33-2605. Appointment of receiver

335 words·~2 min read·/az/title-33/33-2605

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

A. The court may appoint a receiver:

1. Before judgment, to protect a party that demonstrates an apparent right, title or interest in real property that is the subject of the action, if the property or its revenue-producing potential:

(a)Is being subjected to or is in danger of waste, loss, dissipation or impairment.

(b)Has been or is about to be the subject of a voidable transaction.

(c)Needs to be protected and preserved or if the rights of the parties need to be protected and preserved, even if the action does not include any other claim for relief.

2. After judgment:

(a)To carry the judgment into effect.

(b)To preserve nonexempt real property pending appeal or when an execution has been returned unsatisfied and the owner refuses to apply the property in satisfaction of the judgment.

3. In an action in which a receiver for real property may be appointed on equitable grounds.

4. During any time allowed for redemption, to preserve real property sold in an execution or foreclosure sale and to secure its rents to the person entitled to the rents.

B. In connection with the foreclosure or other enforcement of a mortgage, the court may appoint a receiver for the mortgaged property if:

1. Appointment is necessary to protect the property from waste, loss, transfer, dissipation or impairment.

2. The mortgagor agreed in a signed record to appointment of a receiver on default.

3. The owner agreed, after default and in a signed record, to appointment of a receiver.

4. The property and any other collateral held by the mortgagee are not sufficient to satisfy the secured obligation.

5. The owner fails to turn over to the mortgagee proceeds or rents the mortgagee was entitled to collect.

6. The holder of a subordinate lien obtains appointment of a receiver for the property.

7. The property or the rights of the parties need to be protected and preserved, even if the action does not include any other claim for relief.