Connecticut 2019 Regular Session

Connecticut House Bill HB07271 Compare Versions

Version 1 (Old)

Version 2 (New)

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	3	+	LCO No. 4975 1 of 26
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7		-	General Assembly ~~Substitute~~ Bill No. 7271
	5	+	General Assembly Raised Bill No. 7271
8	6		January Session, 2019
	7	+	LCO No. 4975
	8	+
	9	+
	10	+	Referred to Committee on JUDICIARY
	11	+
	12	+
	13	+	Introduced by:
	14	+	(JUD)
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	16	+
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10	18
11	19
12	20		AN ACT CONCERNING TH E UNIFORM COMMERCIAL REAL ESTA TE
13	21		RECEIVERSHIP ACT.
14	22		Be it enacted by the Senate and House of Representatives in General
15	23		Assembly convened:
16	24
17	25		Section 1. (NEW) (Effective October 1, 2019) Sections 1 to 28, 1
18	26		inclusive, of this act, may be cited as the Uniform Commercial Real 2
19	27		Estate Receivership Act. 3
20	28		Sec. 2. (NEW) (Effective October 1, 2019) As used in sections 1 to 28, 4
21	29		inclusive, of this act: 5
22	30		(1) "Affiliate" means: 6
23	31		(A) With respect to an individual: 7
24	32		(i) A companion of the individual; 8
25	33		(ii) A lineal ancestor or descendant, whether by blood or adoption, 9
26	34		of (I) the individual; or (II) a companion of the individual; 10
27		-	(iii) A companion of an ancestor or descendant described in 11
	35	+	(iii) A companion of an ancestor or descendant described in 11 Raised Bill No. 7271
	36	+
	37	+
	38	+
	39	+	LCO No. 4975 2 of 26
	40	+
28	41		subparagraph (A)(ii) of this subdivision; 12
29	42		(iv) A sibling, aunt, uncle, great aunt, great uncle, first cousin, niece, 13
30	43		nephew, grandniece or grandnephew of the individual, whether 14
31	44		related by the whole or the half blood or adoption, or a companion of 15
32		-	any of them; or 16 Substitute Bill No. 7271
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	45	+	any of them; or 16
39	46		(v) Any other individual occupying the residence of the individual; 17
40	47		and 18
41	48		(B) With respect to a person other than an individual: 19
42	49		(i) Another person that directly or indirectly controls, is controlled 20
43	50		by, or is under common control with the person; 21
44	51		(ii) An officer, director, manager, member, partner, employee or 22
45	52		trustee or other fiduciary of the person; or 23
46	53		(iii) A companion of, or an individual occupying the residence of, an 24
47	54		individual described in subparagraph (B)(i) or (B)(ii) of this 25
48	55		subdivision. 26
49	56		(2) "Companion" means the spouse of an individual. 27
50	57		(3) "Court" means the Superior Court. 28
51	58		(4) "Executory contract" means a contract, including a lease, under 29
52	59		which each party has an unperformed obligation and the failure of a 30
53	60		party to complete performance would constitute a material breach. 31
54	61		(5) "Governmental unit" means an office, department, division, 32
55	62		bureau, board, commission or other agency of this state or a 33
56	63		subdivision of this state. 34
57	64		(6) "Lien" means an interest in property which secures payment or 35
58	65		performance of an obligation. 36
59	66		(7) "Mortgage" means a record, however denominated, that creates 37
60		-	or provides for a consensual lien on real property or rents, even if the 38
	67	+	or provides for a consensual lien on real property or rents, even if the 38 Raised Bill No. 7271
	68	+
	69	+
	70	+
	71	+	LCO No. 4975 3 of 26
	72	+
61	73		record also creates or provides for a lien on personal property. 39
62	74		(8) "Mortgagee" means a person entitled to enforce an obligation 40
63	75		secured by a mortgage. 41
64		-	(9) "Mortgagor" means a person that grants a mortgage or a 42 Substitute Bill No. 7271
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	76	+	(9) "Mortgagor" means a person that grants a mortgage or a 42
71	77		successor in ownership of the real property described in the mortgage. 43
72	78		(10) "Owner" means the person for whose property a receiver is 44
73	79		appointed. 45
74	80		(11) "Person" means an individual, estate, business or nonprofit 46
75	81		entity, public corporation, government or governmental subdivision, 47
76	82		agency, instrumentality or other legal entity. 48
77	83		(12) "Proceeds" means the following property: 49
78	84		(A) Whatever is acquired on the sale, lease, license, exchange or 50
79	85		other disposition of receivership property; 51
80	86		(B) Whatever is collected on, or distributed on account of, 52
81	87		receivership property; 53
82	88		(C) Rights arising out of receivership property; 54
83	89		(D) To the extent of the value of receivership property, claims 55
84	90		arising out of the loss, nonconformity or interference with the use of, 56
85	91		defects or infringement of rights in, or damage to, the property; or 57
86	92		(E) To the extent of the value of receivership property and to the 58
87	93		extent payable to the owner or mortgagee, insurance payable by 59
88	94		reason of the loss or nonconformity of, defects or infringement of 60
89	95		rights in, or damage to, the property. 61
90	96		(13) "Property" means all of a person's right, title and interest, both 62
91	97		legal and equitable, in real and personal property, tangible and 63
92	98		intangible, wherever located and however acquired. "Property" 64
93	99		includes proceeds, products, offspring, rents or profits of or from the 65
94		-	property. 66
	100	+	property. 66 Raised Bill No. 7271
	101	+
	102	+
	103	+
	104	+	LCO No. 4975 4 of 26
	105	+
95	106		(14) "Receiver" means a person appointed by the court as the court's 67
96	107		agent, and subject to the court's direction, to take possession of, 68
97	108		manage and, if authorized by sections 1 to 28, inclusive, of this act or 69
98		-	court order, transfer, sell, lease, license, exchange, collect or otherwise 70 Substitute Bill No. 7271
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	109	+	court order, transfer, sell, lease, license, exchange, collect or otherwise 70
105	110		dispose of receivership property. 71
106	111		(15) "Receivership" means a proceeding in which a receiver is 72
107	112		appointed. 73
108	113		(16) "Receivership property" means the property of an owner which 74
109	114		is described in the order appointing a receiver or a subsequent order. 75
110	115		"Receivership property" includes any proceeds, products, offspring, 76
111	116		rents or profits of or from the property. 77
112	117		(17) "Record", used as a noun, means information that is inscribed 78
113	118		on a tangible medium or that is stored on an electronic or other 79
114	119		medium and is retrievable in perceivable form. 80
115	120		(18) "Rents" means: 81
116	121		(A) Sums payable for the right to possess or occupy, or for the actual 82
117	122		possession or occupation of, real property of another person; 83
118	123		(B) Sums payable to a mortgagor under a policy of rental-84
119	124		interruption insurance covering real property; 85
120	125		(C) Claims arising out of a default in the payment of sums payable 86
