A. The court may appoint a receiver:

Terms Used In Arizona Laws 33-2605

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Court: means the superior court. See Arizona Laws 33-2601
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. 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
  • Proceeds: means the following property:

    (a) Whatever is acquired on the sale, lease, license, exchange or other disposition of receivership property. 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
  • 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

1. Before judgment, to protect a party that demonstrates an apparent right, title or interest in real property that is the subject of the action, if the property or its revenue-producing potential:

(a) Is being subjected to or is in danger of waste, loss, dissipation or impairment.

(b) Has been or is about to be the subject of a voidable transaction.

(c) Needs to be protected and preserved or if the rights of the parties need to be protected and preserved, even if the action does not include any other claim for relief.

2. After judgment:

(a) To carry the judgment into effect.

(b) To preserve nonexempt real property pending appeal or when an execution has been returned unsatisfied and the owner refuses to apply the property in satisfaction of the judgment.

3. In an action in which a receiver for real property may be appointed on equitable grounds.

4. During any time allowed for redemption, to preserve real property sold in an execution or foreclosure sale and to secure its rents to the person entitled to the rents.

B. In connection with the foreclosure or other enforcement of a mortgage, the court may appoint a receiver for the mortgaged property if:

1. Appointment is necessary to protect the property from waste, loss, transfer, dissipation or impairment.

2. The mortgagor agreed in a signed record to appointment of a receiver on default.

3. The owner agreed, after default and in a signed record, to appointment of a receiver.

4. The property and any other collateral held by the mortgagee are not sufficient to satisfy the secured obligation.

5. The owner fails to turn over to the mortgagee proceeds or rents the mortgagee was entitled to collect.

6. The holder of a subordinate lien obtains appointment of a receiver for the property.

7. The property or the rights of the parties need to be protected and preserved, even if the action does not include any other claim for relief.

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