TITLE 34
Property

CHAPTER 34-44
Abandoned Property

SECTION 34-44-6


§ 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.

History of Section.
(P.L. 1986, ch. 447, § 1; P.L. 1992, ch. 254, § 1.)