121	126		for the right to possess or occupy real property of another person; 87
122	127		(D) Sums payable to terminate an agreement to possess or occupy 88
123	128		real property of another person; 89
124	129		(E) Sums payable to a mortgagor for payment or reimbursement of 90
125	130		expenses incurred in owning, operating and maintaining real property 91
126	131		or constructing or installing improvements on real property; or 92
127	132		(F) Other sums payable under an agreement relating to the real 93
128		-	property of another person which constitute rents under the law of this 94
	133	+	property of another person which constitute rents under the law of this 94 Raised Bill No. 7271
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	135	+
	136	+
	137	+	LCO No. 4975 5 of 26
	138	+
129	139		state other than sections 1 to 28, inclusive, of this act. 95
130	140		(19) "Secured obligation" means an obligation the payment or 96
131		-	performance of which is secured by a security agreement. 97 Substitute Bill No. 7271
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	141	+	performance of which is secured by a security agreement. 97
138	142		(20) "Security agreement" means an agreement that creates or 98
139	143		provides for a lien. 99
140	144		(21) "Sign" means, with present intent to authenticate or adopt a 100
141	145		record: 101
142	146		(A) To execute or adopt a tangible symbol; or 102
143	147		(B) To attach to or logically associate with the record an electronic 103
144	148		sound, symbol or process. 104
145	149		(22) "State" means a state of the United States, the District of 105
146	150		Columbia, Puerto Rico, the United States Virgin Islands or any 106
147	151		territory or insular possession subject to the jurisdiction of the United 107
148	152		States. 108
149	153		Sec. 3. (NEW) (Effective October 1, 2019) (a) Except as otherwise 109
150	154		provided in subsection (b) of this section, the court may issue an order 110
151	155		under sections 1 to 28, inclusive, of this act only after notice and an 111
152	156		opportunity for a hearing that the court deems appropriate in the 112
153	157		circumstances. 113
154	158		(b) The court may issue an order under sections 1 to 28, inclusive, of 114
155	159		this act: 115
156	160		(1) Without prior notice if the circumstances require issuance of an 116
157	161		order before notice is given; 117
158	162		(2) After notice and without a prior hearing if the circumstances 118
159	163		require issuance of an order before a hearing is held; or 119
160	164		(3) After notice and without a hearing if no interested party timely 120
161		-	requests a hearing. 121
	165	+	requests a hearing. 121 Raised Bill No. 7271
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162	171		Sec. 4. (NEW) (Effective October 1, 2019) (a) Except as otherwise 122
163	172		provided in subsection (b) or (c) of this section, sections 1 to 28, 123
164	173		inclusive, of this act apply to a receivership for an interest in real 124
165		-	property and any personal property related to or used in operating the 125 Substitute Bill No. 7271
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	174	+	property and any personal property related to or used in operating the 125
172	175		real property. 126
173	176		(b) Sections 1 to 28, inclusive, of this act do not apply to a 127
174	177		receivership for an interest in real property improved by one to four 128
175	178		dwelling units unless: 129
176	179		(1) The interest is used for agricultural, commercial, industrial or 130
177	180		mineral-extraction purposes, other than incidental uses by an owner 131
178	181		occupying the property as the owner's primary residence; 132
179	182		(2) The interest secures an obligation incurred at a time when the 133
180	183		property was used or planned for use for agricultural, commercial, 134
181	184		industrial or mineral-extraction purposes; 135
182	185		(3) The owner planned or is planning to develop the property into 136
183	186		one or more dwelling units to be sold or leased in the ordinary course 137
184	187		of the owner's business; or 138
185	188		(4) The owner is collecting or has the right to collect rents or other 139
186	189		income from the property from a person other than an affiliate of the 140
187	190		owner. 141
188	191		(c) Sections 1 to 28, inclusive, of this act do not apply to a 142
189	192		receivership authorized by the law of this state other than sections 1 to 143
190	193		28, inclusive, of this act in which the receiver is a governmental unit or 144
191	194		an individual acting in an official capacity on behalf of the 145
192	195		governmental unit. 146
193	196		(d) Sections 1 to 28, inclusive, of this act do not limit the authority of 147
194	197		a court to appoint a receiver under the law of this state other than 148
195	198		sections 1 to 28, inclusive, of this act. 149
196	199		(e) Unless displaced by a particular provision of sections 1 to 28, 150
197		-	inclusive, of this act, the principles of law and equity supplement 151
198		-	sections 1 to 28, inclusive, of this act. 152
199		-	Sec. 5. (NEW) (Effective October 1, 2019) The court that appoints a 153 Substitute Bill No. 7271
	200	+	inclusive, of this act, the principles of law and equity supplement 151 Raised Bill No. 7271
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	205	+
	206	+	sections 1 to 28, inclusive, of this act. 152
	207	+	Sec. 5. (NEW) (Effective October 1, 2019) The court that appoints a 153
206	208		receiver under sections 1 to 28, inclusive, of this act has exclusive 154
207	209		jurisdiction to direct the receiver and determine any controversy 155
208	210		related to the receivership or receivership property. 156
209	211		Sec. 6. (NEW) (Effective October 1, 2019) (a) The court may appoint a 157
210	212		receiver: 158
211	213		(1) Before judgment, to protect a party that demonstrates an 159
212	214		apparent right, title or interest in real property that is the subject of the 160
213	215		action, if the property or its revenue-producing potential: 161
214	216		(A) Is being subjected to or is in danger of waste, loss, dissipation or 162
215	217		impairment; or 163
216	218		(B) Has been or is about to be the subject of a voidable transaction; 164
217	219		(2) After judgment: 165
218	220		(A) To carry the judgment into effect; or 166
219	221		(B) To preserve nonexempt real property pending appeal or when 167
220	222		an execution has been returned unsatisfied and the owner refuses to 168
221	223		apply the property in satisfaction of the judgment; or 169
222	224		(3) In an action in which a receiver for real property may be 170
223	225		appointed on equitable grounds. 171
224	226		(b) In connection with the foreclosure or other enforcement of a 172
225	227		mortgage, a mortgagee is entitled to appointment of a receiver for the 173
226	228		mortgaged property if: 174
227	229		(1) Appointment is necessary to protect the property from waste, 175
228	230		loss, transfer, dissipation or impairment; 176
229	231		(2) The mortgagor agreed in a signed record to appointment of a 177
230		-	receiver on default; 178
