Arizona Laws 33-2623. Effect of enforcement by mortgagee
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A request by a mortgagee for appointment of a receiver, the appointment of a receiver or application by a mortgagee of receivership property or proceeds to the secured obligation does not:
Terms Used In Arizona Laws 33-2623
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See Arizona Laws 33-2601
- 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.
- Owner: means the person for whose property a receiver is appointed. 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
- Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See Arizona Laws 33-2601
1. Make the mortgagee a mortgagee in possession of the real property.
2. Make the mortgagee an agent of the owner.
3. Constitute an election of remedies that precludes a later action to enforce the secured obligation.
4. Make the secured obligation unenforceable.
5. Limit any right available to the mortgagee with respect to the secured obligation.