Arizona Laws 33-704. Performance of assessment work or payment of maintenance fees on mining claim by mortgagee; expense as additional debt secured by mortgage
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The mortgagee, if the mortgaged property or part thereof consists of unpatented mining claims, may perform the annual labor or improvement, or pay the maintenance fees required by law to prevent the forfeiture of the claim, and the amount expended for that purpose shall be an additional debt secured by the mortgage, and included in the judgment of foreclosure, or, if expended after judgment, but before sale, added to the amount of the execution.
Terms Used In Arizona Laws 33-704
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes both real and personal property. See Arizona Laws 1-215