MCL - Act 16 of 2018

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RECEIVERSHIP ACT

Act 16 of 2018

AN ACT to enact the receivership act; to provide for the appointment of receivers to take possession of commercial property of another and to receive, collect, care for, and dispose of the property or proceeds of the property; and to provide remedies related to the receiverships.


History: 2018, Act 16, Eff. May 7, 2018 ;-- Am. 2020, Act 210, Imd. Eff. Oct. 15, 2020




The People of the State of Michigan enact:
Document Type Description
Section 554.1011 Section Short title.
Section 554.1012 Section Definitions.
Section 554.1013 Section Court order; issuance; notice and hearing; circumstances.
Section 554.1014 Section Applicability of act; scope; limitation.
Section 554.1015 Section Selection, appointment, removal, and compensation of receiver; establishment by court rule; jurisdiction.
Section 554.1016 Section Appointment of receiver; circumstances; appointment without prior notice or hearing; security.
Section 554.1017 Section Appointment of receiver; objection; requirements; disqualifications.
Section 554.1018 Section Bond; alternative security.
Section 554.1019 Section Status of receiver as lien creditor.
Section 554.1020 Section Acquisition of property after appointment as receiver; security agreement.
Section 554.1021 Section Receivership property; duties of person upon demand of receiver; failure to turn over property; sanction.
Section 554.1022 Section Powers and duties of receiver.
Section 554.1023 Section Duties of owner.
Section 554.1024 Section Stay or injunction.
Section 554.1025 Section Engagement of professional; compensation.
Section 554.1026 Section "Good faith" defined; use or transfer of receivership property not in ordinary course of business.
Section 554.1027 Section "Timeshare interest" defined; executory contract.
Section 554.1028 Section Defenses and immunities of receiver.
Section 554.1029 Section Quarterly interim report of receiver.
Section 554.1030 Section Notice of order governing appointment; notice to all creditors; claim; distribution of receivership property.
Section 554.1031 Section Fees and expenses.
Section 554.1032 Section Removal of receiver; replacement; discharge; termination.
Section 554.1033 Section Final report of receiver; contents; discharge.
Section 554.1034 Section Receivership in another state; rights, powers, and duties of ancillary receiver.
Section 554.1035 Section Enforcement by secured party; effect.
Section 554.1036 Section Uniformity of law.
Section 554.1037 Section Electronic signatures in global and national commerce act.
Section 554.1038 Section Receiver appointed before effective date of act.
Section 554.1040 Section Effective date.