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ARIZONA’S NEW RECEIVERSHIP STATUTE: REVIEWED, INTERPRETED AND APPLIED©, PART IX

September 4, 2020

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 court to allow the receiver “to act” before she posts a bond.   Thus, a receiver appointed under the Act may take possession of property, operate it and collect rents even before he files his bond if the order appointing the receiver provides for that relief.  The author has not been able to find an explanation for allowing receivers for commercial real estate to act before posting a bond in the legislative history.  The UCRERA sheds no light on this issue in its comments to this section.

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