231		-	(3) The owner agreed, after default and in a signed record, to 179 Substitute Bill No. 7271
	232	+	receiver on default; 178 Raised Bill No. 7271
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	238	+	(3) The owner agreed, after default and in a signed record, to 179
238	239		appointment of a receiver; 180
239	240		(4) The property and any other collateral held by the mortgagee are 181
240	241		not sufficient to satisfy the secured obligation; 182
241	242		(5) The owner fails to turn over to the mortgagee proceeds or rents 183
242	243		the mortgagee was entitled to collect; or 184
243	244		(6) The holder of a subordinate lien obtains appointment of a 185
244	245		receiver for the property. 186
245	246		(c) The court may condition appointment of a receiver without prior 187
246	247		notice under subdivision (1) of subsection (b) of section 3 of this act or 188
247	248		without a prior hearing under subdivision (2) of subsection (b) of 189
248	249		section 3 of this act on the giving of security by the person seeking the 190
249	250		appointment for the payment of damages, reasonable attorneys' fees 191
250	251		and costs incurred or suffered by any person if the court later 192
251	252		concludes that the appointment was not justified. If the court later 193
252	253		concludes that the appointment was justified, the court shall release 194
253	254		the security. 195
254	255		Sec. 7. (NEW) (Effective October 1, 2019) (a) The court may not 196
255	256		appoint a person as receiver unless the person submits to the court a 197
256	257		statement under penalty of perjury that the person is not disqualified. 198
257	258		(b) Except as otherwise provided in subsection (c) of this section, a 199
258	259		person is disqualified from appointment as receiver if the person: 200
259	260		(1) Is an affiliate of a party; 201
260	261		(2) Has an interest materially adverse to an interest of a party; 202
261	262		(3) Has a material financial interest in the outcome of the action, 203
262	263		other than compensation the court may allow the receiver; 204
263	264		(4) Has a debtor-creditor relationship with a party; or 205
264		-	(5) Holds an equity interest in a party, other than a noncontrolling 206 ~~Substitute~~ Bill No. 7271
	265	+	(5) Holds an equity interest in a party, other than a noncontrolling 206 Raised Bill No. 7271
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271	271		interest in a publicly traded company. 207
272	272		(c) A person is not disqualified from appointment as receiver solely 208
273	273		because the person: 209
274	274		(1) Was appointed receiver or is owed compensation in an unrelated 210
275	275		matter involving a party or was engaged by a party in a matter 211
276	276		unrelated to the receivership; 212
277	277		(2) Is an individual obligated to a party on a debt that is not in 213
278	278		default and was incurred primarily for personal, family or household 214
279	279		purposes; or 215
280		-	(3) Maintains with a party a deposit account, as defined in 216
	280	+	(3) Maintains with a party a deposit account as defined in 216
281	281		subdivision (29) of subsection (a) of section 42a-9-102 of the general 217
282	282		statutes. 218
283	283		(d) A person seeking appointment of a receiver may nominate a 219
284	284		person to serve as receiver, but the court is not bound by the 220
285	285		nomination. 221
286	286		Sec. 8. (NEW) (Effective October 1, 2019) (a) Except as otherwise 222
287	287		provided in subsection (b) of this section, a receiver shall post with the 223
288	288		court a bond that: 224
289	289		(1) Is conditioned on the faithful discharge of the receiver's duties; 225
290	290		(2) Has one or more sureties approved by the court; 226
291	291		(3) Is in an amount the court specifies; and 227
292	292		(4) Is effective as of the date of the receiver's appointment. 228
293	293		(b) The court may approve the posting by a receiver with the court 229
294	294		of alternative security such as a letter of credit or deposit of funds. The 230
295	295		receiver may not use receivership property as alternative security. 231
296	296		Interest that accrues on deposited funds must be paid to the receiver 232
297		-	on the receiver's discharge. 233 ~~Substitute~~ Bill No. 7271
	297	+	on the receiver's discharge. 233 Raised Bill No. 7271
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304	303		(c) The court may authorize a receiver to act before the receiver 234
305	304		posts the bond or alternative security required by this section. 235
306	305		(d) A claim against a receiver's bond or alternative security must be 236
307	306		made not later than one year after the date the receiver is discharged. 237
308	307		Sec. 9. (NEW) (Effective October 1, 2019) On appointment of a 238
309	308		receiver, the receiver has the status of a lien creditor under: 239
310	309		(1) Article 9 of title 42a of the general statutes as to receivership 240
311	310		property that is personal property or fixtures; and 241
312	311		(2) Any provision of the general statutes that provides for filing on 242
313	312		the land records of a town a certificate as to receivership property that 243
314	313		is real property. 244
315	314		Sec. 10. (NEW) (Effective October 1, 2019) Except as otherwise 245
316	315		provided by the law of this state other than sections 1 to 28, inclusive, 246
317	316		of this act, property that a receiver or owner acquires after 247
318	317		appointment of the receiver is subject to a security agreement entered 248
319	318		into before the appointment to the same extent as if the court had not 249
320	319		appointed the receiver. 250
321	320		Sec. 11. (NEW) (Effective October 1, 2019) (a) Unless the court orders 251
322	321		otherwise, on demand by a receiver: 252
323	322		(1) A person that owes a debt that is receivership property and is 253
324	323		matured or payable on demand or on order shall pay the debt to or on 254
325	324		the order of the receiver, except to the extent the debt is subject to 255
326	325		setoff or recoupment; and 256
327	326		(2) Subject to subsection (c) of this section, a person that has 257
328	327		possession, custody or control of receivership property shall turn the 258
329	328		property over to the receiver. 259
330	329		(b) A person that has notice of the appointment of a receiver and 260
331		-	owes a debt that is receivership property may not satisfy the debt by 261 Substitute Bill No. 7271
	330	+	owes a debt that is receivership property may not satisfy the debt by 261
	331	+	payment to the owner. 262 Raised Bill No. 7271
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338		-	payment to the owner. 262
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339	337		(c) If a creditor has possession, custody or control of receivership 263
340	338		property and the validity, perfection or priority of the creditor's lien on 264
341	339		the property depends on the creditor's possession, custody or control, 265
342	340		the creditor may retain possession, custody or control until the court 266
343	341		orders adequate protection of the creditor's lien. 267
