Arizona Laws 20-634. Borrowing on pledge of assets
For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article, the receiver may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure its repayment by the mortgage, pledge, assignment, transfer in trust or hypothecation of any or all of the property, whether real, personal or mixed, of the insurer, and the receiver, subject to the approval of the court, may take any and all other action necessary and proper to consummate the loan and to provide for the repayment thereof. The receiver is under no obligation personally or in the receiver’s official capacity to repay any loan made pursuant to this section.
Terms Used In Arizona Laws 20-634
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
- Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both real and personal property. See Arizona Laws 1-215
- Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611