§55-21-1. Short Title
This article may be cited as the Uniform Commercial Real Estate Receivership Act.
§55-21-10. Security Agreement Covering After-Acquired Property
Except as otherwise provided by law of this state other than this article, 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 court had not appointed the receiver.
§55-21-11. Collection and Turnover of Receivership Property
(a) Unless the court orders otherwise, on demand by a receiver: (1) A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or […]
§55-21-12. Powers and Duties of Receiver
(a) Except as limited by court order or law of this state other than this article, a receiver may: (1) Collect, control, manage, conserve, and protect receivership property;
§55-21-13. Duties of Owner
(a) An owner shall: (1) Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receivers duties;
§55-21-14. Stay of Other Actions; Injunction
(a) Except as otherwise provided in subsection (d) of this section or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding: (1) To obtain possession of, exercise control over, or enforce a judgment against receivership property; and
§55-21-15. Engagement and Compensation of Professional
(a) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court: (1) The identity and qualifications of the professional;
§55-21-16. Use or Transfer of Receivership Property Not in Ordinary Course of Business
(a) In this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (b) With court approval, a receiver may use receivership property other than in the ordinary course of business. (c) With court approval, a receiver may transfer receivership property, other than in the ordinary course of […]
§55-21-17. Executory Contract
(a) In this section, “executory contract” has the same meaning as “timesharing plan” as defined in 36-9-4 of this code. (b) Except as otherwise provided in subsection (h) of this section, with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. The court may condition the […]
§55-21-18. Defenses and Immunities of Receiver
(a) A receiver is entitled to all defenses and immunities provided by law of this state other than this article for an act or omission within the scope of the receivers appointment. (b) A receiver may be sued personally for an act or omission in administering receivership property only with approval of the court that […]
§55-21-19. Interim Report of Receiver
A receiver may file or, if ordered by the court, shall file an interim report that includes: (1) The activities of the receiver since appointment or a previous report;
§55-21-2. Definitions
When used in this article, the following words have the meanings specified in this section: “Affiliate” means: (1) With respect to an individual:
§55-21-20. Notice of Appointment; Claim Against Receivership; Distribution to Creditors
(a) Except as otherwise provided in subsection (f) of this section, a receiver shall give notice of appointment of the receiver to creditors of the owner by: (1) Deposit for delivery through first-class mail or other commercially reasonable delivery method to the last-known address of each creditor; and
§55-21-21. Fees and Expenses
(a) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (b) The court may order one or more of the following to pay the reasonable and necessary fees and expenses of the receivership, including […]
§55-21-22. Removal of Receiver; Replacement; Termination of Receivership
(a) The court may remove a receiver for cause. (b) The court shall replace a receiver that dies, resigns, or is removed. (c) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver […]
§55-21-23. Final Report of Receiver; Discharge
(a) On completion of a receivers duties, the receiver shall file a final report including: (1) A description of the activities of the receiver in the conduct of the receivership;
§55-21-24. Receivership in Another State; Ancillary Proceeding
(a) The court may appoint a receiver appointed in another state, or that persons nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be appointed under this article, if: (1) The person or nominee would be eligible to […]
§55-21-25. Effect of Enforcement by Mortgagee
(a) A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not: (1) Make the mortgagee a mortgagee in possession of the real property;
§55-21-26. Uniformity of Application and Construction
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
§55-21-27. Relation to Electronic Signatures in Global and National Commerce Act
This article modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq. of this code, but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. 7001(c) of this code, or authorize electronic delivery of any of the notices described in Section 103(b) of […]