No pecuniary recourse may be had for any claim based on any obligation contained in this chapter against this state or the authority or any of the past, present or future agencies, officers, directors, employees or agents.

Terms Used In Arizona Laws 35-912

  • Authority: means the Arizona finance authority established by Title 41, Chapter 53, Article 2. See Arizona Laws 35-901
  • 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.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC

 

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