Power of the Court. Section 33-2604 provides that a court appointing a receiver “has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property.” Vesting one court with the sole authority to handle all matters relating to the proceeding and property owned by the receivership estate arising or …
Appointment of a Receiver: (2) Other Circumstances There are numerous circumstances that may justify the appointment of a receiver over an owner of real estate beyond the enforcement of a lender’s rights under a deed of trust. The Act attempts to quantify those into the four circumstances: (1) Before entry of a judgment; (2) After …
Jim Fassold has been elected to the Executive Council of the State Bar’s Probate and Trust Law Section.
Appointment of a Receiver: (1) Foreclosure on Real Estate The party seeking the appointment of a receiver may nominate a person to serve in that position. A.R.S. §33-2606(D). Interestingly, the Arizona legislature eliminated a clause from ARECRA §7(d) which provides that “but the court is not bound by the nomination.” The author has found nothing …
Scope: To What Does the Act Apply? The Act only relates to persons who have an “interest in” most types of commercial real estate. A receivership under the Act will, of course, also cover personal property located on or used in the operation of that real property. A.R.S. §33-2603(A). The Act, however, does not …