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.
A. If the money paid to the trustee for the purchase of lots is insufficient to pay expenses, he shall sell at public auction so many of the remaining lots, the title to which remains in the trustee and against which no claim or contest is pending, as is necessary to raise the amount required. The trustee shall first give such notice of the sale as the sheriff gives upon the sale of real property on execution. The lots shall be sold separately, no lot shall be sold for less than ten dollars, and the lots shall not exceed seven thousand square feet.
B. If sufficient money is not raised, the trustee shall make an assessment and levy a tax upon all the lots the title to which does not remain in the trustee, according to the value of the lots and the improvements thereon, and the assessment and tax shall be a lien upon the lots so assessed until paid, and may be recovered by the trustee in a civil action.