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Michigan to Enact the Uniform Commercial Real Estate Receivership Act


A commercial real estate receiver’s powers will be clarified when Michigan’s Uniform Commercial Real Estate Receivership Act (the “Act”) becomes effective in May. The legislation, signed by Gov. Rick Snyder on Feb. 6, 2018, effects many sweeping ...


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A commercial real estate receiver’s powers will be clarified when Michigan’s Uniform Commercial Real Estate Receivership Act (the “Act”) becomes effective in MayThe legislation, signed by GovRick Snyder on Feb6, 2018, effects many sweeping changes and answers a question plaguing courts: Can a state receiver court sell property free and clear of liens and redemption rights? For many years, Michigan state courts appointed commercial real estate receivers on largely equitable grounds, based on case law relating to rent assignments and wasteReceivership terms are controlled by court order, which may vary from case to caseMichigan Court Rule 2.622, revised in 2015, provides limited guidance on receiverships generallyThis court rule states that receivers may sell real property if authorized by separate court orderBut debtors commonly argue that such sales avoid Michigan’s foreclosure statute, and so should be subject to statutory redemption rights, even though receiver sales and foreclosure sales have little in common. With this new statute, Michigan joins a growing number of states that legislatively authorize receivership sales, free and clear of certain liensMichigan’s Act also allows a creditor to credit bid at such a saleDebtors are protected by court supervision of the process and even good faith purchasers are insulated if the court’s sale order is reversed on appeal (absent a stay). The Act only applies to receivers appointed by circuit courts after May 7Statutorily authorizing receivership sales is just the tip of the icebergThe act completely overhauls Michigan receivership law, adding much-needed clarity and guidance to creditors, debtors, receivers, and practitioners alike. Send Print Report Latest PostsSchool District Finalizes Deal for Renewable Energy Partnership Michigan to Enact the Uniform Commercial Real Estate Receivership Act Recent Legislation Further Limits School District Options in Connection with the Sale of Excess Property IRS Safe-Harbor to Calculate Federal Income Tax Credits for Research Expenses Compliance Deadline Approaching to Comply with EU’s New Data Protection Regulations See more » DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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