(1) When the Public Grain Warehouse Commissioner is appointed as receiver under this subchapter, the surety on the bond of the licensee shall be joined as a party defendant by the commissioner.
(2) If required by the court, the surety shall pay the bond proceeds, or so much thereof as the court finds necessary, into the court.
(3) When so paid, the surety shall be absolutely discharged from any further liability under the bond to the extent of the payment.