On taking possession of the property and business of a bank, the receiver shall give notice of the taking to all persons who hold any assets of that bank. The notice required by this section is not a prerequisite to taking possession. A person who knows of the taking may not claim a lien or charge against any assets of the bank for any subsequent payment, advance or clearance or for any other subsequent liability.

Terms Used In Arizona Laws 6-395.15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
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