Washington Governor Christine Gregoire has signed into law a series of changes to the state Receivership Act that will make it easier (and possibly cheaper) for creditors to utilize the Receivership Act as a tool to resolve troubled loan situations with their borrowers. The revisions will become effective 90 days after the Legislature adjourns, making July 24, 2011, the likely effective date. The changes clarify a number of points that previously puzzled both judges and practitioners.
The revisions to the Act make clear that both judicial and non judicial foreclosure proceedings constitute grounds for appointing a receiver. The Act also provides a welcome statutory definition of the commencement of a non-judicial foreclosure proceeding as the moment of effective service of a notice of default under RCW 61.24.030(8). The commencement of other types of proceedings is also defined under the revised Act.
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