Text of the provision
Sec. 2. Bond on appointment of receiver. — Before issuing the order appointing a receiver the court shall require the applicant to file a bond executed to the party against whom the application is presented, in an amount to be fixed by the court, to the effect that the applicant will pay such party all damages he may sustain by reason of the appointment of such receiver in case the applicant shall have procured such appointment without sufficient cause; and the court may, in its discretion, at any time after the appointment, require an additional bond as further security for such damages.
2019 Rules of Civil Procedure (A.M. No. 19-10-20-SC), Rule 59, Section 2. Reproduced verbatim and verified word-for-word against the Supreme Court's official text and the ChanRobles rendering.
About this section
This is Section 2 of Rule 59 (Receivership) of the 2019 Rules of Civil Procedure, the rules promulgated by the Supreme Court in A.M. No. 19-10-20-SC and in force since May 1, 2020. The text above is reproduced verbatim from the current rules.
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