The commissioner may enter an appearance, file an answer, appear at the court hearing, defend the action or take whatever other action the commissioner considers appropriate on the behalf and in the name of the real estate recovery fund and take recourse through any appropriate method of review on behalf of, and in the name of, the real estate recovery fund.

Terms Used In Arizona Laws 32-2191

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Commissioner: means the state real estate commissioner. See Arizona Laws 32-2101
  • Real estate: includes leasehold-interests and any estates in land as defined in Title 33, Chapter 2, articles 1 and 2, regardless of whether located in this state. See Arizona Laws 32-2101
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
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