Removal & Termination. A court may only remove a receiver “for cause.” A.R.S. §33-2620(A). “Cause” is not defined in the Act. The comment to UCRERA §22 is not particularly helpful in understanding the circumstances that may constitute “cause”. Citing to Clark on Receivers the Commissioners state that “[c]ertainly, ‘cause’ would include the …
Receiver’s Immunities & Procedure for Suing Receivers. A receiver, as an agent of the court, has historically been entitled to certain immunities and protections. Section 33-2617(A) provides that a receiver appointed under the act is entitled to all of the defenses and immunities “provided by law” for any act or omission which is “within the …
Michael A. Wrapp has received an AV Preeminent® Peer Review Rating™ from Martindale-Hubbell®, the highest possible rating for professional excellence in legal ability and ethical standards. Created in 1887, Martindale-Hubbell®’s Peer Review Rating™ system evaluates lawyers based on the anonymous opinions of members of the Bar and the Judiciary, including both those who are rated …
Receiver’s Reports & Discharge. Section 33-2618 provides a nonexclusive list of the types of things that a receiver may include in an interim report filed with the court. Any such report should include any fees paid or proposed to be paid to a professional and the receiver’s own fees and expenses. A final report must …
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 …