Except as specifically prohibited by law, a bank may take property of any kind to secure or satisfy or partially secure or partially satisfy an obligation to the bank.

Terms Used In Arizona Laws 6-243

  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • 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.
  • Property: includes both real and personal property. See Arizona Laws 1-215
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