Arizona Laws 33-747. Appointment of successor account servicing agent
A. If a person appointed as account servicing agent fails to qualify or is unwilling or unable to serve, the seller may appoint a successor account servicing agent, and the appointment constitutes a substitution of account servicing agent.
Terms Used In Arizona Laws 33-747
- Account servicing agent: means a joint agent of seller and purchaser, appointed under the contract or under a separate agreement executed by the seller and the purchaser, to hold documents and collect monies due under the contract, who does business under the laws of this state as a bank, trust company, escrow agent, savings and loan association, insurance company or real estate broker, or who is licensed, chartered or regulated by the federal deposit insurance corporation or the comptroller of the currency, or who is a member of the state bar of Arizona. See Arizona Laws 33-741
- Contract: A legal written agreement that becomes binding when signed.
- Docket: A log containing brief entries of court proceedings.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. The seller may at any time remove an account servicing agent for any reason and appoint a successor account servicing agent, and the appointment constitutes a substitution of account servicing agent.
C. A substitution of an account servicing agent shall be made by written notice, personally delivered or mailed in the United States mail, first class, postage prepaid, to the purchaser, the account servicing agent and the successor account servicing agent and by recording a copy of the notice with the county recorder of the county in which the real property is located.
D. A notice of substitution of account servicing agent shall be substantially in the following form:
"Notice of Substitution of Account Servicing Agent
The undersigned seller hereby appoints:
_________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ successor account servicing agent under that certain contract, by and between _______________, as seller, and _______________, as purchaser, dated _______________, 19____, and recorded (if recorded) on _______________, 19____, in docket __________, at page __________, records of _______________ county, Arizona, covering real property described as follows:
and including personal property described as follows:
Dated this _______________ day of _______________, 19____.
______________________________________
signature of seller
(acknowledgment)"