Winter 2016-Spring 2017

Volume 43, No. 4 & Volume 44, No. 1

FEATURE ARTICLES

By Lawrence M. Dudek and Scott R. Lesser

State and federal court receiverships have become increasingly popular to manage distressed properties and make an orderly transition of ownership. Lenders may find selling real estate through receivership a preferable alternative to foreclosure as it allows them to avoid both being in the chain of title and potential ownership liabilities. In some instances, selling through a receiver can provide unique structural advantages, such as allowing a form of seller financing for properties that secure commercial mortgage-backed securities loans by coupling a receivership sale with a loan assumption.

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By Heather M. Olson

Since the most recent real estate crisis in 2008, portfolio lenders and special servicers of defaulted commercial mortgage loans have had a number of years of experience in using a variety of remedies to realize upon their real estate collateral, often choosing between foreclosure, receiver sale, deed-in-lieu agreement or some other type of arrangement. During this time, the use of court-appointed receivers to not only manage and operate distressed commercial property, but also to sell such real property as an alternative to foreclosure, has gained popularity nationally, with some commentators advocating that receivership sales can, in some instances, be a more effective way of disposing of real property collateral than the foreclosure process.

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COLUMNS

By David E. Nykanen

It is my great privilege to serve as the Chairperson of the Real Property Law Section for 2016-2017. The Section has over 3,500 members, who have voluntarily joined the Section to contribute to the practice of real estate law in the State of Michigan. My sole focus as Chairperson is to ensure that the Section is meeting the needs of our members. I am fortunate to be Chair of the Section during a year of great activity. I want to take this opportunity to update our membership on some of that activity.

By Nicholas P. Scavone Jr.

The Section is active in the judicial process in a variety of ways, such as preparing amicus curiae briefs and monitoring cases of interest to real estate lawyers. This article provides a quarterly report designed to inform Section members about the Section’s efforts to maintain the integrity of the law and to advise Section members about published decisions that may affect real estate practice.

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By Nicholas P. Scavone Jr.

The Section is active in the legislative process in a variety of ways, such as appearing before House and Senate committees, lobbying for and against bills, and monitoring legislation of interest to real estate lawyers. Before taking a formal public position for or against a bill, the Section follows procedures specified in its bylaws, and members with an interest in particular legislation should bring it to the attention of members of the Section Council or the chairs of the Special Committees listed on the Section's website. Policy positions of the Section can also be found on the Section's website.

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