REMOVAL OF RECEIVERS.

§ Subdivision 1. Removal of receiver. The court may remove the receiver if: (1) the receiver fails to execute and file the bond required by section 576.27 ; (2) the receiver resigns, refuses, or fails to serve for any reason; or (3) for other good cause. § Subd. 2. Successor receiver. Upon removal of the receiver, if the court determines that further administration of the receivership is required, the court shall appoint a successor receiver. Upon executing and filing a bond under section 576.27 , the successor receiver shall immediately succeed the receiver so removed and shall assume the duties of receiver. § Subd. 3. Report and discharge of removed receiver. Within 14 days after removal, the receiver so removed shall file with the court and serve a report pursuant to section 576.38, subdivision 3 , for matters up to the date of the removal. Upon approval of the report, the court may enter an order pursuant to section 576.38 discharging the removed receiver.