if the court orders it, and every dollar or item of property the receiver collects has to be accounted for and either deposited into the court's registry or kept subject to court order. Nothing about the receiver's handling of the estate happens off the books.
The receiver is not left to work alone. Rule 66(c) lets the receiver bring in an attorney, an accountant, or other help needed to run the business or affairs placed in the receiver's hands, but only with the court's approval, and the fees for that help come out of the assets the receiver has collected, not from the receiver's own pocket or the parties directly. If the receiver is not doing the job well, Rule 66(d) lets the court remove the receiver for good cause and appoint a successor, who takes on the same bond and oath requirements as the original.
Rule 66(e) closes off one escape route: once a receiver has been appointed, the underlying case cannot be dismissed on the parties' say-so alone. Because a receivership pulls property or a business under the court's direct control, only the court that created it can end it, ensuring the receiver's accounting and the interests of everyone affected get resolved first.
Frequently Asked Questions
What is a receiver and when does a court appoint one?
A receiver is a neutral custodian the court puts in charge of property, a business, or funds that are in dispute, so the assets are preserved and managed while the case proceeds. Rule 66 does not list specific grounds for appointment; that determination rests on the traditional equitable circumstances that call for a receivership, such as a serious risk that property will be dissipated, wasted, or lost without independent oversight.
What does the receiver have to do once appointed?
Post a bond approved by the court, take an oath to perform the duties the court assigns, and file a report on the receivership at least every six months. Every dollar or asset the receiver collects must be accounted for and deposited into court or otherwise kept subject to the court's orders.
Can a receiver hire a lawyer or accountant?
Yes, but only with the court's approval. Rule 66(c) lets a receiver bring in an attorney, accountant, or other necessary help, with their wages or fees paid out of the assets the receiver has collected.
Can a receiver be removed?
Yes. The court can remove a receiver at any time for good cause, and any substitute receiver takes on the same bond and oath obligations as the one being replaced.
Can a case be dismissed while a receiver is in place?
No. Rule 66(e) bars dismissal of an action once a receiver has been appointed, except by court order, which keeps the receivership -- and the accounting owed to everyone with an interest in the assets -- under the court's control until it is properly wound up.
Source & verification. Rule text, Reporter's Notes, and amendment
history are reproduced verbatim from the Arkansas Rules of Civil Procedure, prescribed by
the Arkansas Supreme Court. The plain-English summary is original and written by us.
Last verified July 13, 2026. ·
Official source
Also known as: receivership rulecourt-appointed receiverreceiver bond requirementreceiver reports every six monthsremoval of a receiverreceiver hiring attorney accountant