1. (a) Except as otherwise provided in subsection (b) or (c) of this section, this chapter applies to a receivership for an interest in any one or more of the following:

   1. (1) Real property and any personal property related to or used in operating the real property; or
   2. (2) Personal property and fixtures.

2. (b) This chapter does not apply to a receivership for an interest in real property improved by one to four (4) dwelling units unless:

   1. (1) The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner’s primary residence;
   2. (2) The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral-extraction purposes;
   3. (3) The owner planned or is planning to develop the property into one or more dwelling units to be sold or leased in the ordinary course of the owner’s business; or
   4. (4) The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.
3. (c) This chapter does not apply to a receivership authorized by law of this state other than this chapter in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the unit except to the extent provided by the other law.
4. (d) This chapter does not limit the authority of a court to appoint a receiver under law of this state other than this chapter.
5. (e) Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.

History of Section.
P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.