Michigan Bankruptcy Blog
- Posts by Scott H. Hogan
ShareholderScott Hogan practices in the areas of real estate, construction, municipal and library law, business law, and bankruptcy. Specifically, this includes:
- Real Estate: Handles sales, purchases, leases, condominiums, evictions ...
Taking effect on September 22, 2022, the Michigan Uniform Assignment of Rents Act (MUARA) will impact tenants’ rights in situations where landlords default on their loans. This Act also strengthens lenders’ rights, under certain circumstances, to appoint receivers to collect rent payments if one of their borrowers defaults on a loan secured by an income-producing property.
A new amendment was recently enacted in Michigan which expands the scope of receivership proceedings, which are a liquidation alternative to bankruptcy. Previously, the receivership statute in Michigan applied only to receiverships over commercial real estate. Now it is applicable to all operating businesses in Michigan, and commercial and industrial loans irrespective of whether real estate collateral is involved.
Two proposed bills are working their way through the Michigan Legislature that would significantly impact state law pertaining to commercial real estate receiverships.
