(1) On motion of the owner, the receiver or any creditor, or on the court’s own motion, the court shall remove a receiver if the receiver resigns or refuses or fails to serve for any reason, or for other good cause.

(2) Upon removal of the receiver, the court shall appoint a successor receiver if the court determines that further administration of the estate is required. Upon appointment, the successor receiver immediately takes possession of the estate and assumes the duties of receiver.

(3) If the court is satisfied that a replaced receiver has fully accounted for and turned over to the successor receiver all of the property of the estate and has filed a report of all receipts and disbursements during the person‘s tenure as receiver, the court shall, after notice to all persons on the special notice list and hearing, enter an order discharging the replaced receiver from all further duties and responsibilities as receiver. [2017 c.358 § 40]