Arizona Laws 23-747. Release of lien; bond; foreclosure and judgment against surety
A. The employer may cause his property to be released from the lien provided by sections 23-745 and 23-746, by filing with the commission a bond in double the amount claimed in the lien, executed by a surety licensed to do business in the state, running to the commission and conditioned for the payment of all contributions, interest, penalties, damages, costs, charges and disbursements that may be recovered by the commission against the employer or that may be found to be a lien upon his property. Upon filing the bond the commission shall execute and deliver to the employer a release of the lien, but the release shall not operate in any manner to satisfy the indebtedness secured by the lien.
Terms Used In Arizona Laws 23-747
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Arizona Laws 1-215
B. If the commission establishes the validity of its lien by foreclosure action it shall be entitled to judgment against the surety on the bond.