(a) The court may:
(1) Require a receiver to post a bond or security with the court;
(2) Authorize a receiver to act without posting a bond or other security; or
(3) Authorize a receiver to act before the receiver posts any bond required by the court.
(b) If a court requires a bond to be posted under subsection (a) of this section, the bond shall be:
(1) Conditioned on the faithful discharge of the receiver’s duties;
(2) With one or more sureties approved by the court;
(3) In an amount the court specifies; and
(4) Effective as of the date of the receiver’s appointment.
(c) The court may also authorize a receiver to act without posting a bond or other security.