Some state statutes allow a corporation to appoint its own receiver when the corporation
wishes to dissolve itself. In cases of bank corporations, a State Department, with
general jurisdiction over state banks, may appoint a receiver for the bank. Sometimes
a court must confirm the appointment. These appointed receivers are known as statutory
A statutory receiver derives powers and authority from the statute that appoints him
or her. The appointing body determines the salary. The state statute may also provide
that the receiver take title to the property. It may further provide that creditors
may remove a receiver, and demand the court to appoint a receiver they choose.