Arizona Laws 42-15061. Deduction of liabilities from assessed solvent debts
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If solvent debts are assessed, the person against whom they are assessed may deduct the person’s liabilities from the amount of the debts.
Terms Used In Arizona Laws 42-15061
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means a natural person, individual, proprietor, proprietorship, company, corporation, organization, association, joint venture, partner, partnership, trust, estate or limited liability company, the federal or state government, a political subdivision of a state or any other legal entity or combination of entities that owns, controls or has possession of real or personal property. See Arizona Laws 42-11001