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.
29-2307 - Ineffectiveness of interest exchange due to law of foreign jurisdiction
29-2307. Ineffectiveness of interest exchange due to law of foreign jurisdiction
A. If a statement of interest exchange is filed with the appropriate filing authority and the interest exchange is not authorized by the law of the relevant foreign jurisdiction as required by section 29-2301, subsection B, the interest exchange is ineffective. A statement of ineffectiveness of interest exchange must be signed on behalf of the domestic acquired entity on behalf of which the statement of interest exchange was signed and must be delivered for filing with the appropriate filing authority to reflect that ineffectiveness in the public record.
B. The statement of ineffectiveness of interest exchange must contain each of the following:
1. The name of the domestic acquired entity that attempted the interest exchange.
2. The date on which the statement of interest exchange was filed.
3. A statement that the interest exchange was ineffective because it was not authorized by the law of the relevant foreign jurisdiction.
C. The domestic acquired entity that attempted the interest exchange is responsible to any other person for any obligation incurred by that person that arises out of or relates to the ineffectiveness of the attempted interest exchange unless the entity establishes that the obligation was not incurred in good faith.
D. If they were acting in good faith, the domestic acquired entity that attempted the interest exchange and its interest holders, governors or other representatives are not civilly or criminally liable and may not be found guilty in connection with an ineffective interest exchange under any law of this state pertaining to:
1. The filing of a false or otherwise misleading or inaccurate document.
2. The making of a false or otherwise misleading or inaccurate statement.