344	342		(d) Unless a bona fide dispute exists about a receiver's right to 268
345	343		possession, custody or control of receivership property, the court may 269
346	344		sanction as civil contempt a person's failure to turn the property over 270
347	345		when required by this section. 271
348	346		Sec. 12. (NEW) (Effective October 1, 2019) (a) Except as limited by 272
349	347		court order or law of this state other than sections 1 to 28, inclusive, of 273
350	348		this act, a receiver may: 274
351	349		(1) Collect, control, manage, conserve and protect receivership 275
352	350		property; 276
353	351		(2) Operate a business constituting receivership property, including 277
354	352		preservation, use, sale, lease, license, exchange, collection or 278
355	353		disposition of the property in the ordinary course of business; 279
356	354		(3) In the ordinary course of business, incur unsecured debt and pay 280
357	355		expenses incidental to the receiver's preservation, use, sale, lease, 281
358	356		license, exchange, collection or disposition of receivership property; 282
359	357		(4) Assert a right, claim, cause of action or defense of the owner 283
360	358		which relates to receivership property; 284
361	359		(5) Seek and obtain instruction from the court concerning 285
362	360		receivership property, exercise of the receiver's powers and 286
363	361		performance of the receiver's duties; 287
364	362		(6) On subpoena, compel a person to submit to examination under 288
365		-	oath, or to produce and permit inspection and copying of designated 289 Substitute Bill No. 7271
	363	+	oath, or to produce and permit inspection and copying of designated 289
	364	+	records or tangible things, with respect to receivership property or any 290
	365	+	other matter that may affect administration of the receivership; 291 Raised Bill No. 7271
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372		-	~~records or tangible things,~~ ~~with respect to receivership property or any 290~~
373		-	~~other matter that may affect administration of the receivership; 291~~
374		-	(7) Engage a professional, as provided in section 15 of this act; 292
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	370	+
	371	+	(7) Engage a professional as provided in section 15 of this act; 292
375	372		(8) Apply to a court of another state for appointment as ancillary 293
376	373		receiver with respect to receivership property located in that state; and 294
377	374		(9) Exercise any power conferred by court order, sections 1 to 28, 295
378	375		inclusive, of this act or the law of this state other than sections 1 to 28, 296
379	376		inclusive, of this act. 297
380	377		(b) With court approval, a receiver may: 298
381	378		(1) Incur debt for the use or benefit of receivership property other 299
382	379		than in the ordinary course of business; 300
383	380		(2) Make improvements to receivership property; 301
384	381		(3) Use or transfer receivership property other than in the ordinary 302
385		-	course of business, as provided in section 16 of this act; 303
386		-	(4) Adopt or reject an executory contract of the owner, as provided 304
	382	+	course of business as provided in section 16 of this act; 303
	383	+	(4) Adopt or reject an executory contract of the owner as provided 304
387	384		in section 17 of this act; 305
388		-	(5) Pay compensation to the receiver, as provided in section 21 of 306
389		-	this act and to each professional engaged by the receiver, as provided 307
	385	+	(5) Pay compensation to the receiver as provided in section 21 of 306
	386	+	this act and to each professional engaged by the receiver as provided 307
390	387		in section 15 of this act; 308
391		-	(6) Recommend allowance or disallowance of a claim of a creditor, 309
392		-	as provided in section 20 of this act; and 310
393		-	(7) Make a distribution of receivership property, as provided in 311
	388	+	(6) Recommend allowance or disallowance of a claim of a creditor as 309
	389	+	provided in section 20 of this act; and 310
	390	+	(7) Make a distribution of receivership property as provided in 311
394	391		section 20 of this act. 312
395	392		(c) A receiver shall: 313
396	393		(1) Prepare and retain appropriate business records, including a 314
397		-	record of each receipt, disbursement and disposition of receivership 315 Substitute Bill No. 7271
	394	+	record of each receipt, disbursement and disposition of receivership 315
	395	+	property; 316
	396	+	(2) Account for receivership property, including the proceeds of a 317 Raised Bill No. 7271
398	397
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403	399
404		-	~~property; 316~~
405		-	~~(2) Account for receivership property, including the proceeds of a 317~~
	400	+	LCO No. 4975 13 of 26
	401	+
406	402		sale, lease, license, exchange, collection or other disposition of the 318
407	403		property; 319
408	404		(3) File on the land records of the town where the real property is 320
409	405		located a copy of the order appointing the receiver and, if a legal 321
410	406		description of the real property is not included in the order, the legal 322
411	407		description; 323
412	408		(4) Disclose to the court any fact arising during the receivership 324
413	409		which would disqualify the receiver under section 7 of this act; and 325
414	410		(5) Perform any duty imposed by court order, sections 1 to 28, 326
415	411		inclusive, of this act or the law of this state other than sections 1 to 28, 327
416	412		inclusive, of this act. 328
417	413		(d) The powers and duties of a receiver may be expanded, modified 329
418	414		or limited by court order. 330
419	415		Sec. 13. (NEW) (Effective October 1, 2019) (a) An owner shall: 331
420	416		(1) Assist and cooperate with the receiver in the administration of 332
421	417		the receivership and the discharge of the receiver's duties; 333
422	418		(2) Preserve and turn over to the receiver all receivership property 334
423	419		in the owner's possession, custody or control; 335
424	420		(3) Identify all records and other information relating to the 336
425	421		receivership property, including a password, authorization or other 337
426	422		information needed to obtain or maintain access to or control of the 338
427	423		receivership property, and make available to the receiver the records 339
428	424		and information in the owner's possession, custody or control; 340
429	425		(4) On subpoena, submit to examination under oath by the receiver 341
430	426		concerning the acts, conduct, property, liabilities and financial 342
431		-	condition of the owner or any matter relating to the receivership 343 Substitute Bill No. 7271
	427	+	condition of the owner or any matter relating to the receivership 343
	428	+	property or the receivership; and 344
	429	+	(5) Perform any duty imposed by court order, sections 1 to 28, 345 Raised Bill No. 7271
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437	432
438		-	~~property or the receivership;~~ ~~and 344~~
439		-	~~(5) Perform any duty imposed by court order, sections 1 to 28, 345~~
	433	+	LCO No. 4975 14 of 26
	434	+
