The monies collected by the receiver in a proceeding under this article shall be from time to time deposited in one or more state or national banks, savings banks or trust companies, and in the case of the insolvency or voluntary or involuntary liquidation of any such depositary which is an institution organized and supervised under the laws of this state, such deposits shall be entitled to priority of payment on an equality with any other priority given by the banking laws of this state. The receiver may deposit such monies or any part thereof in a national bank or trust company as a trust fund.

Terms Used In Arizona Laws 20-632

  • insolvency: means that the capital of a stock insurer or limited capital stock insurer, or the surplus of a mutual or reciprocal insurer, is deemed impaired and the insurer is deemed insolvent, when the insurer is not possessed of assets at least equal to all liabilities and required reserves together with its total issued and outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer, required by this title to be maintained for the kind or kinds of insurance it is then authorized to transact. See Arizona Laws 20-611
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
  • State: means any state of the United States, the District of Columbia and the territories and possessions of the United States. See Arizona Laws 20-611
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