481. Termination of receivership.

481.     Termination of receivership.

The mortgagor cannot dismiss the receiver since that power is reserved to the mortgagee1. The receiver will, however, be displaced by the appointment of a receiver by a prior mortgagee. Liquidation of a company mortgagor does not terminate the receiver's appointment or powers, but does terminate his agency for the mortgagor2. If the receiver continues to act, he normally acts as principal3 but may become the agent of a mortgagee who treats him as such4. Where an administration order has been made, any receiver of part of the