6-131.01. Appointment of deputy director as receiver; award of property, fees and costs

197 words·~1 min read·/az/title-6/6-131-01

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

A. The deputy director may be appointed as a receiver of a financial institution or enterprise under the deputy director's supervision. No bond is required of the deputy director for acting as a receiver.

B. All reasonable expenses of the department relating or apportioned to a receivership, including receiver fees and attorney fees, costs of preliminary or other examinations of the person placed into receivership and expenses relating to the management of any office or other asset of the person placed in receivership, shall be awarded by the court for payment to the department out of the assets of the receivership. The department shall assess those expenses against the receivership quarterly and shall deposit those amounts in the department receivership revolving fund, as provided in section 6-135.01.

Those assessments have priority over the other creditors of the receivership. Notwithstanding the other provisions of this subsection, on request by the deputy director, the court may award personal property of the receivership to the department as partial compensation for the services rendered during the administration of the receivership.

C. The deputy director shall maintain a complete accounting of each receivership in which the deputy director is appointed as receiver.