Arizona Laws 33-2611. Powers and duties of receiver
A. Except as limited by court order or another law, a receiver may:
Terms Used In Arizona Laws 33-2611
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Contract: A legal written agreement that becomes binding when signed.
- Court: means the superior court. See Arizona Laws 33-2601
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Proceeds: means the following property:
(a) Whatever is acquired on the sale, lease, license, exchange or other disposition of receivership property. 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 33-2601
- Subpoena: A command to a witness to appear and give testimony.
1. Collect, control, manage, conserve and protect receivership property.
2. Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection or disposition of the property in the ordinary course of business.
3. In the ordinary course of business, incur unsecured debt and pay expenses incidental to the receiver’s preservation, use, sale, lease, license, exchange, collection or disposition of receivership property.
4. Assert a right, claim, cause of action or defense of the owner that relates to receivership property.
5. Seek and obtain instruction from the court concerning receivership property, exercise of the receiver’s powers and performance of the receiver’s duties.
6. On subpoena, compel a person to submit to examination under oath, or to produce and permit inspection and copying of designated records or tangible things, with respect to receivership property or any other matter that may affect administration of the receivership.
7. Engage a professional as provided in section 33-2614.
8. Apply to a court of another state for appointment as ancillary receiver with respect to receivership property located in that state.
9. Exercise any power conferred by court order, this chapter or another law other than this chapter.
B. With court approval, a receiver may:
1. Incur debt for the use or benefit of receivership property other than in the ordinary course of business.
2. Make improvements to receivership property.
3. Use or transfer receivership property other than in the ordinary course of business as provided in section 33-2615.
4. Adopt or reject an executory contract of the owner as provided in section 33-2616.
5. Pay compensation to the receiver as provided in section 33-2619, and to each professional engaged by the receiver as provided in section 33-2614.
C. A receiver shall:
1. Prepare and retain appropriate business records, including a record of each receipt, disbursement and disposition of receivership property.
2. Account for receivership property, including the proceeds of a sale, lease, license, exchange, collection or other disposition of the property.
3. Record in the office of the county recorder a copy of the order appointing the receiver and, if a legal description of the real property is not included in the order, the legal description.
4. Disclose to the court any fact arising during the receivership that would disqualify the receiver under section 33-2606.
5. Perform any duty imposed by court order, this chapter or another law other than this chapter.
D. Notwithstanding any other provision of this chapter, the powers and duties of a receiver may be expanded, modified, or limited by court order.