The proposed bill seeks to establish the Uniform Commercial Real Estate Receivership Act in North Dakota by introducing a new chapter (32-10.1) to the North Dakota Century Code. This chapter defines key terms related to receivership and outlines the conditions under which a court may appoint a receiver for real property, particularly during foreclosure proceedings. It emphasizes the necessity of providing notice and an opportunity for a hearing before the court issues an order, while allowing for exceptions in urgent situations. The bill also details the powers and duties of receivers, including the ability to operate businesses related to receivership property, incur debt with court approval, and maintain business records.

Additionally, the bill amends existing receivership laws by establishing procedures for notifying creditors and submitting claims in receivership cases. It requires receivers to notify creditors through first-class mail or other reasonable methods and mandates that claims be submitted within a specified timeframe. The legislation also addresses the removal and replacement of receivers, the discharge of receivers upon completing their duties, and the appointment of ancillary receivers for properties subject to receivership in other states. Overall, the bill aims to create a structured framework for managing commercial real estate during foreclosure, ensuring the protection of all parties' rights and promoting uniformity in the application of these laws across states.