If the deficiency in capital has not been made good or the trust company is in an unsafe or unsound condition that is not remedied within the time prescribed under an order of the deputy director issued pursuant to section 6-137, the deputy director may apply to the superior court to be appointed receiver for the liquidation or rehabilitation of the company. The expense of such receivership shall be paid out of the assets of the trust company.

Terms Used In Arizona Laws 6-865

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Capital: means the total of outstanding common stock, preferred stock and surplus and undivided profits. See Arizona Laws 6-851
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Trust company: means a corporation holding a certificate issued under this article. See Arizona Laws 6-851
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