1. (a) The court may:

   1. (1) Require a receiver to post a bond or security with the court;
   2. (2) Authorize a receiver to act without posting a bond or other security; or
   3. (3) Authorize a receiver to act before the receiver posts any bond required by the court.

2. (b) If a court requires a bond to be posted under subsection (a) of this section, the bond shall be:

   1. (1) Conditioned on the faithful discharge of the receiver's duties;
   2. (2) With one or more sureties approved by the court;
   3. (3) In an amount the court specifies; and
   4. (4) Effective as of the date of the receiver's appointment.
3. (c) The court may also authorize a receiver to act without posting a bond or other security.

Added by Acts 2019, c. 284, § 1, eff. Oct. 1, 2019.