Arizona § 20-638 Offsets

Arizona Statutes

§ 20-638 — Offsets

Arizona § 20-638

Title 20Arizona Revised Statutes

Ch. 3FINANCIAL PROVISIONS AND PROCEDURES

Art. 4Rehabilitation and Liquidation

This text of Arizona § 20-638 (Offsets) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 20-638 (2026).

Text

A.In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this article, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection B of this section.

B.No offset shall be allowed in favor of any such person where the obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise as provided in section 20-635, entitle him to share as a claimant in the assets of the insurer, or the obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset, or the obligation of such person is to pay an assessment levied against the members of a m

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A. In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this article, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection B of this section.

B. No offset shall be allowed in favor of any such person where the obligation of the insurer to such person would not at the date of the entry of any liquidation order or otherwise as provided in section 20-635, entitle him to share as a claimant in the assets of the insurer, or the obligation of the insurer to such person was purchased by or transferred to such person with a view of its being used as an offset, or the obligation of such person is to pay an assessment levied against the members of a mutual insurer or against the subscribers of a reciprocal insurer or is to pay a balance upon the subscription to the capital stock of a stock insurer.