§ 1204. Oath and security.

(a) A receiver, before entering upon his duties, shall:

(1) Take and subscribe an oath that he will faithfully, honestly and
impartially discharge the trust committed to him, and the oath shall be
filed with the clerk of the court in which the action or special
proceeding is pending.

(2) File with the clerk of such court a bond to the people, with at
least two sufficient sureties or a bond executed by any fidelity or
surety company authorized by the laws of this state to transact
business, in a penalty fixed by the court appointing him, conditioned
for the faithful discharge of his duties as receiver. The court may at
any time direct a receiver to give a new bond with new sureties and with
like condition.