§ 34-44-6 - Receiver's bond – Power and duties.
SECTION 34-44-6
§ 34-44-6 Receiver's bond – Power andduties. – Before proceeding with his or her duties, any receiver appointed by the courtshall post a bond in an amount designated by the court, but not exceeding thevalue of the building involved at the time of the appointment of the receiveras determined by the judge. The court may empower the receiver to do any or allof the following:
(1) Take possession and control of the property, operate andmanage the property, establish and collect rents and income, lease and rent theproperty, and evict tenants;
(2) Pay all expenses of operating and conserving theproperty, including, but not limited to, the cost of electricity, gas, water,sewerage, heating fuel, repairs and supplies, custodian services, taxes andassessments, and insurance premiums, and hire and pay reasonable compensationto a managing agent;
(3) Pay pre-receivership mortgages or installments of themand other liens;
(4) Perform or enter into contracts for the performance ofall work and the furnishing of materials necessary to abate, and obtainfinancing for the abatement of, the public nuisance;
(5) Pursuant to court order, remove and dispose of anypersonal property abandoned, stored, or otherwise located on the property thatcreates a dangerous or unsafe condition or that constitutes a violation ofhousing regulations or ordinances;
(6) Obtain mortgage insurance for the receiver's mortgagefrom any agency of the federal government or private mortgage insurance company;
(7) Enter into any agreement and do those things necessary tomaintain and preserve the property and comply with all housing and buildingregulations and ordinances;
(8) Give the custody of the property and the opportunity toabate the nuisance and operate the property to the owner, or any mortgagee orany lienholder of record;
(9) Issue notes and secure them by a mortgage bearinginterest upon terms and conditions as the court may approve. When sold ortransferred by the receiver in return for valuable consideration in money,material, labor, or services, the notes or certificates shall be freelytransferable. If within sixty (60) days of the issuance of a secured note, themortgage is filed for record in the office of the municipal recorder of themunicipality in which the property is located, it shall be a first lien uponthe property and shall be superior to any claims of the receiver and to allprior or subsequent liens and encumbrances except taxes and assessments.Priority among the receiver's mortgages shall be determined by the order inwhich they are recorded.