Automatic Stay. A significant innovation of UCRERA adopted in the Act is an automatic stay of any actions to obtain possession of or control over receivership property or to enforce a judgment or a prereceivership lien on such property with only five exceptions. See A.R.S. §33-2613(A). Accordingly, a lender, other than the person who …
Owner’s Duties. The Act imposes certain obligations on owners and on officers and other persons in control of an owner that is an entity to co-operate with and not to interfere with the receiver. A.R.S. §33-2612(A) & (B). A court may (1) award actual damages, attorneys’ fees and costs in favor of a …
Receiver’s Powers & Duties. A receiver may, pursuant A.R.S. §33-3611(A), do the following without a separate court order authorizing the specific act: (1) Manage, protect and collect receivership property; (2) Operate a business that is receivership property, including use, sell or lease such property, in the ordinary course of …
Receiver’s Bond. The requirements for a bond or other security to be posted by the receiver are set forth in A.R.S. §33-2607. This provision differs in a significant way from Rule 66. The rule requires that the receiver file his bond for court approval “before performing” any duties as a receiver. Section 33-2607(c) permits the …
Disqualification from Serving as Receiver. A person proposed to be the receiver must file an affidavit which demonstrates that he or she is not disqualified from serving in that position. A.R.S. §33-2606(A). A person may not serve as a receiver in a particular action under the Act if she: (1) Is an …