The Nevada legislature recently made Nevada the third state to
adopt the Uniform Commercial Real Estate Receivership Act (the
"Act" or "UCRERA").Time will tell whether a
comprehensive statutory scheme for receivership will change prior
practice under what was an ad hoc, case-by-case development of
commercial real estate receivership practices in Nevada.
Historically, receivership has been an equitable tool of Nevada
courts for decades. Before UCRERA, receivership was a remedy with
limited authoritative procedural guidance – with few statutes
and hardly any rules. Receivership is barely mentioned in the
Nevada Rules of Civil Procedure. Receivership was provided by
statute, such as Nevada Revised Statutes (NRS) Chapter 32. The
statutes generally described circumstances for appointment of
receivers such as avoiding fraudulent transfers, in aid of
foreclosure (NRS 107.100), to enforce an assignment of rents (NRS
107A.26) and enforcement of judgments. Corporate law has
