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When a person domiciled in this state and having an interest in any form of property disappears and is absent from the person's place of residence without being heard of after diligent inquiry, upon application for a finding of such disappearance and absence and of the necessity for the appointment of a receiver to the chancery court of the county of the absentee's domicile by any person who would have an interest in the property were the absentee deceased or by an insurer or surety or creditor of such absentee, after notice as provided in § 30-3-106 and upon good cause being shown, the court may find that the person was last heard of as of a date certain and may appoint a receiver to take charge of the person's estate. The absentee shall be made a party to the proceeding, and any other person who would have an interest in the property were the absentee deceased, upon direction by the court, may be made party to the proceeding.
The receiver, upon giving bond to be fixed in amount and with surety to be approved by the court, and upon such conditions as will ensure the conservation of such property, shall, under the direction of the court, administer the property as an equity receivership with power:
To take possession of all property of the absentee wherever situated;
To collect all debts due the absentee;
To bring and defend suits;
To pay insurance premiums;
With the approval of the court in each case, to pay all debts due by the absentee; and
To pay over the proceeds of such part or all of the property, or the income thereof, as may be necessary for the maintenance and support of the absentee's dependents, and if the personal property of the absentee be not sufficient to pay all of the absentee's debt and to provide for the maintenance and support of the absentee's dependents, the receiver may apply to the court for an order to sell or mortgage so much of the real estate as may be necessary therefor, the sale or mortgage to be reported to, approved and confirmed by the court and the receiver to be ordered to make a deed conveying or mortgaging the real property to the purchaser or lender upon the purchaser or lender complying with the terms of sale or mortgage.