Appointment of a Receiver: (1) Foreclosure on Real Estate The party seeking the appointment of a receiver may nominate a person to serve in that position. A.R.S. §33-2606(D). Interestingly, the Arizona legislature eliminated a clause from ARECRA §7(d) which provides that “but the court is not bound by the nomination.” The author has found nothing …
Scope: To What Does the Act Apply? The Act only relates to persons who have an “interest in” most types of commercial real estate. A receivership under the Act will, of course, also cover personal property located on or used in the operation of that real property. A.R.S. §33-2603(A). The Act, however, does not …
The New Statute – A.R.S. §33-2601, et seq. A. Origin. The National Conference of Commissioners on Uniform State Laws also known as Uniform Law Commission passed the Uniform Commercial Real Estate Receivership Act (“UCRERA”) in July of 2015. The Arizona legislature adopted the vast majority of UCRERA with only a few modifications and it was …
Existing Law in Arizona. The existing legal authorities in Arizona for receiverships are sparse and do not provide much guidance to lawyers, receivers, other professionals, lenders and clients. Although the paucity of law provided flexibility to practitioners in receivership proceedings, the consequence was a lack of certainty for judges and attorneys and a lack …
See original article Effective Date The Department of Labor (the “DOL”) advanced the effective date of the Families First Coronavirus Response Act (the “Act”) to April 1, 2020. Posting Requirement On March 25, 2020, the DOL issued the notice that employers are required to post on or before April 1, 2020 to comply with …