North Carolina Commercial Receivership Act (Senate Bill 364)

• Enacts the North Carolina Commercial Receivership Act (Article 38A of Chapter 1, General Statutes) establishing comprehensive procedures for receivership of entities and individual business debtors, including definitions, receiver qualifications, powers, duties, and claims processes.

• Repeals prior assignment-for-benefit-of-creditor statutes (Articles 1 and 2 of Chapter 23) and existing receivership provisions, consolidating receivership law into a single statutory framework.

• Designates actions seeking appointment of a general receiver for non-individual business entities with assets valued at $5 million or more as mandatory complex business cases when filed by the debtor or creditors with claims exceeding $25,000.

• Establishes two receivership types: limited receiverships (for specific property or foreclosure situations) and general receiverships (for liquidation of substantially all debtor property), with receivers having broad powers to manage, operate, and dispose of receivership property.

• Effective January 1, 2021, applies to all receiverships commenced on or after that date.