Juan De La Cruz , of legal age, married and a resident of the City of Pasig, Philippines, after having duly sworn in accordance with law, hereby deposes and says:
That he is the Plaintiff in the above titled case and that he has read the foregoing complaint and that the facts therein stated are true and correct;
That he is the owner of the estate as pro-indiviso owner of the same with the defendant;
That the defendant is in actual physical possession of the property in litigation and as such, he is in control of the produce of the said property pending litigation;
That the produce or income from said property are in danger of being lost, removed or materially injured unless a receiver be appointed to guard and preserve the same, and the defendant is not only hostile to the plaintiff but also shows his demands to exclude said plaintiff from all the products or proceeds coming from the said property;
That the defendant is hopelessly insolvent for he is heavily indebted to various persons;
That he is willing and ready to file a bond in the amount which this Honorable Court may fix in favor of the defendant against whom this receivership is presented to the effect that he, the plaintiff will pay to the said defendant all damages which he will sustain by reason of the appointment of receiver in case the plaintiff shall have procured such appointment without sufficient cause, and such other bonds which this Honorable Court may require him to file hereafter, as security for such damages.
FURTHER AFFIANT SAYETH NAUGHT
A petition for receivership requires that the property or fund which is the subject of the action must be in danger of loss, removal or material injury which necessitates protection or preservation.
General powers of receiver. – Subject to the control of the court in which the action or proceeding is pending, a receiver shall have the power to bring and defend, in such capacity, actions in his own name; to take and keep possession of the property in controversy; to receive rents; o collect debts due to himself as receiver or to the fund, property, estate, person, or corporation of which he is the receiver; to compound and compromise the same; to make transfers; to pay outstanding debts; to divide the money and other property that shall remain among the persons legally entitled to receive the same; and generally to do such acts respecting the property as the court may authorize. However, funds in the hands of a receiver may be invested only by order of the court upon the written consent of all the parties to the action.