33-2611. Powers and duties of receiver

436 words·~2 min read·/az/title-33/33-2611

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

A. Except as limited by court order or another law, a receiver may:

1. Collect, control, manage, conserve and protect receivership property.

2. Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection or disposition of the property in the ordinary course of business.

3. In the ordinary course of business, incur unsecured debt and pay expenses incidental to the receiver's preservation, use, sale, lease, license, exchange, collection or disposition of receivership property.

4. Assert a right, claim, cause of action or defense of the owner that relates to receivership property.

5. Seek and obtain instruction from the court concerning receivership property, exercise of the receiver's powers and performance of the receiver's duties.

6. On subpoena, compel a person to submit to examination under oath, or to produce and permit inspection and copying of designated records or tangible things, with respect to receivership property or any other matter that may affect administration of the receivership.

7. Engage a professional as provided in section 33-2614.

8. Apply to a court of another state for appointment as ancillary receiver with respect to receivership property located in that state.

9. Exercise any power conferred by court order, this chapter or another law other than this chapter.

B. With court approval, a receiver may:

1. Incur debt for the use or benefit of receivership property other than in the ordinary course of business.

2. Make improvements to receivership property.

3. Use or transfer receivership property other than in the ordinary course of business as provided in section 33-2615.

4. Adopt or reject an executory contract of the owner as provided in section 33-2616.

5. Pay compensation to the receiver as provided in section 33-2619, and to each professional engaged by the receiver as provided in section 33-2614.

C. A receiver shall:

1. Prepare and retain appropriate business records, including a record of each receipt, disbursement and disposition of receivership property.

2. Account for receivership property, including the proceeds of a sale, lease, license, exchange, collection or other disposition of the property.

3. Record in the office of the county recorder a copy of the order appointing the receiver and, if a legal description of the real property is not included in the order, the legal description.

4. Disclose to the court any fact arising during the receivership that would disqualify the receiver under section 33-2606.

5. Perform any duty imposed by court order, this chapter or another law other than this chapter.

D. Notwithstanding any other provision of this chapter, the powers and duties of a receiver may be expanded, modified, or limited by court order.