The receiver may be discharged at any time in the discretion of the court. The receiver shall be discharged when all of the following have occurred:
1. The public nuisance has been abated.
2. The costs of the receivership have been paid.
3. Either all the receiver’s notes and mortgages issued pursuant to this chapter have been paid, or all the holders of the notes and mortgages request in writing that the receiver be discharged.
85 Acts, ch 222, §9