(a) After the receiver gives the required bond, and after the bond is filed and recorded, the receiver shall:
(1) take control of all real and personal property of the abolished municipality, including money, minute books, ordinances, and similar property, but not including property that pertains to the public schools or that is devoted exclusively to public use; and
(2) in the next term of the court in which the receivership is pending, return to the court an inventory of the property taken by the receiver.
(b) Under a court order, or an order of the judge if the court is in vacation, the receiver may bring suit against any person in possession of the property of an abolished municipality or who is indebted to it in the same manner as the municipality could if it were still incorporated.