ULC

Legislative Fact Sheet - Commercial Real Estate Receivership Act

Act Commercial Real Estate Receivership Act
Origin Completed by the Uniform Law Commission in 2015.
Description Receivership is an equitable remedy allowing a court to oversee the orderly management and disposition of property subject to a lawsuit. Although the remedy is not new, there is no standard set of receivership rules and the courts of different states have applied widely varying standards. This Uniform Commercial Real Estate Receivership Act applies to receiverships involving commercial real estate, and provides a standard set of rules for courts to apply. It will result in greater predictability for litigants, lenders, and other parties doing business with a company subject to receivership.
Endorsements
Enactments Nevada, Oregon, Utah
2017 Introductions Maryland, Michigan, Oklahoma
Staff Liaison(s) Benjamin Orzeske