440	435		inclusive, of this act or the law of this state other than sections 1 to 28, 346
441	436		inclusive, of this act. 347
442	437		(b) If an owner is a person other than an individual, this section 348
443	438		applies to each officer, director, manager, member, partner, trustee or 349
444	439		other person exercising or having the power to exercise control over 350
445	440		the affairs of the owner. 351
446	441		(c) If a person knowingly fails to perform a duty imposed by this 352
447	442		section, the court may: 353
448	443		(1) Award the receiver actual damages caused by the person's 354
449	444		failure, reasonable attorneys' fees and costs; and 355
450	445		(2) Sanction the failure as civil contempt. 356
451	446		Sec. 14. (NEW) (Effective October 1, 2019) (a) Except as otherwise 357
452	447		provided in subsection (d) of this section or ordered by the court, an 358
453	448		order appointing a receiver operates as a stay, applicable to all 359
454	449		persons, of an act, action or proceeding: 360
455	450		(1) To obtain possession of, exercise control over or enforce a 361
456	451		judgment against receivership property; and 362
457	452		(2) To enforce a lien against receivership property to the extent the 363
458	453		lien secures a claim against the owner which arose before entry of the 364
459	454		order. 365
460	455		(b) Except as otherwise provided in subsection (d) of this section, 366
461	456		the court may enjoin an act, action or proceeding against or relating to 367
462	457		receivership property if the injunction is necessary to protect the 368
463	458		property or facilitate administration of the receivership. 369
464	459		(c) A person whose act, action or proceeding is stayed or enjoined 370
465		-	under this section may apply to the court for relief from the stay or 371 Substitute Bill No. 7271
	460	+	under this section may apply to the court for relief from the stay or 371
	461	+	injunction for cause. 372
	462	+	(d) An order under subsection (a) or (b) of this section does not 373 Raised Bill No. 7271
466	463
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471	465
472		-	~~injunction for cause~~. ~~372~~
473		-	~~(d) An order under subsection (a) or (b) of this section does not 373~~
	466	+	LCO No. 4975 15 of 26
	467	+
474	468		operate as a stay or injunction of: 374
475	469		(1) An act, action or proceeding to foreclose or otherwise enforce a 375
476	470		mortgage by the person seeking appointment of the receiver; 376
477	471		(2) An act, action or proceeding to perfect, or maintain or continue 377
478	472		the perfection of, an interest in receivership property; 378
479	473		(3) Commencement or continuation of a criminal proceeding; 379
480	474		(4) Commencement or continuation of an action or proceeding, or 380
481	475		enforcement of a judgment other than a money judgment in an action 381
482	476		or proceeding, by a governmental unit to enforce its police or 382
483	477		regulatory power; or 383
484	478		(5) Establishment by a governmental unit of a tax liability against 384
485	479		the owner or receivership property or an appeal of the liability. 385
486	480		(e) The court may void an act that violates a stay or injunction under 386
487	481		this section. 387
488	482		(f) If a person knowingly violates a stay or injunction under this 388
489	483		section, the court may: 389
490	484		(1) Award actual damages caused by the violation, reasonable 390
491	485		attorneys' fees and costs; and 391
492	486		(2) Sanction the violation as civil contempt. 392
493	487		Sec. 15. (NEW) (Effective October 1, 2019) (a) With court approval, a 393
494	488		receiver may engage an attorney, accountant, appraiser, auctioneer, 394
495	489		broker or other professional to assist the receiver in performing a duty 395
496	490		or exercising a power of the receiver. The receiver shall disclose to the 396
497		-	court: 397 Substitute Bill No. 7271
	491	+	court: 397
	492	+	(1) The identity and qualifications of the professional; 398
	493	+	(2) The scope and nature of the proposed engagement; 399 Raised Bill No. 7271
498	494
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503	496
504		-	~~(1) The identity and qualifications~~ of ~~the professional; 398~~
505		-	~~(2) The scope and nature of the proposed engagement; 399~~
	497	+	LCO No. 4975 16 of 26
	498	+
506	499		(3) Any potential conflict of interest; and 400
507	500		(4) The proposed compensation. 401
508	501		(b) A person is not disqualified from engagement under this section 402
509	502		solely because of the person's engagement by, representation of, or 403
510	503		other relationship with the receiver, a creditor or a party. Sections 1 to 404
511	504		28, inclusive, of this act do not prevent the receiver from serving in the 405
512	505		receivership as an attorney, accountant, auctioneer or broker when 406
513	506		authorized by law. 407
514	507		(c) A receiver or professional engaged under subsection (a) of this 408
515	508		section shall file with the court an itemized statement of the time spent, 409
516	509		work performed and billing rate of each person that performed the 410
517	510		work and an itemized list of expenses. The receiver shall pay the 411
518	511		amount approved by the court. 412
519	512		Sec. 16. (NEW) (Effective October 1, 2019) (a) In this section, "good 413
520	513		faith" means honesty in fact and the observance of reasonable 414
521	514		commercial standards of fair dealing. 415
522	515		(b) With court approval, a receiver may use receivership property 416
523	516		other than in the ordinary course of business. 417
524	517		(c) With court approval, a receiver may transfer receivership 418
525	518		property other than in the ordinary course of business by sale, lease, 419
526	519		license, exchange or other disposition. Unless the agreement of sale 420
527	520		provides otherwise, a sale under this section is free and clear of a lien 421
528	521		of the person that obtained appointment of the receiver, any 422
529	522		subordinate lien and any right of redemption, but is subject to a senior 423
530	523		lien. 424
531		-	(d) A lien on receivership property which is extinguished by a 425 Substitute Bill No. 7271
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537		-
	524	+	(d) A lien on receivership property which is extinguished by a 425
538	525		transfer under subsection (c) of this section attaches to the proceeds of 426
539	526		the transfer with the same validity, perfection and priority the lien had 427
540	527		on the property immediately before the transfer, even if the proceeds 428
541		-	are not sufficient to satisfy all obligations secured by the lien. 429
	528	+	are not sufficient to satisfy all obligations secured by the lien. 429 Raised Bill No. 7271
	529	+
	530	+
	531	+
	532	+	LCO No. 4975 17 of 26
	533	+
542	534		(e) A transfer under subsection (c) of this section may occur by 430
543	535		means other than a public auction sale. A creditor holding a valid lien 431
544	536		on the property to be transferred may purchase the property and offset 432
545	537		against the purchase price part or all of the allowed amount secured by 433
