Arizona Laws 33-2606. Disqualification from appointment as a receiver; exceptions; nomination
A. The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.
Terms Used In Arizona Laws 33-2606
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Affiliate: means :
(a) With respect to an individual:
(i) A companion of the individual. See Arizona Laws 33-2601
- Court: means the superior court. 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
- 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
B. Except as otherwise provided in subsection C of this section, a person is disqualified from appointment as receiver if the person:
1. Is an affiliate of a party.
2. Has an interest materially adverse to an interest of a party.
3. Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver.
4. Has a debtor-creditor relationship with a party.
5. Holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.
C. A person is not disqualified from appointment as receiver solely because the person:
1. Was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership.
2. Is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family or household purposes.
3. Maintains with a party a deposit account as defined in section 47-9102.
D. A person seeking the appointment of a receiver may nominate a person to serve as receiver.