Section 554.1017 – Appointment of Receiver; Objection; Requirements; Disqualifications.
554.1017 Appointment of receiver; objection; requirements; disqualifications. Sec. 7. (1) If a court determines there is good cause to appoint a receiver, the court shall select the receiver in accordance with this section. A receiver selected by the court must have sufficient competence, qualifications, and experience to administer the receivership estate. (2) The party moving […]
Section 554.1018 – Bond; Alternative Security.
554.1018 Bond; alternative security. Sec. 8. (1) Except as otherwise provided in subsection (2), a receiver shall post with the court a bond that meets all of the following requirements: (a) The bond is conditioned on the faithful discharge of the receiver’s duties. (b) The bond has 1 or more sureties approved by the court. […]
Section 554.1019 – Status of Receiver as Lien Creditor.
554.1019 Status of receiver as lien creditor. Sec. 9. On appointment of a receiver, the receiver has the status of a lien creditor under both of the following: (a) Article 9 of the uniform commercial code, 1962 PA 174, MCL 440.9101 to 440.9809, as to receivership property that is personal property or fixtures. (b) The […]
Section 554.1020 – Acquisition of Property After Appointment as Receiver; Security Agreement.
554.1020 Acquisition of property after appointment as receiver; security agreement. Sec. 10. Except as otherwise provided by law of this state other than this act, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the […]
Section 554.1011 – Short Title.
554.1011 Short title. Sec. 1. This act shall be known and may be cited as the “receivership act”. History: 2018, Act 16, Eff. May 7, 2018 ;– Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020
Section 554.1012 – Definitions.
554.1012 Definitions. Sec. 2. As used in this act: (a) “Affiliate” means all of the following: (i) With respect to an individual, any of the following: (A) A companion of the individual. (B) A lineal ancestor or descendant, whether by blood or adoption, of either of the following: (I) The individual. (II) A companion of […]
Section 554.1013 – Court Order; Issuance; Notice and Hearing; Circumstances.
554.1013 Court order; issuance; notice and hearing; circumstances. Sec. 3. (1) Except as otherwise provided in subsection (2), the court may issue an order under this act only after notice and opportunity for a hearing appropriate in the circumstances. (2) The court may issue an order under this act under the following circumstances: (a) Without […]
Section 554.1014 – Applicability of Act; Scope; Limitation.
554.1014 Applicability of act; scope; limitation. Sec. 4. (1) Except as otherwise provided in subsection (2) or (3), this act applies to a receivership for an interest in any of the following commercial property: (a) Real property, fixtures, and any personal property related to or used in operating the real property. (b) Personal property. (2) […]
Section 554.1015 – Selection, Appointment, Removal, and Compensation of Receiver; Establishment by Court Rule; Jurisdiction.
554.1015 Selection, appointment, removal, and compensation of receiver; establishment by court rule; jurisdiction. Sec. 5. (1) Except as provided in this act, the procedure for the selection, appointment, removal, and compensation of a receiver, or a professional engaged under section 15, under this act is as established by the court rules. (2) The court that […]