(a) Bond Requirement. The order for appointment of a receiver or assignee shall state whether the appointment is conditioned upon the filing of a bond and, if a bond is required, the amount of the bond.

(b) Amount of Bond. Notwithstanding any provision in Rule 1-402, the amount of the bond shall be no greater than the net value of the property of the estate. In the event of a later sale of property by the receiver or assignee, the court, upon request, shall evaluate the bond previously filed and may permit a decrease in the amount of the bond.

(c) Motion to Modify Amount of Bond. A receiver, assignee, or interested party may file a motion to modify the amount of a bond pursuant to Rule 1-402. The motion shall be served as provided under Rule 13-108 (c) and Code, Commercial Law Article, § 24-501 (d), or upon such persons as the court may direct.

(d) Terms of Bond. The bond shall be to the State of Maryland and shall be conditioned upon the faithful discharge of the duties of the receiver or assignee. In a receivership subject to Code, Commercial Law Article, Title 24, the bond shall comply with § 24-204 of that Article.

(e) Payment of Bond Premium from Estate. Unless the court orders otherwise, a receiver or assignee may advance the bond premium and be allowed reimbursement of the premium from the estate.

Source: This Rule is derived in part from former Rule V73 and is in part new.