AUTHORITY AND DUTY OF RECEIVER

(a) Unless inconsistent with this chapter or other law, the rules of equity govern all matters relating to the appointment, powers, duties, and liabilities of a receiver and to the powers of a court regarding a receiver. A receiver appointed by the court may: (1) take control of the platted lot; (2) make or have made any repairs or improvements to the platted lot to make the lot developable; (3) make provisions for the platted lot to be subject to street, road, drainage, utility, and other infrastructure requirements; (4) aggregate the platted lot with other lots that have been similarly determined to be abandoned, unoccupied, and undeveloped; (5) re-plat the platted lot; (6) accept the grant or donation of any lot within the affected area to carry out the purpose of this subchapter; and (7) exercise all other authority that an owner of the platted lot could have exercised, including the authority to sell the lot. (b) Before a person assumes the duties of a receiver, the person must be sworn to perform the duties faithfully. (c) The appointed receiver is an officer of the court. (d) If a receiver dies, resigns, or becomes incapacitated, the court shall appoint a receiver to succeed the former receiver. (e) If the donation of a lot to the receiver is not challenged before the first anniversary of the donation date, the donation is final and not revocable under any other legal proceeding. (f) All funds that come into the hands of the receiver shall be deposited in a place in this state directed by the court. The receiver's use of the funds in connection with the receiver's duties or authority under this subchapter shall be subject to the approval of the court. All net proceeds from the disposition of a lot by the receiver shall be placed in trust and remain in trust for at least three years, unless claimed before the expiration of the trust period. The court must order additional notices to an owner or lienholder about the net proceeds as are practicable during the trust period and, on expiration of the trust period, any money remaining in the receivership shall escheat to the state. Funds escheated to the state under this subchapter are subject to disposition or recovery under Subchapters C and D, Chapter 71, Property Code. (g) After the receiver has improved the platted lot to the degree that the lot is developable and meets all applicable standards, or before petitioning the court for termination of the receivership, the receiver shall file with the court: (1) a summary and accounting of all costs and expenses incurred, which may, at the receiver's discretion, include a receivership fee of up to 15 percent of the costs and expenses incurred, unless the court, for good cause shown, authorizes a different limit; (2) a statement describing the disposition of each lot, including whether the lot was aggregated with other lots; (3) a statement of all revenues collected by the receiver in connection with the use or disposition of the lots; and (4) to the extent required by the court, a description of any undivided interest of an owner or lienholder, whether identified or not, in the net proceeds from the disposition of the property. (h) The court must approve any sale of the property by the receiver. (i) A receiver shall have a lien on the property under receivership for all of the receiver's unreimbursed costs and expenses and any receivership fee as detailed in the summary and accounting under Subsection (g)(1).