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There's a New Sheriff in Town

By Aubrey Waddell and T. Bruce McGowin

A real estate receivership is a judicial proceeding in which a court, typically upon the request of a mortgage lender, appoints a fiduciary to preserve and protect the property that collateralizes its loan. Receivership is a frequently used remedy for lenders faced with defaulted loans collateralized by income-producing properties, such as shopping centers. Often, a lender is concerned that its collateral may lose value during the pendency of a foreclosure action, or that the defaulting borrower, who has likely lost all of its equity, will stop properly maintaining the property.

Once appointed, the Receiver more or less steps into the shoes of the owner of the property, though it does not officially take title to the asset. The Receiver controls the shopping center in the same manner that an owner would, subject to certain limitations imposed by the court.

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