PREFILED JAN 06 2010
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REFERENCE TITLE: community property; separate debts |
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State of Arizona Senate Forty-ninth Legislature Second Regular Session 2010
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SB 1032 |
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Introduced by Senator Pearce R
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AN ACT
Amending section 25-214, Arizona Revised Statutes; relating to community property.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 25-214, Arizona Revised Statutes, is amended to read:
25-214. Community property; separate property; management and control; credit cards
A. Each spouse has the sole management, control and disposition rights of each spouse's separate property.
B. The spouses have equal management, control and disposition rights over their community property and have equal power to bind the community.
C. Either spouse separately may acquire, manage, control or dispose of community property or bind the community, except that joinder of both spouses is required in any of the following cases:
1. Any transaction for the acquisition, disposition or encumbrance of an interest in real property other than an unpatented mining claim or a lease of less than one year.
2. Any transaction of guaranty, indemnity or suretyship.
3. To bind the community, irrespective of any person's intent with respect to that binder, after service of a petition for dissolution of marriage, legal separation or annulment if the petition results in a decree of dissolution of marriage, legal separation or annulment.
D. Both spouses must sign a credit card application to bind the community. A credit card application that is signed by only one spouse is the separate debt and obligation of that spouse.