Full text of Washington Revised Code of Washington § 7.60.045 — Receiver's bond., with citation guidance and answers to common questions.
§ 7.60.045. Receiver's bond.
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.
Notes
Purpose—Captions not law—2004 c 165: See notes following RCW
7.60.005.
Frequently Asked Questions About Washington § 7.60.045
What does Revised Code of Washington § 7.60.045 cover?
Section 7.60.045 ("Receiver's bond.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Washington § 7.60.045?
A common citation format is "Revised Code of Washington § 7.60.045" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Washington law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.
How does Washington § 7.60.045 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Washington.
