Bringing Unity To Commercial Real Estate Receivership

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...

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