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Michigan Adopts the Uniform Commercial Real Estate Receivership Act

While a receiver over commercial real estate is not a new concept in Michigan, historically, the process for appointing a receiver and the authority given to such a receiver lacked clarity, with no specific statutory authority (other than the Construction ...

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One of the most substantial contributions of the Act is the inclusion of provisions defining the authority of the receiver and the procedure for the sale or transfer of real propertyWith respect to the sale of real property, the Act provides the following authority: Upon court approval, a receiver may sell, lease, license, exchange, or otherwise dispose of receivership property. The sale is free and clear of a lien of the person that obtained the appointment of the receiver, any subordinate lien, and any right of redemption, unless an agreement of sale provides otherwiseSuch a sale would still remain subject to any senior lien. Any lien that is extinguished as a result of a sale attaches to the proceeds of sale with the same validity, perfection and priority the lien had before the sale, even if the proceeds of sale are not sufficient to satisfy the obligations secured by the lien. A sale may be conducted as a private sale. A creditor holding a valid lien on the property may "credit bid" at the sale. Overall, the adoption of the Act will help streamline the receivership process in Michigan, providing clear guidelines for the appointment, authority, and termination of a receiver over real and personal propertyPerhaps, most notably, the Act will provide more certainty as to the validity of a receiver sale of property and should provide title companies with the assurance they need to insure such sales. A full copy of the Act can be found here.   Dickinson Wright - Heather MOlson and James BCunningham Back Forward View original Forward Print Save ShareFacebookTwitterGoogle PlusLinked In Follow Please login to follow content. Like var lex_script_article_filtersave = true; Filed under USA Banking Litigation Real Estate Dickinson Wright Tagged with Michigan Commercial property Debt Mortgage loan Foreclosure Receivership Act of Parliament Popular articles from this firm The Numbers Do Lie: How Thieves Can Steal Your Cell Phone Number And Wreak Havoc On Your Life * GOES Website Goes Away…..October 1, Trusted Travelers Take Note * LLC Membership Interest Purchase Treated As Asset Purchase * My Spouse Has Refused To Give Me A Divorce, What Can I Do? * Solar made more costly without benefit to U.Smanufacturers * If you would like to learn how Lexology can drive your content marketing strategy forward, please email Send to Prospector Related topic hubs USA Real Estate Banking if (document.addEventListener) { document.addEventListener("DOMContentLoaded", function () { document.removeEventListener("DOMContentLoaded", arguments.callee, false); domReady(); }, false); // If IE event model is used } else if (document.attachEvent) { // ensure firing before onload document.attachEvent("onreadystatechange", function () { if (document.readyState === "complete") { document.detachEvent("onreadystatechange", arguments.callee); domReady(); } }); } function domReady() { var token = $('input[name="__RequestVerificationToken"]').val(); var $mlt = $('#mlt-launcher'); var headers = {}; headers['__RequestVerificationToken'] = token; $.ajax({ url: '/FeatureModules/MoreArticlesLikeThis/Widgets?articleguid=' + $'id') + '&jurisdictionref=' + $'jref') + '&numofresults=' + $'top'), headers: headers, success: function (data, textStatus, xhr) { $('#mlt-launcher-loader').remove(); $mlt.html(data); $mlt.slideDown('slow'); } }); } Lexology Navigator Q&A Compare jurisdictions: Litigation: Enforcement of Foreign Judgments Bahamas Greece Israel More... Dr Allen Giles Principal Patent Attorney AstraZeneca What our clients say "Lexology provides a "one-stop" source of informed comment." Back to Top RSS feeds Contact Submissions About Testimonials Cookies Disclaimer Privacy policy Login Register Follow on Twitter Search

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