By Kay S. Kress and Nickolas M. Guttman, Troutman Pepper Hamilton Sanders LLP
On October 15, 2020, Governor Whitmer signed into law PA 210 of 2020 (“Act”), which broadens the scope of Michigan’s receivership statute. MCL 554.1011, et seq. In 2018, Michigan adopted the Uniform Commercial Real Estate Receivership Act (“UCRERA”), which, as the name implies, only applied to commercial real property. The revised statute is now merely known as the Receivership Act. Whereas the UCRERA only applied to commercial real property and any personal property used in the operation of the real property, the revised statute applies to interests in commercial personal property as well as commercial loans with no collateralized real property.
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