546	538		the lien, if the creditor tenders funds sufficient to satisfy in full the 434
547	539		reasonable expenses of transfer and the obligation secured by any 435
548	540		senior lien extinguished by the transfer. 436
549	541		(f) A reversal or modification of an order approving a transfer under 437
550	542		subsection (c) of this section does not affect the validity of the transfer 438
551	543		to a person that acquired the property in good faith or revive against 439
552	544		the person any lien extinguished by the transfer, whether the person 440
553	545		knew before the transfer of the request for reversal or modification, 441
554	546		unless the court stayed the order before the transfer. 442
555	547		Sec. 17. (NEW) (Effective October 1, 2019) (a) In this section, 443
556	548		"timeshare interest" means an interest having a duration of more than 444
557	549		three years which grants its holder the right to use and occupy an 445
558	550		accommodation, facility or recreational site, whether improved or not, 446
559	551		for a specific period less than a full year during any given year. 447
560	552		(b) Except as otherwise provided in subsection (h) of this section, 448
561	553		with court approval, a receiver may adopt or reject an executory 449
562	554		contract of the owner relating to receivership property. The court may 450
563	555		condition the receiver's adoption and continued performance of the 451
564	556		contract on terms appropriate under the circumstances. If the receiver 452
565	557		does not request court approval to adopt or reject the contract within a 453
566	558		reasonable time after the receiver's appointment, the receiver is 454
567	559		deemed to have rejected the contract. 455
568		-	(c) A receiver's performance of an executory contract before court 456 Substitute Bill No. 7271
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574		-
	560	+	(c) A receiver's performance of an executory contract before court 456
575	561		approval under subsection (b) of this section of its adoption or 457
576	562		rejection is not an adoption of the contract and does not preclude the 458
577	563		receiver from seeking approval to reject the contract. 459
578	564		(d) A provision in an executory contract which requires or permits a 460
579		-	forfeiture, modification or termination of the contract because of the 461
	565	+	forfeiture, modification or termination of the contract because of the 461 Raised Bill No. 7271
	566	+
	567	+
	568	+
	569	+	LCO No. 4975 18 of 26
	570	+
580	571		appointment of a receiver or the financial condition of the owner does 462
581	572		not affect a receiver's power under subsection (b) of this section to 463
582	573		adopt the contract. 464
583	574		(e) A receiver's right to possess or use receivership property 465
584	575		pursuant to an executory contract terminates on rejection of the 466
585	576		contract under subsection (b) of this section. Rejection is a breach of the 467
586	577		contract effective immediately before appointment of the receiver. A 468
587	578		claim for damages for rejection of the contract must be submitted by 469
588	579		the later of: 470
589	580		(1) The time set for submitting a claim in the receivership; or 471
590	581		(2) Thirty days after the court approves the rejection. 472
591	582		(f) If at the time a receiver is appointed, the owner has the right to 473
592	583		assign an executory contract relating to receivership property under 474
593	584		the law of this state other than sections 1 to 28, inclusive, of this act, the 475
594	585		receiver may assign the contract with court approval. 476
595	586		(g) If a receiver rejects under subsection (b) of this section an 477
596	587		executory contract for the sale of receivership property that is real 478
597	588		property in possession of the purchaser or a real-property timeshare 479
598	589		interest, the purchaser may: 480
599	590		(1) Treat the rejection as a termination of the contract, and in that 481
600	591		case the purchaser has a lien on the property for the recovery of any 482
601	592		part of the purchase price the purchaser paid; or 483
602	593		(2) Retain the purchaser's right to possession under the contract, and 484
603		-	in that case the purchaser shall continue to perform all obligations 485 Substitute Bill No. 7271
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609		-
	594	+	in that case the purchaser shall continue to perform all obligations 485
610	595		arising under the contract and may offset any damages caused by 486
611	596		nonperformance of an obligation of the owner after the date of the 487
612	597		rejection, but the purchaser has no right or claim against other 488
613	598		receivership property or the receiver on account of the damages. 489
614	599		(h) A receiver may not reject an unexpired lease of real property 490
615		-	under which the owner is the landlord if: 491
	600	+	under which the owner is the landlord if: 491 Raised Bill No. 7271
	601	+
	602	+
	603	+
	604	+	LCO No. 4975 19 of 26
	605	+
616	606		(1) The tenant occupies the leased premises as the tenant's primary 492
617	607		residence; 493
618	608		(2) The receiver was appointed at the request of a person other than 494
619	609		a mortgagee; or 495
620	610		(3) The receiver was appointed at the request of a mortgagee and: 496
621	611		(A) The lease is superior to the lien of the mortgage; 497
622	612		(B) The tenant has an enforceable agreement with the mortgagee or 498
623	613		the holder of a senior lien under which the tenant's occupancy will not 499
624	614		be disturbed as long as the tenant performs its obligations under the 500
625	615		lease; 501
626	616		(C) The mortgagee has consented to the lease, either in a signed 502
627	617		record or by its failure timely to object that the lease violated the 503
628	618		mortgage; or 504
629	619		(D) The terms of the lease were commercially reasonable at the time 505
630	620		the lease was agreed to and the tenant did not know or have reason to 506
631	621		know that the lease violated the mortgage. 507
632	622		Sec. 18. (NEW) (Effective October 1, 2019) (a) A receiver is entitled to 508
633	623		all defenses and immunities provided by the law of this state other 509
634	624		than sections 1 to 28, inclusive, of this act for an act or omission within 510
635	625		the scope of the receiver's appointment. 511
636	626		(b) A receiver may be sued personally for an act or omission in 512
637		-	administering receivership property only with approval of the court 513 Substitute Bill No. 7271
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643		-
	627	+	administering receivership property only with approval of the court 513
644	628		that appointed the receiver. 514
645	629		Sec. 19. (NEW) (Effective October 1, 2019) A receiver may file or, if 515
646	630		ordered by the court, shall file an interim report that includes: 516
647	631		(1) The activities of the receiver since appointment or a previous 517
648	632		report; 518
649		-	(2) Receipts and disbursements, including a payment made or 519
	633	+	(2) Receipts and disbursements, including a payment made or 519 Raised Bill No. 7271
