Arizona Laws 6-131.01. Appointment of deputy director as receiver; award of property, fees and costs
A. The deputy director may be appointed as a receiver of a financial institution or enterprise under the deputy director’s supervision. No bond is required of the deputy director for acting as a receiver.
Terms Used In Arizona Laws 6-131.01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
B. All reasonable expenses of the department relating or apportioned to a receivership, including receiver fees and attorney fees, costs of preliminary or other examinations of the person placed into receivership and expenses relating to the management of any office or other asset of the person placed in receivership, shall be awarded by the court for payment to the department out of the assets of the receivership. The department shall assess those expenses against the receivership quarterly and shall deposit those amounts in the department receivership revolving fund, as provided in Section 6-135.01. Those assessments have priority over the other creditors of the receivership. Notwithstanding the other provisions of this subsection, on request by the deputy director, the court may award personal property of the receivership to the department as partial compensation for the services rendered during the administration of the receivership.
C. The deputy director shall maintain a complete accounting of each receivership in which the deputy director is appointed as receiver.