Law360, New York (December 3, 2015, 10:53 AM EST) -- The National Conference of Commissioners on Uniform State Laws (NCCUSL) recently approved and has recommended for enactment in all states the Uniform Commercial Real Estate Receivership Act. The appointment of a receiver of real property is a common equitable judicial remedy available in all states and is often sought by a foreclosing mortgagee or other parties who have or claim an interest in the real property. However, few states have comprehensive legislation regarding the appointment and powers of receivers for commercial real estate, with case law providing primary guidance. As a result, the states' approaches to the appointment of receivers for commercial real estate vary greatly, not only from state to state, but even within states. For example, the standards for appointment range from the mere prior consent of the real property's owner, to the moving party having to demonstrate fraud, waste or abandonment by the owner. Similarly, the powers of a receiver range from being a mere custodian of the property, to having powers to operate and even, in appropriate circumstances, sell the receivership property. Many other aspects of a receivership are left to the discretion of the court. With real estate mortgage loans frequently being secured by properties located in multiple states, the disparity among the states is particularly problematic. The act is intended to provide a uniform detailed template for the appointment of commercial real estate receivers, which should lead to more consistent and predictable receivership proceedings. The act's major provisions are as follows:...