20-634. Borrowing on pledge of assets
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/az/title-20/20-634A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purpose of facilitating the rehabilitation, liquidation, conservation or dissolution of an insurer pursuant to this article, the receiver may, subject to the approval of the court, borrow money and execute, acknowledge and deliver notes or other evidences of indebtedness therefor and secure its repayment by the mortgage, pledge, assignment, transfer in trust or hypothecation of any or all of the property, whether real, personal or mixed, of the insurer, and the receiver, subject to the approval of the court, may take any and all other action necessary and proper to consummate the loan and to provide for the repayment thereof.
The receiver is under no obligation personally or in the receiver's official capacity to repay any loan made pursuant to this section.