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2019 Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 16 of 2018 Uniform Commercial Real Estate Receivership Act (554.1011 - 554.1040)
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
- Section 554.1011 Short Title.
- Section 554.1012 Definitions.
- Section 554.1013 Court Order; Issuance; Notice and Hearing; Circumstances.
- Section 554.1014 Applicability of Act; Scope; Limitation.
- Section 554.1015 Selection, Appointment, Removal, and Compensation of Receiver; Establishment by Supreme Court Rule; Jurisdiction.
- Section 554.1016 Appointment of Receiver; Circumstances; Appointment Without Prior Notice or Hearing; Security.
- Section 554.1017 Appointment of Receiver; Disqualification; Statement.
- Section 554.1018 Bond; Alternative Security.
- Section 554.1019 Status of Receiver as Lien Creditor.
- Section 554.1020 Acquisition of Property After Appointment as Receiver; Security Agreement.
- Section 554.1021 Receivership Property; Duties of Person Upon Demand of Receiver; Failure to Turn Over Property; Sanction.
- Section 554.1022 Powers and Duties of Receiver.
- Section 554.1023 Duties of Owner.
- Section 554.1024 Stay or Injunction.
- Section 554.1025 Engagement of Professional; Compensation.
- Section 554.1026 "Good Faith" Defined; Use or Transfer of Receivership Property Not in Ordinary Course of Business.
- Section 554.1027 "Timeshare Interest" Defined; Executory Contract.
- Section 554.1028 Defenses and Immunities of Receiver.
- Section 554.1029 Interim Report of Receiver.
- Section 554.1030 Notice of Appointment; Claim; Distribution of Receivership Property.
- Section 554.1031 Fees and Expenses.
- Section 554.1032 Removal of Receiver; Replacement; Discharge; Termination.
- Section 554.1033 Final Report of Receiver; Contents; Discharge.
- Section 554.1034 Receivership in Another State; Rights, Powers, and Duties of Ancillary Receiver.
- Section 554.1035 Enforcement by Mortgagee; Effect.
- Section 554.1036 Uniformity of Law.
- Section 554.1037 Electronic Signatures in Global and National Commerce Act.
- Section 554.1038 Receiver Appointed Before Effective Date of Act.
- Section 554.1040 Effective Date.
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