The properties are two terraced houses at Elgin Road in Ballsbridge, Dublin 4, and The Annaly Hotel, Main St, Longford.
Mr Reynolds, of Golflinks Road, Longford, is the brother of former taoiseach the late Albert Reynolds.
In his action, he seeks injunctions preventing financial fund Promontoria (Aran) Ltd and receivers appointed over the properties, Kieran Wallace and Patrick Horkan of KPMG, from selling the three properties.
He also wants the court to prevent the defendants from placing, advertising, marketing the properties for sale, or from inviting and accepting offers for the properties.
Mr Reynolds further seeks orders preventing the defendants from holding themselves out from having as having a power of sale over the properties.
At the High Court yesterday, Mr Reynolds was granted permission from Ms Justice Miriam O’Regan for service of the proceedings at short notice on the defendants.
The application was made on an ex parte (one side only represented) basis, and was adjourned to next week.
His counsel Louis McEntagart said the disputes arises out of a claim that Mr Reynolds entered into mortgage agreements in 2005 and 2009 with Ulster Bank in respect of the properties.
The bank after appointing receivers over the properties, issued a demand in 2013 for €6.45m, which it says was not paid by Mr Reynolds.
It then sought judgment for that amount against Mr Reynolds, which he opposed.
The High Court refused to grant summary judgment against Mr Reynolds, and referred the dispute to a full hearing.
That action has yet to be determined by the High Court.
In 2015, Ulster Bank sold Mr Reynold’s loans to Promontoria, which has taken over the case seeking judgment against Mr Reynolds.
Counsel said the defendants have no right to sell the properties, and Mr Reynold’s solicitor Tom Casey wrote to the defendants seeking to have the properties withdraw from sale.
However the defendants, through their solicitors in a letter sent on June 7, have refused to do so and rejected claims they were doing anything they were not entitled to do.
Counsel said Mr Reynolds fears the sale of the properties, when the claim against him for judgment has yet to be determined, will damage his reputation and his property rights.
Counsel said his client is 86 years of age and was vulnerable.