Partner Kay Standridge Kress Plays Key Role in New Michigan Receivership Law
On Feb. 6, Michigan Governor Rick Snyder signed into law Michigan’s Uniform Commercial Real Estate Receivership Act (UCRERA), the state’s version of the model UCRERA approved by the Uniform Law Commission in 2015.
Kay Standridge Kress, a partner in the Corporate Restructuring and Bankruptcy Practice Group of Pepper Hamilton, played a key role in the new law. She served as the American Bar Association Business Law Section Advisor to the Uniform Law Drafting Committee for the UCRERA, and testified before the Michigan House of Representatives Judiciary Committee about UCRERA in October 2017.
The UCRERA aims to eliminate the patchwork of state laws governing receiverships, a judicial remedy that allows assets to be preserved during a legal dispute. The Michigan version of the act was introduced by Representative Brandt Iden. The bill passed the Michigan House in November 2017, and passed the Senate in January. It is set to take effect 90 days after being signed by Governor Snyder.