Article 1 General Provisions 33-2601 – 33-2626

Terms Used In Arizona Laws > Title 33 > Chapter 24 - Uniform Commercial Real Estate Receivership Act

  • Affiliate: means :

    (a) With respect to an individual:

    (i) A companion of the individual. See Arizona Laws 33-2601

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Companion: means :

    (a) The spouse of an individual. See Arizona Laws 33-2601

  • 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.
  • Court: means the superior court. See Arizona Laws 33-2601
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Executory contract: means a contract, including a lease, under which each party has an unperformed obligation and the failure of a party to complete performance would constitute a material breach. See Arizona Laws 33-2601
  • Fiduciary: A trustee, executor, or administrator.
  • 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
  • Governmental unit: means an office, department, division, bureau, board, commission or other agency of this state or a subdivision of this state. See Arizona Laws 33-2601
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien: means an interest in property that secures payment or performance of an obligation. See Arizona Laws 33-2601
  • Mortgage: means a record, however denominated, that creates or provides for a consensual lien on real property or rents, even if it also creates or provides for a lien on personal property. See Arizona Laws 33-2601
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See Arizona Laws 33-2601
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage. See Arizona Laws 33-2601
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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.
  • Owner: means the person for whose property a receiver is appointed. See Arizona Laws 33-2601
  • Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Arizona Laws 33-2601
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Personal property: All property that is not real property.
  • Proceeds: means the following property:

    (a) Whatever is acquired on the sale, lease, license, exchange or other disposition of receivership property. See Arizona Laws 33-2601

  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • Property: means all of a person's right, title and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Arizona Laws 33-2601
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Receiver: means a person who is appointed by the court as the court's agent and, subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect or otherwise dispose of receivership property. See Arizona Laws 33-2601
  • Receivership: means a proceeding in which a receiver is appointed. See Arizona Laws 33-2601
  • Receivership property: means the property of an owner that is described in the order appointing a receiver or a subsequent order. See Arizona Laws 33-2601
  • Rents: means :

    (a) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See Arizona Laws 33-2601

  • Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See Arizona Laws 33-2601
  • Security agreement: means an agreement that creates or provides for a lien. See Arizona Laws 33-2601
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 33-2601
  • Subpoena: A command to a witness to appear and give testimony.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215