(1) In an action by a vendor to vacate a fraudulent purchase of property, by a creditor to subject any property or fund to his or her claim, or between partners or others jointly owning or interested in any property or fund, on the application of plaintiff or of any party whose right to or interest in the property or fund or the proceeds thereof, is probable, and where it is shown that the property or fund is in danger of being lost, removed, or materially injured, the court may appoint a receiver to take charge thereof during the pendency of the action, and may order and coerce the delivery of the property to him or her.
(2) No party or attorney, or person interested in an action, shall be appointed receiver therein.
(3) Before entering upon his or her duties, the receiver must be sworn to perform them faithfully. With one (1) or more sureties approved by the court, he or she shall execute a bond to the person and in such sum as the court shall direct, to the effect that he or she will faithfully discharge the duties of receiver in the action, and obey the orders of the court therein.
(4) The receiver has, under the control of the court, power to bring and defend actions, to take and keep possession of the property, to receive rents, collect debts, and generally do such acts respecting the property as the court may authorize.