CASES WHEN A RECEIVER MAY BE APPOINTED:

Upon a verified application, one or more receivers of property which is the subject of the action may be appointed by the court where the action is pending or by the Court of Appeals or Supreme Court or a member thereof in the following cases:

            a.         Applicant has an interest in the property or fund subject of the proceeding and such property is in danger at being lost, removed, or materially injured unless a receiver is appointed;

            b.         In foreclosure of mortgage, when the property is in danger of being dissipated or materially injured, and that its value is probably insufficient to discharge the mortgage debt or that it has been agreed upon by the parties;

            c.         After judgment, to preserve the property during the pendency of an appeal or to dispose of it according to the judgment or to aid execution;

            d.         When appointment of receiver is the most convenient and feasible means of preserving, administering or disposing of the property in litigation (Section 1, Rule 59).