ARIZONA’S NEW RECEIVERSHIP STATUTE: REVIEWED, INTERPRETED AND APPLIED©, PART II
August 11, 2020
The New Statute – A.R.S. §33-2601, et seq.
The National Conference of Commissioners on Uniform State Laws also known as Uniform Law Commission passed the Uniform Commercial Real Estate Receivership Act (“UCRERA”) in July of 2015. The Arizona legislature adopted the vast majority of UCRERA with only a few modifications and it was subsequently signed by the governor and became effective on August 27, 2019. It can be found at A.R.S. §33-2601 through 33-2626 (the “Act”). Because there is no useful legislative history on the Act, it is appropriate to consult the substantial commentary to UCRERA by its authors as legislative history.
B. Material Provisions.
I have organized the sections of the Act into three categories or groups in the discussion below based on my view of the general commonalities of the subject matter of those provisions: (1) Procedure; (2) The Receivership Estate, The Rights, Powers & Duties of Receivers and The Receiver’s Professionals; and (3) Miscellaneous. This is my methodology of organization only and it will not be found in the Act.
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