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2017 Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 16 of 2018 UNIFORM COMMERCIAL REAL ESTATE RECEIVERSHIP ACT (554.1011.new - 554.1040.new)
***** Act 16 of 2018 THIS NEW ACT IS EFFECTIVE MAY 7, 2018 *****
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.new Short title.
- Section 554.1012.new Definitions.
- Section 554.1013.new Court order; issuance; notice and hearing; circumstances.
- Section 554.1014.new Applicability of act; scope; limitation.
- Section 554.1015.new Selection, appointment, removal, and compensation of receiver; establishment by supreme court rule; jurisdiction.
- Section 554.1016.new Appointment of receiver; circumstances; appointment without prior notice or hearing; security.
- Section 554.1017.new Appointment of receiver; disqualification; statement.
- Section 554.1018.new Bond; alternative security.
- Section 554.1019.new Status of receiver as lien creditor.
- Section 554.1020.new Acquisition of property after appointment as receiver; security agreement.
- Section 554.1021.new Receivership property; duties of person upon demand of receiver; failure to turn over property; sanction.
- Section 554.1022.new Powers and duties of receiver.
- Section 554.1023.new Duties of owner.
- Section 554.1024.new Stay or injunction.
- Section 554.1025.new Engagement of professional; compensation.
- Section 554.1026.new "Good faith" defined; use or transfer of receivership property not in ordinary course of business.
- Section 554.1027.new "Timeshare interest" defined; executory contract.
- Section 554.1028.new Defenses and immunities of receiver.
- Section 554.1029.new Interim report of receiver.
- Section 554.1030.new Notice of appointment; claim; distribution of receivership property.
- Section 554.1031.new Fees and expenses.
- Section 554.1032.new Removal of receiver; replacement; discharge; termination.
- Section 554.1033.new Final report of receiver; contents; discharge.
- Section 554.1034.new Receivership in another state; rights, powers, and duties of ancillary receiver.
- Section 554.1035.new Enforcement by mortgagee; effect.
- Section 554.1036.new Uniformity of law.
- Section 554.1037.new Electronic signatures in global and national commerce act.
- Section 554.1038.new Receiver appointed before effective date of act.
- Section 554.1040.new Effective date.
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