6-395.05. Effect of receivership proceedings on liens and limitations
274 words·~1 min read·
/az/title-6/6-395-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Every lien against any asset of a bank obtained by attachment, judgment, levy or other legal or equitable process or proceedings after the filing of the application for the appointment of a receiver under this article shall be null and void as to the receiver and to any purchaser from the receiver where the sale is ordered by the court to be free and clear of such liens.
B. A receiver, upon his appointment shall be vested by operation of law with the title to all of the assets of the bank as of the time of filing of the application for the appointment of the receiver; and as to all assets of the bank, whether or not coming into his physical possession, upon which a creditor of the bank could have obtained a lien by legal or equitable proceedings at the time of filing of the application for the appointment of the receiver, the receiver shall be vested as of the time of such filing with all of the rights, remedies and powers of a creditor then holding a lien thereon by such proceedings, whether or not such a creditor actually exists.
C. Upon the filing of the application for the appointment of a receiver under this article there shall be a postponement for a period of six months of the date upon which any period of limitations fixed by statute or agreement would otherwise expire on a claim or right of action of the bank or upon which an appeal must be taken or a pleading or other document must be filed by the bank in any pending action or proceeding.