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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
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
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
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
Until July 1, 2020, there was no comprehensive statutory scheme for the appointment receivers of commercial real estate in Florida. Instead, receiverships of commercial real estate had been governed only by a patchwork of...more
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
There is a recent effort to adopt a uniform receivership act which is applicable to commercial real estate. If adopted in its current form in the 50 states, the receivership laws would provide a consistent treatment of laws...more
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
Campaign promises rarely turn into specific actions, but when they do, they are necessarily impacted by the dynamics of the legislative process. History suggests, however, that the policies of candidates can be a predictor of...more
The appointment of a receiver of real property is a common equitable judicial remedy available in all states. It is often sought by a foreclosing mortgagee or others who have, or claim, an interest in the real property....more
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
The CFPB announced that, together with the Florida AG, it has obtained judgments against several Florida companies and their individual operators who were charged in a complaint filed in a Florida federal court with using...more
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
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