Florida's Uniform Commercial Real Estate Receivership Act

Summary

The economic impacts of the COVID-19 pandemic have yet to be fully realized. Many Florida businesses took advantage of the Small Business Administration's various loan programs, but eradication of the virus and economic recovery are still far off. For many practitioners who represent lenders and lienholders, the governor's moratorium on foreclosures hit the pause button on seeking recovery through the courts, and meanwhile, the tidal wave of evictions and foreclosures is steadily building up. It is likely that when the restrictions on foreclosures are lifted, the courts will be inundated with foreclosure claims as borrowers struggle to meet their debt obligations. This article discusses Florida's newly enacted Uniform Commercial Real Estate Receivership Act (UCRERA). Practitioners representing lenders and other lienholders should familiarize themselves with this act in light of the expected surge in foreclosures.