Tag Archives: Receivership

What is Receivership? What You Need to Know about the Recent Changes to the Michigan Receivership Act

Effective May 7, 2018, Michigan adopted what was previously called the “uniform commercial real estate receivership act”, MCL 554.1011, et seq., which was described as: “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.” On October 15, 2020, the statute was amended and the name was changed to the “receivership act”, along with several other substantive amendments. This article will discuss some of the relevant provisions of the new Receivership Act and their application to commercial and residential real estate. Read more