Arizona § 10-1432 - Receivership
Full text of Arizona Arizona Revised Statutes § 10-1432 — Receivership, with citation guidance and answers to common questions.
§ 10-1432. Receivership
A. A court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate or manage the business and affairs of the corporation. After notifying all parties to the proceeding and any interested persons designated by the court, the court shall hold a hearing before appointing a receiver. The court appointing a receiver has exclusive jurisdiction over the corporation and all of its property wherever located.
B. The court may appoint an individual or a domestic or foreign corporation authorized to transact business in this state as a receiver. The court may require the receiver to post bond with or without sureties in an amount the court directs.
C. The court shall describe the powers and duties of the receiver in its appointing order, which may be amended from time to time. Among other powers, the receiver may exercise all of the powers of the corporation, through or in place of its board of directors, executive committee or officers, to the extent necessary to carry on the ordinary and necessary business of the corporation and to manage the affairs of the corporation in the best interests of its shareholders and creditors.
D. The court from time to time during the receivership may order compensation paid and expense disbursements or reimbursements made to the receiver and its counsel from the assets of the corporation or proceeds from the sale of the assets.
E. A receiver of a corporation may sue and defend in all courts in his own name as receiver of such corporation.
Frequently Asked Questions About Arizona § 10-1432
What does Arizona Revised Statutes § 10-1432 cover?
Section 10-1432 ("Receivership") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 10-1432?
A common citation format is "Arizona Revised Statutes § 10-1432" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 10-1432 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.