Arizona commercial lenders have long been able to have a receiver appointed to protect and preserve property pending foreclosure following a default under a commercial loan. New Arizona statutes, ARS §33-2601 et seq., the Uniform Commercial Real Estate Receivership Act, have expanded the benefits available to lenders by getting a receiver appointed over commercial property and the personal property related to or used in connection with that real property.
The new laws provide several important benefits:
- The appointment of a receiver results in an automatic stay prohibiting any actions or proceedings by other creditors to attempt to gain possession or control of receivership property or to enforce earlier-obtained liens or judgments against receivership property.
It was recently announced that Gammage & Burnham PLC is nationally ranked in eight practice areas and regionally ranked in 18 practice areas. The U.S. News – Best Lawyers® “Best Law Firms” rankings are based on a rigorous evaluation process, and Best Lawyers is the oldest peer-review publication in the legal profession.
According to Best Lawyers, a tier designation reflects a high level of respect a firm has earned among other lawyers and clients for their abilities, their professionalism and their integrity. There are three tier levels, with one being the highest. Gammage & Burnham received first-tier rankings among firms in the Phoenix metro area for ten practice areas: Administrative/Regulatory Law; Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law; Business Organizations (including LLCs and Partnerships); Commercial Litigation; Construction Law; Health Care Law; Land Use & Zoning Law; Litigation – Construction; Litigation – Land Use & Zoning; Litigation – Real Estate; Real Estate Law; and Securities Regulation.
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