On May 16, ALA LEG enacted bill, commercial real estate receivership.
ALA LEG enacted HB 350 to create Uniform commercial real estate receivership act.
Established uniform requirements, authority of person appointed by court as its agent to manage commercial real estate during certain matters pending before the court.
Bill Provisions
The bill created uniform process for State courts to appoint receiver in disputes; to be appointed when disputes arise over commercial real estate, typically due to default.
Established provisions governing appointment and powers of receiver for real property.
Used for certain commercial purposes, personal property related to/used in operation.
Legislative History
On Mar. 21, 2024, bill was introduced in House; on Apr. 9, 2024, bill passed House.
On Apr. 11, 2024, bill was introduced in Senate; on May 8, 2024, bill passed Senate.
On May 8, 2024, bill was sent to governor; on May 16, 2024, bill signed by governor.
Effectiveness
Act number 2024-380 shall become effective on Jan. 1, 2025.
