HB 5336 Summary

• Renames the "uniform commercial real estate receivership act" to the "receivership act" and expands its application beyond real estate to include personal property receiverships.

• Allows court appointment of receivers for commercial property (real and personal) under specified circumstances, including property waste, voidable transactions, judgment enforcement, and security agreement defaults.

• Establishes receiver selection procedures requiring sufficient competence and qualifications, with parties able to nominate receivers subject to court approval and disqualification standards based on conflicts of interest and affiliate relationships.

• Grants receivers broad powers to collect, manage, operate, and dispose of receivership property, including authority to incur ordinary business expenses, engage professionals with court approval, and conduct examinations under oath regarding receivership matters.

• Requires owners to cooperate with receivers by preserving property, providing creditor lists within 7 days, disclosing access information, and submitting to examination; allows courts to award damages and sanction non-compliance as contempt.