33-2607. Receiver's bond; alternative security
135 words·~1 min read·
/az/title-33/33-2607A 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 of this section, a receiver shall post with the court a bond that:
1. Is conditioned on the faithful discharge of the receiver’s duties.
2. Has one or more sureties approved by the court.
3. Is in an amount the court specifies.
4. Is effective as of the date of the receiver's appointment.
B. The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.
C. The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.