20-630. Attachment and garnishment of assets
156 words·~1 min read·
/az/title-20/20-630A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. During the pendency of delinquency proceedings in this or any reciprocal state, an action or proceeding in the nature of an attachment, garnishment or execution may not be commenced or maintained in the courts of this state against the delinquent insurer or its assets. Any lien obtained by any such action or proceeding within four months before the commencement of any such delinquency proceeding or at any time thereafter is void as against any rights arising in the delinquency proceeding.
B. Notwithstanding any other provision of this chapter, a federal home loan bank may not be stayed, enjoined or prohibited from exercising or enforcing any right or cause of action against collateral pledged by an insurer member under any federal home loan bank security agreement or any pledge, security, collateral or guarantee agreement or other similar arrangement or credit enhancement relating to a security agreement to which that federal home loan bank is a party.