§ 64.105.Receiver's Expenses, Account, and Compensation

The accounting requirement, and what it asks for goes well beyond money.

All necessary expenses incurred in administering the property shall be reported at intervals not longer than six months, and in an annual report filed not later than the 60th day after the end of each calendar year where the receivership has been extended.

The report is a sworn statement of account, and it must include four things.

The receiver’s acts. What was done, not only what was spent.

The condition of the property. Its state, which the absent owner cannot inspect.

The status of the threatened danger to the property and the progress made toward abatement of that danger.

Those last two are the distinctive requirements. The receivership exists because the estate was in danger of injury, loss, or waste, and the report asks whether that danger is being dealt with.

It is therefore a report on the justification for the receivership, not only on its administration. A danger that has abated means the receivership should be closing.

Reimbursement follows approval: where the court is satisfied that the statement is correct and reasonable in all respects, it shall promptly approve the report and authorize reimbursement from the funds under the receiver’s control.

The receiver is not paid until the court approves, which is what gives the reporting duty teeth.

Compensation is set by borrowing from the guardianship regime — in the same manner and amount as the Estates Code provides for similar services rendered by guardians of estates.