(a) Except as otherwise provided in subsection (b) or (c), this chapter applies to a receivership for an interest in real property and any personal property related to or used in operating the real property.

(b) This chapter does not apply to a receivership for an interest in real property improved by one (1) to four (4) dwelling units unless:

(1) The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner's primary residence;

(2) The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral-extraction purposes;

(3) The owner planned or is planning to develop the property into one (1) or more dwelling units to be sold or leased in the ordinary course of the owner's business; or

(4) The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.

(c) This chapter does not apply to a receivership authorized by the law of this state, other than this chapter, in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the governmental unit.

(d) This chapter does not limit the authority of a court to appoint a receiver under other state law.

(e) Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.