Before a person assumes the duties of a receiver, he must execute a good and sufficient bond that is:

1. (1) approved by the appointing court;
2. (2) in an amount fixed by the court; and
3. (3) conditioned on faithful discharge of his duties as receiver in the named action and obedience to the orders of the court.

Acts 1985, 69th Leg., ch. 959, Sec. 1, eff. Sept. 1, 1985.