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Michigan Compiled Laws Complete Through PA 170 of 2018
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Senate: Adjourned until Wednesday, July 25, 2018 10:00:00 AM

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Act 16 of 2018
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UNIFORM COMMERCIAL REAL ESTATE RECEIVERSHIP ACT

Act 16 of 2018

AN ACT to enact the uniform commercial real estate receivership act; to provide for the appointment of receivers to take possession of commercial real property of another and to receive, collect, care for, and dispose of the property or proceeds of the property; and to provide remedies related to the receiverships.


History: 2018, Act 16, Eff. May 7, 2018


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 554.1011SectionShort title.
Section 554.1012SectionDefinitions.
Section 554.1013SectionCourt order; issuance; notice and hearing; circumstances.
Section 554.1014SectionApplicability of act; scope; limitation.
Section 554.1015SectionSelection, appointment, removal, and compensation of receiver; establishment by supreme court rule; jurisdiction.
Section 554.1016SectionAppointment of receiver; circumstances; appointment without prior notice or hearing; security.
Section 554.1017SectionAppointment of receiver; disqualification; statement.
Section 554.1018SectionBond; alternative security.
Section 554.1019SectionStatus of receiver as lien creditor.
Section 554.1020SectionAcquisition of property after appointment as receiver; security agreement.
Section 554.1021SectionReceivership property; duties of person upon demand of receiver; failure to turn over property; sanction.
Section 554.1022SectionPowers and duties of receiver.
Section 554.1023SectionDuties of owner.
Section 554.1024SectionStay or injunction.
Section 554.1025SectionEngagement of professional; compensation.
Section 554.1026Section"Good faith" defined; use or transfer of receivership property not in ordinary course of business.
Section 554.1027Section"Timeshare interest" defined; executory contract.
Section 554.1028SectionDefenses and immunities of receiver.
Section 554.1029SectionInterim report of receiver.
Section 554.1030SectionNotice of appointment; claim; distribution of receivership property.
Section 554.1031SectionFees and expenses.
Section 554.1032SectionRemoval of receiver; replacement; discharge; termination.
Section 554.1033SectionFinal report of receiver; contents; discharge.
Section 554.1034SectionReceivership in another state; rights, powers, and duties of ancillary receiver.
Section 554.1035SectionEnforcement by mortgagee; effect.
Section 554.1036SectionUniformity of law.
Section 554.1037SectionElectronic signatures in global and national commerce act.
Section 554.1038SectionReceiver appointed before effective date of act.
Section 554.1040SectionEffective date.
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