Except as otherwise provided for by statute or court rule, before entering upon duties of receiver, a receiver shall execute a bond with one or more sureties approved by the court, in the amount the court specifies, conditioned that the receiver will faithfully discharge the duties of receiver in accordance with orders of the court and state law. Unless otherwise ordered by the court, the receiver’s bond runs in favor of all persons having an interest in the receivership proceeding or property held by the receiver and in favor of state agencies. The receiver’s bond must provide substantially as follows:

[Case Caption]

RECEIVER’S BOND

TO WHOM IT MAY CONCERN:

KNOW ALL BY THESE PRESENTS, that . . . . . . . ., as Principal, and . . . . . . . ., as Surety, are held and firmly bound in the amount of . . . . . . . . Dollars ($ . . . . . . . .) for the faithful performance by Principal of the Principal’s duties as receiver with respect to property of . . . . . . . . in accordance with order(s) of such court previously or hereafter entered in the above-captioned proceeding and state law. If the Principal faithfully discharges the duties of receiver in accordance with such orders, this obligation shall be void, but otherwise it will remain in full force and effect.

Dated this . . . day of . . . . . . . ., . . . ..

. . . . . . . . . . . . . . . .

[Signature of Receiver]

. . . . . . . . . . . . . . . .

[Signature of Surety]

The court, in lieu of a bond, may approve the posting of alternative security, such as a letter of credit or a deposit of funds with the clerk of the court, to be held by the clerk to secure the receiver’s faithful performance of the receiver’s duties in accordance with orders of the court and state law until the court authorizes the release or return of the deposited sums. No part of the property over which the receiver is appointed may be used in making the deposit; however, any interest that may accrue on a deposit ordered by the court shall be remitted to the receiver upon the receiver’s discharge. A claim against the bond shall be made within one year from the date the receiver is discharged. Claims by state agencies against the bond shall have priority.

Purpose—Captions not law—2004 c 165: See notes following RCW 7.60.005.