6-395.06. Rights, powers and duties of a receiver
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/az/title-6/6-395-06A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. After taking possession of the bank, the receiver may do any of the following in its own name, in the name of the bank, in the name of both or otherwise:
1. Collect all obligations and money due the bank.
2. Exercise and possess all the rights, powers and privileges of the bank and its officers and directors.
3. Institute or otherwise participate in any legal proceeding by or against the receiver or the bank, or in which the bank or its creditors have an interest, and in every way represent the bank and its creditors.
4. Be the custodian of all monies coming into the receiver's possession, but it may deposit any part of those monies in a bank instituted by the federal deposit insurance corporation.
5. Invest or reinvest those portions of the monies and assets of the bank as the receiver deems appropriate.
6. Revise or settle any obligation on those terms and conditions that the receiver deems appropriate.
7. Sell, compound, compromise or assign debts due the bank on those terms and conditions that the receiver deems appropriate.
8. Negotiate settlements of claims against the bank on those terms and conditions that the receiver deems appropriate.
9. Settle, compromise or obtain the release of claims against the bank for cash or other consideration.
10. Sell, exchange, encumber or otherwise deal with any real or personal property that has come into the bank's possession by any means on the basis of reasonable market value without notice for cash or on those terms and conditions that the receiver deems appropriate.
11. Execute, acknowledge and deliver any deed or other instrument necessary or proper for any purpose.
B. Any deed or other instrument executed pursuant to subsection A, paragraph 11 is valid for all purposes as if it had been executed as the act and deed of the bank.
C. The receiver may disburse monies for any of the following:
1. The discharge of any taxes, assessments or charges of any nature against the bank or the receiver or on any asset or other property in which the bank or the receiver has an interest.
2. The protection or improvement of any asset or other property of the bank.
3. The costs and expenses of the liquidation and for exercising the receiver's rights, powers, privileges and duties.
4. Debts and interest owed by the bank that arise out of the liquidation or otherwise.
5. The costs and expenses of the operation of the bank.
D. Notwithstanding the grant or denial of any power or duty prescribed in this chapter, the receiver has those rights, powers, privileges, immunities and duties authorized or imposed from time to time in specific cases by order of the court.