Arizona § 33-2606 Disqualification from appointment as a receiver; exceptions; nomination

Arizona Statutes

§ 33-2606 — Disqualification from appointment as a receiver; exceptions; nomination

Arizona·Title 33 Arizona Revised Statutes·Ch. 24 UNIFORM COMMERCIAL REAL ESTATE RECEIVERSHIP ACT·Art. 1 General Provisions

A.The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.

B.Except as otherwise provided in subsection C of this section, a person is disqualified from appointment as receiver if the person:

1.Is an affiliate of a party.

2.Has an interest materially adverse to an interest of a party.

3.Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver.

4.Has a debtor-creditor relationship with a party.

5.Holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.

C.A person is not disqualified from appointment as receiver solely because the person:

1.Was appointed receiver o

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A. The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.

B. Except as otherwise provided in subsection C of this section, a person is disqualified from appointment as receiver if the person:

1. Is an affiliate of a party.

2. Has an interest materially adverse to an interest of a party.

3. Has a material financial interest in the outcome of the action, other than compensation the court may allow the receiver.

4. Has a debtor-creditor relationship with a party.

5. Holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.

C. A person is not disqualified from appointment as receiver solely because the person:

1. Was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership.

2. Is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family or household purposes.

3. Maintains with a party a deposit account as defined in section 47-9102.

D. A person seeking the appointment of a receiver may nominate a person to serve as receiver.

Arizona § 33-2606 (Disqualification from appointment as a receiver; exceptions; nomination) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.