In any proceeding instituted under this article in which a director or officer is a party, and if the deputy director or court allows such party reasonable expenses and attorney fees, the deputy director or the court may provide that such expenses and fees shall be paid by the financial institution or enterprise from its assets with priority as an expense of administration in receivership.

Terms Used In Arizona Laws 6-164

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
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