January 2021

An informative e-newsletter for the Real Property Law Section of the State Bar of Michigan.

Michigan Expands Receivership Beyond Real Property

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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The views and opinions expressed in these articles are those of the authors, and they do not reflect in any way the positions of the State Bar of Michigan or the Real Property Law Section. These columns are meant for informational purposes only and should not be construed as legal advice. IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, by any person for the purpose of (i) avoiding tax-related penalties or (ii) promoting, marketing, or recommending to another person any transaction or matter addressed in this communication.