Arizona Laws 33-2620. Removal of receiver; replacement; termination of receivership
A. The court may remove a receiver for cause.
Terms Used In Arizona Laws 33-2620
- Court: means the superior court. See Arizona Laws 33-2601
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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
- 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
- Receivership property: means the property of an owner that is described in the order appointing a receiver or a subsequent order. See Arizona Laws 33-2601
B. The court shall replace a receiver that dies, resigns or is removed.
C. If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to the successor receiver all receivership property and has filed a report of all receipts and disbursements during the service of the replaced receiver, the replaced receiver is discharged.
D. The court may discharge a receiver and terminate the court’s administration of the receivership property if the court finds that appointment of the receiver was improvident or that the circumstances no longer warrant continuation of the receivership. If the court finds that the appointment was sought wrongfully or in bad faith, the court may assess against the person that sought the appointment:
1. The fees and expenses of the receivership, including reasonable attorney fees and costs.
2. Actual damages caused by the appointment, including reasonable attorney fees and costs.