Lien on After-Acquired Property
Any asset the receiver or owner acquires after the date of the receiver’s appointment is subject to any security agreement entered into between the owner and the creditor before appointment. A.R.S. §33-2609. This is markedly different from Section 552(a) of the Bankruptcy Code which provides that an after-acquired property provision generally is terminated by the filing of the bankruptcy petition. The comment to UCRERA §10 points out that this provision “is limited to property in which the owner has some interest (i.e., property that is receivership property)”. It does not apply to “property that a receiver acquires in which the owner has no interest (i.e., property that is not receivership property)”. UCRERA at p. 34.