	634	+
	635	+
	636	+
	637	+	LCO No. 4975 20 of 26
	638	+
650	639		proposed to be made to a professional engaged by the receiver; 520
651	640		(3) Receipts and dispositions of receivership property; 521
652	641		(4) Fees and expenses of the receiver and, if not filed separately, a 522
653	642		request for approval of payment of the fees and expenses; and 523
654	643		(5) Any other information required by the court. 524
655	644		Sec. 20. (NEW) (Effective October 1, 2019) (a) Except as otherwise 525
656	645		provided in subsection (f) of this section, a receiver shall give notice of 526
657	646		appointment of the receiver to creditors of the owner by: 527
658		-	(1) Deposit for delivery through first class mail or other 528
	647	+	(1) Deposit for delivery through first-class mail or other 528
659	648		commercially reasonable delivery method to the last-known address of 529
660	649		each creditor; and 530
661	650		(2) Publication as directed by the court. 531
662	651		(b) Except as otherwise provided in subsection (f) of this section, the 532
663	652		notice required by subsection (a) of this section must specify the date 533
664	653		by which each creditor holding a claim against the owner which arose 534
665	654		before appointment of the receiver must submit the claim to the 535
666	655		receiver. The date specified must be at least ninety days after the later 536
667	656		of notice under subdivision (1) of subsection (a) of this section or last 537
668	657		publication under subdivision (2) of subsection (a) of this section. The 538
669	658		court may extend the period for submitting the claim. Unless the court 539
670	659		orders otherwise, a claim that is not submitted timely is not entitled to 540
671		-	a distribution from the receivership. 541 Substitute Bill No. 7271
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677		-
	660	+	a distribution from the receivership. 541
678	661		(c) A claim submitted by a creditor under this section must: 542
679	662		(1) State the name and address of the creditor; 543
680	663		(2) State the amount and basis of the claim; 544
681	664		(3) Identify any property securing the claim; 545
682		-	(4) Be signed by the creditor under penalty of perjury; and 546
	665	+	(4) Be signed by the creditor under penalty of perjury; and 546 Raised Bill No. 7271
	666	+
	667	+
	668	+
	669	+	LCO No. 4975 21 of 26
	670	+
683	671		(5) Include a copy of any record on which the claim is based. 547
684	672		(d) An assignment by a creditor of a claim against the owner is 548
685	673		effective against the receiver only if the assignee gives timely notice of 549
686	674		the assignment to the receiver in a signed record. 550
687	675		(e) At any time before entry of an order approving a receiver's final 551
688	676		report, the receiver may file with the court an objection to a claim of a 552
689	677		creditor, stating the basis for the objection. The court shall allow or 553
690	678		disallow the claim according to the law of this state other than sections 554
691	679		1 to 28, inclusive, of this act. 555
692	680		(f) If the court concludes that receivership property is likely to be 556
693	681		insufficient to satisfy claims of each creditor holding a perfected lien 557
694	682		on the property, the court may order that: 558
695	683		(1) The receiver need not give notice under subsection (a) of this 559
696	684		section of the appointment to all creditors of the owner, but only such 560
697	685		creditors as the court directs; and 561
698	686		(2) Unsecured creditors need not submit claims under this section. 562
699	687		(g) Subject to the provisions of section 21 of this act: 563
700	688		(1) A distribution of receivership property to a creditor holding a 564
701	689		perfected lien on the property must be made in accordance with the 565
702	690		creditor's priority under the law of this state other than sections 1 to 28, 566
703		-	inclusive, of this act; and 567 Substitute Bill No. 7271
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709		-
	691	+	inclusive, of this act; and 567
710	692		(2) A distribution of receivership property to a creditor with an 568
711	693		allowed unsecured claim must be made as the court directs according 569
712	694		to the law of this state other than sections 1 to 28, inclusive, of this act. 570
713	695		Sec. 21. (NEW) (Effective October 1, 2019) (a) The court may award a 571
714	696		receiver from receivership property the reasonable and necessary fees 572
715	697		and expenses of performing the duties of the receiver and exercising 573
716		-	the powers of the receiver. 574
	698	+	the powers of the receiver. 574 Raised Bill No. 7271
	699	+
	700	+
	701	+
	702	+	LCO No. 4975 22 of 26
	703	+
717	704		(b) The court may order one or more of the following to pay the 575
718	705		reasonable and necessary fees and expenses of the receivership, 576
719	706		including reasonable attorneys' fees and costs: 577
720	707		(1) A person that requested the appointment of the receiver, if the 578
721	708		receivership does not produce sufficient funds to pay the fees and 579
722	709		expenses; or 580
723	710		(2) A person whose conduct justified or would have justified the 581
724	711		appointment of the receiver under subdivision (1) of subsection (a) of 582
725	712		section 6 of this act. 583
726	713		Sec. 22. (NEW) (Effective October 1, 2019) (a) The court may remove a 584
727	714		receiver for cause. 585
728	715		(b) The court shall replace a receiver that dies, resigns or is 586
729	716		removed. 587
730	717		(c) If the court finds that a receiver that resigns or is removed, or the 588
731	718		representative of a receiver that is deceased, has accounted fully for 589
732	719		and turned over to the successor receiver all receivership property and 590
733	720		has filed a report of all receipts and disbursements during the service 591
734	721		of the replaced receiver, the replaced receiver is discharged. 592
735	722		(d) The court may discharge a receiver and terminate the court's 593
736	723		administration of the receivership property if the court finds that 594
737	724		appointment of the receiver was improvident or that the circumstances 595
738		-	no longer warrant continuation of the receivership. If the court finds 596 Substitute Bill No. 7271
739		-
740		-
741		-	LCO {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07271-
742		-	R01-HB.docx }
743		-	23 of 26
744		-
	725	+	no longer warrant continuation of the receivership. If the court finds 596
745	726		that the appointment was sought wrongfully or in bad faith, the court 597
746	727		may assess against the person that sought the appointment: 598
747	728		(1) The fees and expenses of the receivership, including reasonable 599
748	729		attorneys' fees and costs; and 600
749	730		(2) Actual damages caused by the appointment, including 601
750	731		reasonable attorneys' fees and costs. 602
751		-	Sec. 23. (NEW) (Effective October 1, 2019) (a) On completion of a 603
	732	+	Sec. 23. (NEW) (Effective October 1, 2019) (a) On completion of a 603 Raised Bill No. 7271
	733	+
	734	+
