Arizona Laws 33-2607. Receiver’s bond; alternative security
A. Except as otherwise provided in subsection B of this section, a receiver shall post with the court a bond that:
Terms Used In Arizona Laws 33-2607
- Court: means the superior court. 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
- 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
1. Is conditioned on the faithful discharge of the receiver’s duties.
2. Has one or more sureties approved by the court.
3. Is in an amount the court specifies.
4. Is effective as of the date of the receiver’s appointment.
B. The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver’s discharge.
C. The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.