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Bill > HB4236

OK HB4236

OK HB4236
Receivership; creating the Uniform Commercial Receivership Act; property interests; receivers; security; sanctions; reports; effective date.

summary

Introduced
02/02/2026
In Committee
02/26/2026
Crossed Over
Passed
Dead

Introduced Session

2026 Regular Session

Bill Summary

An Act relating to receivership; creating the Uniform Commercial Receivership Act; defining terms; requiring notice and opportunity for hearing to issue an order under the act; permitting issuance of an order without prior notice and an opportunity for hearing under certain circumstances; providing for application of act to certain property interests; excluding certain property interests from act; excluding governmental property from act; clarifying court authority to appoint a receiver under other laws of the state; authorizing exclusive jurisdiction for courts that appoint receiver under this act; permitting a court to appoint a receiver under certain circumstances; requiring a potential receiver to submit certain information before he or she can be appointed; providing for disqualification of persons from being a receiver; preventing disqualification of certain persons; allowing nominations of potential receivers for court consideration; requiring receivers to post a bond or alternative security; providing receiver shall have same status as lien creditor; authorizing a security agreement covering after-acquired property; permitting a receiver to make certain demands; requiring turnover of receivership property; authorizing courts to impose sanctions for failure to turn over property; listing powers and duties of a receiver; providing duties of an owner; directing the appointment of a receiver operates as a stay; authorizing an injunction; authorizing the court to void any act in violation of a stay or injunction; permitting the court to award damages for a violation and sanction the violation as civil contempt; authorizing receiver to engage professional services to perform receiver duties; requiring certain disclosures to the court; defining good faith; permitting use or transfer of receivership property not in the ordinary course of business with court approval; defining timeshare interest; authorizing a receiver to adopt or reject an executory contract of the owner relating to receivership property; prohibiting receiver from rejected an unexpired lease of real property under certain circumstances; providing that a receiver shall be entitled to all defenses and immunities provided by law; permitting a receiver to be sued personally for an act or omission in administering receivership property with approval of the court; directing receiver to file interim report; requiring receiver to provide notice of appointment to creditors; directing creditors to submit claims against receivership property; providing for distribution to creditors; permitting reasonable and necessary fees and expenses; authorizing court to remove a receiver for cause; providing for replacement of receiver; providing for termination of receivership; requiring receiver to file final report; discharging receiver upon approval of final report; providing procedure for receivership in another state; describing effect of enforcement by secured party; requiring uniformity of application and construction of act; clarifying relation to electronic signatures in global and national commerce act; providing act does not apply to receivers appointed before effective date of act; providing for codification; and providing an effective date.

AI Summary

This bill, known as the Uniform Commercial Receivership Act, establishes a comprehensive framework for receiverships in Oklahoma, aiming to provide clarity and uniformity in how courts appoint and manage receivers. A receiver is an agent of the court tasked with taking possession of, managing, and potentially selling or transferring property (receivership property) when a debtor defaults on obligations or when property is at risk of waste or loss. The act outlines specific circumstances under which a court can appoint a receiver, generally requiring notice and an opportunity for a hearing, though exceptions exist for urgent situations. It defines various terms, including "affiliate," "collateral," "debtor," and "secured party," to ensure consistent application. The bill details the powers and duties of receivers, such as collecting debts, operating businesses, and engaging professional services, while also outlining the obligations of property owners to cooperate with the receiver. Importantly, the appointment of a receiver operates as a stay, preventing others from taking actions against the receivership property, and the court can issue injunctions to protect it. The act also addresses the process for creditors to submit claims, the distribution of assets, and the fees and expenses associated with receiverships, and it provides for the removal, replacement, and discharge of receivers. It also clarifies that the act does not apply to receiverships established before its effective date of November 1, 2026.

Committee Categories

Justice

Sponsors (1)

Last Action

CR; Do Pass, amended by committee substitute Judiciary and Public Safety Oversight Committee (on 02/26/2026)

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