(a) Whenever, in any case, a receiver is appointed for a corporation or its trustees, any copartnership, or joint-stock company, and the order or decree of the court is that the lands, tenements, goods, chattels, funds, assets, moneys, credits, choses in action, rights and interests of every kind, name, and nature, either in law or equity, or any part thereof, belonging to the corporation or its trustees, a copartnership or joint-stock company, be placed in the hands of the receiver, from thenceforward until the further order or decree of the court, the receiver shall have full possession, custody, and control thereof, and shall be vested with the title, so far as it shall be necessary to collect debts, preserve the assets and property for the benefit of creditors, and all persons interested. The receiver may, and shall, bring and prosecute and defend all suits in his or her own name that may be necessary for that purpose.
(b) In all suits which may be pending in any court, prosecuted by or brought against such corporation, trustees, copartnership, or joint-stock company or in which either may be interested, the receiver may be substituted as a party, on his or her own application, without process or revivor. He or she shall prosecute or defend the suit with the same effect as the original parties might or could do, and suits may progress against him or her by substitution in the same manner.
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