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