Substitute House Bill No. 6356 Summary

• Adopts the Uniform Commercial Real Estate Receivership Act effective July 1, 2022, establishing comprehensive statutory framework for appointment and management of receivers over real property and related personal property.

• Court may appoint a receiver before judgment to protect property from waste or voidable transactions, after judgment to enforce decisions, or on equitable grounds; mortgagees are entitled to receiver appointment upon foreclosure if specific conditions are met.

• Receiver must post a bond, disclose qualifications and conflicts of interest, collect and manage receivership property, file land records notices, maintain business records, and prepare interim and final reports detailing receipts, disbursements, and property dispositions.

• Establishes automatic stay on most collection and lien enforcement actions against receivership property while allowing mortgagee foreclosures, perfection of interests, criminal proceedings, and governmental regulatory enforcement to proceed.

• Exempts receiverships of one to four dwelling unit properties used as primary residences unless property is used for commercial purposes or receiver was appointed by mortgagee; does not apply to receivers appointed before July 1, 2022.