The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
33-2610 - Collection and turnover of receivership property
33-2610. Collection and turnover of receivership property
A. Unless the court orders otherwise, on demand by a receiver:
1. A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment.
2. Subject to subsection C of this section, a person that has possession, custody or control of receivership property shall turn the property over to the receiver.
B. A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.
C. If a creditor has possession, custody or control of receivership property and the validity, perfection or priority of the creditor’s lien on the property depends on the creditor's possession, custody or control, the creditor may retain possession, custody or control until the court orders adequate protection of the creditor’s lien.
D. Unless a bona fide dispute exists about a receiver's right to possession, custody or control of receivership property, the court may sanction as civil contempt a person's failure to turn the property over when required by this section.