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. It details the powers and duties of the receiver, including the ability to operate a business related to the property, incur unsecured debt, and seek court instructions. The bill emphasizes the court's exclusive jurisdiction over receivership matters and mandates that receivers maintain appropriate business records while disclosing any disqualifying facts to the court. Additionally, it requires the cooperation of property owners and provides guidelines for the collection and turnover of receivership property.

The legislation also amends existing receivership laws by establishing procedures for notifying creditors and submitting claims, requiring receivers to notify creditors through first-class mail or other reasonable methods. Creditors must submit their claims within a specified timeframe, and the bill allows the court to exempt unsecured creditors from submitting claims if the receivership property is likely insufficient to satisfy all claims. Furthermore, it outlines the processes for the removal and replacement of receivers, the discharge of receivers upon completion of their duties, and clarifies that the chapter does not apply to commercial real estate receiverships under a different chapter. The bill ensures that any receivership appointments made prior to its effective date remain unaffected by these new provisions.