Florida Adopts The Uniform Commercial Real Estate Receivership Act
As of July 1, 2020, Florida has adopted the Uniform Commercial Real Estate Receivership Act and authorizes a court to appoint a receiver, who acting as the court’s agent, takes possession of, manages, and, in some cases, transfers or sells property that is in danger of waste, loss, or diminution in value. The law governs interests in real property, as well as incidental personal property, related to the use or operation of real property. However, the statute does not apply to real property improved by one or two dwelling units which includes the homestead of an individual owner or an affiliate of an individual owner.
This new law codifies the common law of receivership, in some cases clarifying or providing more specific procedures for the rules governing receiverships.
Barry Miller Law is familiar with all aspects of real property law. If you, or someone you know, has legal questions concerning real estate, business or probate law, contact Barry Miller Law for assistance at 407-423-1700 or email us at info@BarryMillerLaw.com for a consultation.