Payment of Debts & Turnover of Property. As a general matter, a person who owes money or is in the possession of property that is receivership property is required to pay that debt or turnover that asset to the receiver. If that person has notice of the receivership, but, pays the owner instead of the …
Receiver’s Professionals and Compensation to Receiver and Her Professionals. A receiver has the power to retain professionals to assist him during the case, but, must make certain specified disclosures. A.R.S. §33-2614(A). A person may be hired by a receiver even though she has been previously employed by or represented the receiver or has …
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 …