The courts are all vested with power to appoint receivers for the safekeeping, collection, management, and disposition of property in litigation in such court, whenever necessary to the ends of substantial justice, in like manner as receivers are appointed by courts of chancery.
Code 1858, § 3768; Shan., § 5549; Code 1932, § 9719; T.C.A. (orig. ed.), § 23-104.