Bill Summary for Bill Number 2.e. Uniform Commercial Real Estate Receivership Act, LLS 16-0131

Date: 10/20/2015

Final
2.e. Uniform Commercial Real Estate Receivership Act, LLS 16-0131

COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS

Votes: View-->	Action Taken:
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11:13 AM -- 2.e. Uniform Commercial Real Estate Receivership Act, LLS 16-0131

11:14 AM -- Charles Calvin, CBA Real Estate Section, reported that the section continues to have concerns regarding some of the powers granted in the act and that the act may create a second layer of time and expense. However, there are some provisions in the act that could be useful in Colorado.
The commission asked if this act was preferable to having no guidance for courts regarding receiverships. Colorado courts have commented on the lack of guidance in the statutes for such cases and other states have adopted laws to make this area of law fairer. In addition, the comments portion of the act includes examples that would make the application of the law clearer. There was also some discussion of enacting portions of the act versus the entire act.