A. Except as otherwise provided in subsection B or C of this section, this chapter applies to a receivership for an interest in commercial real property and any personal property related to or used in operating the real property.

Terms Used In Arizona Laws 33-2603

  • Affiliate: means :

    (a) With respect to an individual:

    (i) A companion of the individual. See Arizona Laws 33-2601

  • Court: means the superior court. See Arizona Laws 33-2601
  • Governmental unit: means an office, department, division, bureau, board, commission or other agency of this state or a subdivision of this state. See Arizona Laws 33-2601
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Owner: means the person for whose property a receiver is appointed. See Arizona Laws 33-2601
  • Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Arizona Laws 33-2601
  • Property: means all of a person's right, title and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Arizona Laws 33-2601
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Receiver: means a person who is appointed by the court as the court's agent and, subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect or otherwise dispose of receivership property. See Arizona Laws 33-2601
  • Receivership: means a proceeding in which a receiver is appointed. See Arizona Laws 33-2601
  • Rents: means :

    (a) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See Arizona Laws 33-2601

B. This chapter does not apply to a receivership for an interest in real property improved by one to four dwelling units unless:

1. The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner’s primary residence.

2. The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial or mineral-extraction purposes.

3. The owner planned or is planning to develop the property into one or more dwelling units to be sold or leased in the ordinary course of the owner’s business.

4. The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.

C. This chapter does not apply to a receivership authorized by another law other than this chapter in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the unit except to the extent provided by law.

D. This chapter does not limit the authority of a court to appoint a receiver under another law other than this chapter.

E. Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.

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