33-2603. Scope; exclusions

259 words·~1 min read·/az/title-33/33-2603

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Except as otherwise provided in subsection B or C of this section, this chapter applies to a receivership for an interest in commercial real property and any personal property related to or used in operating the real property.

B. This chapter does not apply to a receivership for an interest in real property improved by one to four dwelling units unless:

1. The interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner's primary residence.

2. The interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial or mineral-extraction purposes.

3. The owner planned or is planning to develop the property into one or more dwelling units to be sold or leased in the ordinary course of the owner's business.

4. The owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.

C. This chapter does not apply to a receivership authorized by another law other than this chapter in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the unit except to the extent provided by law.

D. This chapter does not limit the authority of a court to appoint a receiver under another law other than this chapter.

E. Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.