Delegate for CRF to the Uniform Commercial Real Estate
Receivership Act Drafting Committee, Beverly McFarland, requested
Thomas Hemmendinger, Chairperson of the Committee, to provide CRF
with an update on the Uniform Commercial Real Estate Receivership Final
Act (the “Act”). Mr. Hemmendinger reported the following information:
“In 2016, the first year the Act was available, legislators
introduced the Act in Kentucky, Mississippi, and Rhode Island. The Act was
well-received in these first ‘road tests,’ and we are optimistic that
these and other states will adopt the Act in the near future. We also
anticipate 2017 introductions in the District of Columbia, Iowa, Maryland,
Massachusetts, Michigan, Nevada, Oregon, South Carolina, Tennessee, Texas,
and Virginia.”
It appears that presentation of the Act to the California
legislature remains pending, to be determined sometime in the future. Some
members of CRF have expressed interest in the Act, and Mr. Hemmendinger
has been invited to join a panel on a discussion about the Act at the
March 2017 CRF Loyola VII symposium.
The Act is the result of almost four years of work by the
Uniform Law Commission, with the advice and counsel of many organizations,
including CRF, the American Land Title Association, and the American
College of Business Court Judges.
*Beverly N. McFarland is a an RN Associate Publisher, a chapter
11 trustee and receiver and CEO of The Beverly Group, Inc., an asset
management company that has successfully resolved in excess of $8 billion
dollars of estimated assets since 1983. Ms. McFarland is a former chair
and current member of the California Receivers Forum BOD, the Turnaround
Managers Association BOD and has enjoyed presenting at the Loyola Law
School seminars through the years as well as many other associations on
receiverships and chapter 11 bankruptcy matters.
*Thomas S. Hemmendinger is the Chairperson of the Uniform Law
Commission committee drafting the Uniform Commercial Real Estate
Receivership Act. His is a partner at Brennan, Recupero, Cascione, Scungio
& McAllister, LLP in Providence, RI and represents businesses and
financial institutions in commercial finance, litigation, bankruptcy, and
receivership matters.