Arizona Laws 6-482. Receiver; appointment; transfer of assets; powers; liability
A. If the court grants a petition for receivership filed by the deputy director, the deputy director shall be appointed as receiver and may forthwith take possession of the property and business of the association and retain possession until the association resumes business or its affairs are finally liquidated, but if the association has the insurance protection provided by title IV of the national housing act, as now or hereinafter amended, the court may tender to the federal deposit insurance corporation the appointment as receiver, or as co-receiver with the deputy director.
Terms Used In Arizona Laws 6-482
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Insurance corporation: means the federal deposit insurance corporation or such other instrumentality of, or corporation chartered by, the United States as may be established for the purpose of insuring the accounts of savings and loan associations or any other equivalent deposit insurer approved by the deputy director. See Arizona Laws 6-401
- Insured association: means an association, the accounts of which are insured wholly or in part by an insurance corporation. See Arizona Laws 6-401
- 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
- Writing: includes printing. See Arizona Laws 1-215
B. On the acceptance by the insurance corporation of the appointment as receiver or co-receiver, possession of and title to all the assets, property and business of the insured association shall automatically pass to and be vested in the insurance corporation as receiver, or in the insurance corporation and the deputy director jointly as co-receivers, as the case may be. The insurance corporation, if it is receiver, or the insurance corporation and the deputy director equally and jointly, if the insurance corporation is co-receiver, shall have and possess, and may exercise:
1. All the powers and privileges provided by the laws of this state or otherwise with respect to the deputy director as receiver of a savings and loan association.
2. Accumulatively and additionally to each of the foregoing, all of the rights, powers, privileges and authority that were held or possessed by the association and its officers, directors, members and creditors.
3. All the rights, privileges, powers and authority conferred on or vested in it, or intended so to be, by federal statutes.
C. The receiver or receivers may also make loans on the security of, or may purchase at public or private sale or otherwise, bid at any receiver’s or liquidator’s sale, and liquidate or sell, all or any part of the assets of the insured association, and, in the event of the purchase of any assets of an association of which it is receiver or co-receiver, it shall bid for and pay a fair and reasonable price.
D. Except as otherwise in writing specifically agreed by the receiver or receivers, no transaction, contract, undertaking or agreement, and no exercise by the receiver or receivers, or either of them, of any of the rights, powers, privileges or authority by this article or otherwise vested in them as receivers, or with respect to any receivership or liquidation, shall constitute a personal debt, obligation or liability of or on the part of the receiver or receivers or either of them.