Presentations text content in Uniform Commercial Real Estate Receivership Act
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Uniform Commercial Real Estate Receivership Act
Thomas S. HemmendingerBrennan, Recupero, Cascione, Scungio & McAllister, LLPPrepared for the Rhode Island Bar AssociationSeptember 26, 2016
9/26/2016
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Slide2Uniform Law Commission
Project approval 2011Study process 2011-12Drafting process 2012-159/26/2016
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Slide3Our Goals
Guidance to courts and litigantsPreserve the flexibility of the remedy9/26/2016
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Slide4Our Objectives—Clarity
Grounds for appointmentReceiver’s powersSale of real estateThird party rights9/26/2016
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Slide5Notice and Opportunity for Hearing—Section 3
Common senseConstitutional9/26/2016
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Slide6Scope of the Act—Section 4
Commercial propertyNot consumer propertyCommercial carve-outs to exception9/26/2016
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Slide7Grounds for Appointment—Section 6
Waste, loss, dissipation, or impairmentVoidable transactionPost-judgmentEquity catch-allMortgage foreclosure9/26/2016
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Slide8Receiver’s Qualifications—Section 7
IndependenceCourt has final say9/26/2016
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Slide9Lien Creditor Status—Section 9
UCC Article 9 for personal propertyOther law for real property9/26/2016
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Slide10After-acquired Property-Section 10
RentsRevenue9/26/2016
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Slide11Collection and Turnover of Property—Section 11
Owner must assist, turn over, preserve, and identifyReceivership propertyDebts owedPossessory liensNoncompliance9/26/2016
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Slide12Powers and Duties of Receiver—Section 12
General powers and dutiesPowers the court may grantDuties the court may impose9/26/2016
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Slide13Stay; Injunction—Section 14
Stay to protect receivership property and facilitate administration of caseInjunction as neededLimitationsPlaintiff’s foreclosurePerfection of liensGovernmental matters9/26/2016
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Slide14Sales Outside the Ordinary Course of Business—Section 16
Free and clear of liensSenior liensFlexible processLiens attach to proceeds9/26/2016
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Slide15Sales Outside the Ordinary Course of Business—Section 16
Court must approve on noticeMarketable, insurable title9/26/2016
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Slide16Sales Outside the Ordinary Course of Business—Section 16
Safe-HarborApplies to appealsApplies to other requests for reliefPreserves a good faith buyer’s title9/26/2016
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Slide17Borrowing—Section 12
Ordinary course of businessOutside the ordinary courseCollateral security9/26/2016
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Slide18Executory Contracts—Section 17
Codifies the common lawTenant in receivershipLandlord in receivership9/26/2016
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Slide19Immunities and Personal Liability—Section 18
Defers to other lawThe Barton doctrine9/26/2016
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Slide20Notice to Creditors and the Claims Process—Section 20
Meaningful and productive noticeClaims processDistribution to creditors9/26/2016
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Slide21Ancillary Receivership—Section 24
Facilitates inter-state projectsMain court and ancillary court9/26/2016
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Slide22Administrative Fees and Expenses—Section 21
Reasonable and necessary feesSpecial casesPetitionerWaster of assets9/26/2016
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Slide23All questions answered . . .
All knowledge shared9/26/2016
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Slide24Thank you for your time and interest. For more
info:Thomas S. HemmendingerBr
ennan, Recupero, Cascione, Scungio & McAllister, LLP
362 Broadway
Providence, RI 02909
Tel. (401) 453-2300
Fax (401) 453-2345
themmendinger@brcsm.com
www.brcsm.com
Benjamin Orzeske
Chief Counsel
Uniform Law Commission
111 N. Wabash Avenue, Suite 1010
Chicago, IL 60602
Tel. (312) 450‐6621
Fax (312) 450-6601
borzeske@uniformlaws.org
www.uniformlaws.org
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Slide25Thomas S. Hemmendinger
THOMAS S. HEMMENDINGER is of counsel to Brennan, Recupero, Cascione, Scungio & McAllister, LLP, with offices in RI and MA. He counsels financial institutions, logistics companies, and other businesses on commercial transactions, commercial litigation, bankruptcy, and receivership. He is the author of HILLMAN ON COMMERCIAL LOAN DOCUMENTATION (Practicing Law Institute, New York).Tom is a member of the Uniform Law Commission and, most recently, served as the chairperson of the ULC drafting committee for the Uniform Commercial Real Estate Receivership Act (2015). He is a Fellow of the American College of Commercial Finance Lawyers and a member of the American Bankruptcy Institute, the American Bar Association, and the Association of Commercial Finance Attorneys.
He received his A.B. from Brown University and his J.D. from the University of North Carolina School of Law. He is admitted to practice in Massachusetts and Rhode Island
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Uniform Commercial Real Estate Receivership Act
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