Arizona Laws 33-2610. Collection and turnover of receivership property
A. Unless the court orders otherwise, on demand by a receiver:
Terms Used In Arizona Laws 33-2610
- Court: means the superior court. See Arizona Laws 33-2601
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lien: means an interest in property that secures payment or performance of an obligation. See Arizona Laws 33-2601
- Owner: means the person for whose property a receiver is appointed. See Arizona Laws 33-2601
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Arizona Laws 33-2601
- Property: means all of a person's right, title and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Arizona Laws 33-2601
- Receiver: means a person who is appointed by the court as the court's agent and, subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect or otherwise dispose of receivership property. See Arizona Laws 33-2601
- Receivership: means a proceeding in which a receiver is appointed. See Arizona Laws 33-2601
- Receivership property: means the property of an owner that is described in the order appointing a receiver or a subsequent order. See Arizona Laws 33-2601
1. A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment.
2. Subject to subsection C of this section, a person that has possession, custody or control of receivership property shall turn the property over to the receiver.
B. A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.
C. If a creditor has possession, custody or control of receivership property and the validity, perfection or priority of the creditor’s lien on the property depends on the creditor’s possession, custody or control, the creditor may retain possession, custody or control until the court orders adequate protection of the creditor’s lien.
D. Unless a bona fide dispute exists about a receiver’s right to possession, custody or control of receivership property, the court may sanction as civil contempt a person’s failure to turn the property over when required by this section.