	735	+
	736	+	LCO No. 4975 23 of 26
	737	+
752	738		receiver's duties, the receiver shall file a final report including: 604
753	739		(1) A description of the activities of the receiver in the conduct of the 605
754	740		receivership; 606
755	741		(2) A list of receivership property at the commencement of the 607
756	742		receivership and any receivership property received during the 608
757	743		receivership; 609
758	744		(3) A list of disbursements, including payments to professionals 610
759	745		engaged by the receiver; 611
760	746		(4) A list of dispositions of receivership property; 612
761	747		(5) A list of distributions made or proposed to be made from the 613
762	748		receivership for creditor claims; 614
763	749		(6) If not filed separately, a request for approval of the payment of 615
764	750		fees and expenses of the receiver; and 616
765	751		(7) Any other information required by the court. 617
766	752		(b) If the court approves a final report filed under subsection (a) of 618
767	753		this section and the receiver distributes all receivership property, the 619
768	754		receiver is discharged. 620
769	755		Sec. 24. (NEW) (Effective October 1, 2019) (a) The court may appoint a 621
770		-	receiver appointed in another state, or that person's nominee, as an 622 Substitute Bill No. 7271
771		-
772		-
773		-	LCO {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07271-
774		-	R01-HB.docx }
775		-	24 of 26
776		-
	756	+	receiver appointed in another state, or that person's nominee, as an 622
777	757		ancillary receiver with respect to property located in this state or 623
778	758		subject to the jurisdiction of the court for which a receiver could be 624
779	759		appointed under sections 1 to 28, inclusive, of this act, if: 625
780	760		(1) The person or nominee would be eligible to serve as receiver 626
781	761		under section 7 of this act; and 627
782	762		(2) The appointment furthers the person's possession, custody, 628
783	763		control or disposition of property subject to the receivership in the 629
784		-	other state. 630
	764	+	other state. 630 Raised Bill No. 7271
	765	+
	766	+
	767	+
	768	+	LCO No. 4975 24 of 26
	769	+
785	770		(b) The court may issue an order that gives effect to an order entered 631
786	771		in another state appointing or directing a receiver. 632
787	772		(c) Unless the court orders otherwise, an ancillary receiver 633
788	773		appointed under subsection (a) of this section has the rights, powers 634
789	774		and duties of a receiver appointed under sections 1 to 28, inclusive, of 635
790	775		this act. 636
791	776		Sec. 25. (NEW) (Effective October 1, 2019) A request by a mortgagee 637
792	777		for appointment of a receiver, the appointment of a receiver or 638
793	778		application by a mortgagee of receivership property or proceeds to the 639
794	779		secured obligation does not: 640
795	780		(1) Make the mortgagee a mortgagee in possession of the real 641
796	781		property; 642
797	782		(2) Make the mortgagee an agent of the owner; 643
798	783		(3) Constitute an election of remedies that precludes a later action to 644
799	784		enforce the secured obligation; 645
800	785		(4) Make the secured obligation unenforceable; or 646
801	786		(5) Limit any right available to the mortgagee with respect to the 647
802	787		secured obligation. 648
803		-	Sec. 26. (NEW) (Effective October 1, 2019) In applying and construing 649 Substitute Bill No. 7271
804		-
805		-
806		-	LCO {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07271-
807		-	R01-HB.docx }
808		-	25 of 26
809		-
	788	+	Sec. 26. (NEW) (Effective October 1, 2019) In applying and construing 649
810	789		sections 1 to 28, inclusive, of this act, consideration must be given to 650
811	790		the need to promote uniformity of the law with respect to its subject 651
812	791		matter among states that enact it. 652
813	792		Sec. 27. (NEW) (Effective October 1, 2019) Sections 1 to 28, inclusive, 653
814		-	of this act modify, limit and supersede the Electronic Signatures in 654
815		-	Global and National Commerce Act, 15 USC 7001 et seq., but do not 655
816		-	modify, limit or supersede Section 101(c) of said act, 15 USC 7001(c) or 656
817		-	authorize electronic delivery of any of the notices described in Section 657
818		-	103(b) of said act, 15 USC 7003(b). 658
	793	+	of this act modify, limit or supersede the Electronic Signatures in 654
	794	+	Global and National Commerce Act, 15 USC Section 7001 et seq., but 655
	795	+	do not modify, limit or supersede Section 101(c) of said act, 15 USC 656
	796	+	Section 7001(c) or authorize electronic delivery of any of the notices 657
	797	+	described in Section 103(b) of said act, 15 USC Section 7003(b). 658 Raised Bill No. 7271
	798	+
	799	+
	800	+
	801	+	LCO No. 4975 25 of 26
	802	+
819	803		Sec. 28. (NEW) (Effective October 1, 2019) Sections 1 to 28, inclusive, 659
820	804		of this act do not apply to a receivership for which the receiver was 660
821		-	appointed before October 1, ~~2019~~. 661
	805	+	appointed before October 1, 2018. 661
822	806		This act shall take effect as follows and shall amend the following
823	807		sections:
824	808
825	809		Section 1 October 1, 2019 New section
826	810		Sec. 2 October 1, 2019 New section
827	811		Sec. 3 October 1, 2019 New section
828	812		Sec. 4 October 1, 2019 New section
829	813		Sec. 5 October 1, 2019 New section
830	814		Sec. 6 October 1, 2019 New section
831	815		Sec. 7 October 1, 2019 New section
832	816		Sec. 8 October 1, 2019 New section
833	817		Sec. 9 October 1, 2019 New section
834	818		Sec. 10 October 1, 2019 New section
835	819		Sec. 11 October 1, 2019 New section
836	820		Sec. 12 October 1, 2019 New section
837	821		Sec. 13 October 1, 2019 New section
838	822		Sec. 14 October 1, 2019 New section
839	823		Sec. 15 October 1, 2019 New section
840	824		Sec. 16 October 1, 2019 New section
841	825		Sec. 17 October 1, 2019 New section
842	826		Sec. 18 October 1, 2019 New section
843	827		Sec. 19 October 1, 2019 New section
844	828		Sec. 20 October 1, 2019 New section
845		-	Sec. 21 October 1, 2019 New section Substitute Bill No. 7271
846		-
847		-
848		-	LCO {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07271-
849		-	R01-HB.docx }
850		-	26 of 26
851		-
	829	+	Sec. 21 October 1, 2019 New section
852	830		Sec. 22 October 1, 2019 New section
853	831		Sec. 23 October 1, 2019 New section
854	832		Sec. 24 October 1, 2019 New section
855	833		Sec. 25 October 1, 2019 New section
856	834		Sec. 26 October 1, 2019 New section
857	835		Sec. 27 October 1, 2019 New section
858	836		Sec. 28 October 1, 2019 New section
859	837
860		-	Statement of Legislative Commissioners:
861		-	In Section 28, the reference to "October 1, 2018" was changed to
862		-	"October 1, 2019" for accuracy.
863	838
864		-	JUD Joint Favorable Subst. -LCO
	839	+	Statement of Purpose:
	840	+	To adopt the Uniform Real Estate Receivership Act. Raised Bill No. 7271
	841	+
	842	+
	843	+
	844	+	LCO No. 4975 26 of 26
	845	+
	846	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
	847	+	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
	848	+	not underlined.]
865	849