News & Analysis as of September 19, 2024

Foreclosure › Receivership

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Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -

Alabama Enacts Uniform Commercial Receivership Act

Balch & Bingham LLP on 8/5/2024

On May 15, 2024, Alabama became the thirteenth state to adopt a version of the Uniform Law Commission’s Uniform Commercial Real Estate Receiver Act (the “Act”). The Act seeks to bring more direction and clarity to...more

Ex Parte Appointment of a Receiver Confirmed

Cadwalader, Wickersham & Taft LLP on 4/3/2024

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

New Law Will Soon Improve Commercial Receivership Rules, Appointment Process in Connecticut

McCarter & English, LLP on 6/23/2023

Lenders, investors, and mortgage servicers will have a more favorable and standardized framework for protecting their interests in distressed debt when applying for appointments of commercial receivers beginning July 1, 2023,...more

Sales under the Oregon Receivership Code as an Alternative to Foreclosure

Miller Nash LLP on 1/24/2023

Commercial loan documents typically include provisions granting a lender the right to obtain appointment of a receiver following a loan default. Historically, these provisions were most often used by lenders to put in place a...more

Receiverships Under Michigan's New Assignment of Rents Act

Miller Canfield on 7/27/2022

The Michigan Uniform Assignment of Rents Act (“MUARA”), which takes effect on September 22, 2022, strengthens both the right to obtain a receiver and the power of the receiver to collect past due rent. The MUARA also confirms...more

Commercial Real Estate Receiverships: The Closing of the Action and Miscellaneous Matters

Kaufman & Canoles on 10/21/2021

The sale order should require that the receiver file an accounting of its activities as receiver within so many days of the sale of the property. Once that has been filed, the secured lenders counsel can file a motion to...more

Commercial Real Estate Receiverships: The Sale Process Itself

Kaufman & Canoles on 10/21/2021

Typically, the receiver will market the property for sale using the same methods as it would for any other commercial property. It will install signage on the property, list the property with the appropriate online commercial...more

A Potent Superpower: Receiver “Super-Priority” Liens

Patton Sullivan Brodehl LLP on 12/14/2020

In the twenty-first century, superheroes are all the rage. Alive and well are never-ending debates about the superiority of DC characters versus Marvel characters, or heroes that are born super, such as Superman, versus those...more

Hotel Receiverships – Receivers Must Be Cautious in Dealing with Unions

Foley & Lardner LLP on 7/28/2020

The COVID-19 pandemic has upended the global economy and negatively affected nearly every industry. One particularly hard hit industry is hospitality. Trade shows have been canceled, business travel has paused, and people...more

New Florida Receivership Statute Gives Commercial Mortgage Lenders Potential Leverage

Foley & Lardner LLP on 7/23/2020

Amidst the growing uncertainty caused by the COVID-19 pandemic, Florida’s newly enacted receivership law, the Uniform Commercial Real Estate Receiver Act (“UCRERA”), codified in Chapter 714 of the Florida Statutes, endeavors...more

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 5/7/2020

The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions, as well as of the federal government, to the COVID-19 outbreak. The analysis has a particular...more

Distressed Solutions: The Ins and Outs of Receiverships

K&L Gates LLP on 11/28/2018

Receiverships are an extraordinary remedy that can maximize the return to creditors by freezing assets and allowing a third party to conduct necessary litigation. John Gardner (Raleigh) and David Neu (Seattle) join host...more

Michigan to Enact the Uniform Commercial Real Estate Receivership Act

Miller Canfield on 2/20/2018

A commercial real estate receiver’s powers will be clarified when Michigan’s Uniform Commercial Real Estate Receivership Act (the “Act”) becomes effective in May. The legislation, signed by Gov. Rick Snyder on Feb. 6, 2018,...more

New Nevada Laws Governing Commercial Foreclosure and Receivership

Ballard Spahr LLP on 6/20/2017

With the financial crisis still in mind and the potential “wall of maturities” perpetually on the horizon, the Nevada Legislature has enacted two bills addressing commercial real property foreclosure and commercial real...more

How does a creditor obtain relief from a receivership stay order?

Ervin Cohen & Jessup LLP on 11/8/2016

QUESTION: I am a receiver in a case where the court issued an injunction staying all litigation and creditor action against the entity and assets in receivership. A secured creditor wants to foreclose on one of the estate’s...more

Money, Dirt and Steel: Spring 2016 Newsletter

Williams Mullen on 5/11/2016

A snapshot of noteworthy cases from the Spring terms of the North Carolina appellate courts related to lending practices, property rights and construction in North Carolina - Money - FORECLOSURE: - Lender...more

Bringing Unity To Commercial Real Estate Receivership

Carlton Fields on 12/4/2015

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...more

Burr Commentary: Florida’s District Courts of Appeal Continue to Tighten Standing Requirements for Foreclosures

Burr & Forman on 8/11/2015

The UCC was supposed to make enforcing negotiable instruments a simpler, more streamlined process. It has proven anything but in Florida. Continuing a trend that now stretches back years, mortgage lenders have had an...more

Extraordinary Florida Foreclosure Remedies

Baker Donelson on 9/26/2013

When servicers or lenders think of having to foreclose on commercial property in the State of Florida, what immediately comes to mind is a lengthy judicial foreclosure process, and difficulty in enforcing rights provided in...more

What's in a Name?: A Private Sale by a Receiver May Amount to a Foreclosure Sale under Nevada State Law

Dechert LLP on 8/2/2013

If the Nevada Supreme Court affirms a lower court’s ruling that a private sale of real property by a receiver constitutes a foreclosure sale, the lending industry (e.g., lenders, special servicers and maybe borrowers) will...more

An Overview of the Receivership Process in Tennessee

Baker Donelson on 7/23/2013

Lenders have a number of options when faced with a borrower in default. In Tennessee, one option to seriously consider is seeking appointment of a receiver. A receiver will step into the role of the borrower or management...more

Louisiana Receivers In Foreclosure - "Keep-er Away From My Collateral!!" Part 1

Baker Donelson on 3/11/2013

Introduction This is the first of two posts on "Keepers". The first post discusses (1) what a keeper is and (2) why you should designate a Keeper. The forth-coming second post will discuss (3) the benefits of a...more

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Foreclosure › Receivership

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