The Uniform Commercial Real Estate Receivership Act - What is It and What Does It Mean for You?

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The Uniform Law Commission (ULC), now in its 124th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. The UCL approved the Uniform Commercial Real Estate Receivership Act (UCRERA) on July 16, 2015 and this legislation has now been recommended for enactment in all States.

A receiver is someone appointed by a court to take possession of See more +

The Uniform Law Commission (ULC), now in its 124th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law. The UCL approved the Uniform Commercial Real Estate Receivership Act (UCRERA) on July 16, 2015 and this legislation has now been recommended for enactment in all States.

A receiver is someone appointed by a court to take possession of another person’s property and manage it. Currently, receivership procedures vary widely from state to state, and sometimes even from court to court, causing confusion and unpredictability for lenders and borrowers. The UCRERA provides a consistent set of rules for receiverships involving commercial property.

Among the many benefits, UCRERA provides certainty for business owners and creditors and it may also be an efficient alternative to foreclosure. If you are a commercial lender or secured creditor, you will want to listen to this webinar to hear how this Act will affect you.

This webinar featured Pepper partner Kay S. Kress, a member of the drafting committee of UCRERA and Thomas S. Hemmendinger of Brennan, Recupero, Cascione, Scungio & McAllister, LLP, chair of the committee. See less -

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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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