An association may purchase, at any sheriff’s or other judicial sale, either public or private, any real or personal property upon which the association has any mortgage, lien, or other encumbrance or in which the association has any other interest or accept a deed in lieu of such foreclosure. The association thereafter may repair, improve, sell, convey, lease, mortgage, exchange, or otherwise dispose of real or personal property so acquired, in the best interests of the association, without limitation.

Terms Used In Arizona Laws 6-452

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • 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
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
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