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administrator, a deputy or such other person as the | | administrator may choose, and a certified copy of the order | | making such appointment is evidence of the appointment. A | | receiver has the power and authority provided in this chapter | | and such other powers and authority as may be expressed in the | | order of the administrator.__If the administrator or a deputy | | is appointed receiver, no additional compensation need be | | paid, but any reasonable and necessary expenses as a receiver | | must be paid by the processor. If another person is appointed, | | then the compensation of the receiver must be paid from the | | assets of that processor. |
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| | | B.__Upon taking possession of the property and business of a | | payroll processor under this section, the receiver: |
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| | | (1) May collect money due to the administrator and | | perform all acts necessary to conserve the payroll | | processor's assets and business and shall proceed to | | liquidate the payroll processor's affairs; |
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| | | (2) Shall collect all debts due and claims belonging to | | the payroll processor and may sell or compound all bad | | or doubtful debts; |
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| | | (3) May sell, for cash or other consideration or as | | provided by law, all or any part of the real and | | personal property of the payroll processor; |
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| | | (4) May take, in the name of the administrator, a | | mortgage on the real property from a bona fide | | purchaser to secure the whole or part of the purchase | | price; and |
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| | | (5) May borrow money and issue evidence of indebtedness | | therefor. To secure the repayment of this money, the | | receiver may mortgage, pledge, transfer in trust or | | hypothecate any of the property of the payroll | | processor, whether real, personal or mixed, superior to | | any charge for expenses of liquidation. |
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| | | C.__The assets of the payroll processor in liquidation, | | exclusive of any bond proceeds, must be disbursed in the | | following order: |
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| | | (1) First, the payment of the costs and expenses of | | liquidation; |
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| | | (2) Second, payment of payroll, tax and unemployment | | insurance premium funds held by the payroll processor; |
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