Arizona § 6-482 - Receiver; appointment; transfer of assets; powers; liability

§ 6-482. Receiver; appointment; transfer of assets; powers; liability

A. If the court grants a petition for receivership filed by the deputy director, the deputy director shall be appointed as receiver and may forthwith take possession of the property and business of the association and retain possession until the association resumes business or its affairs are finally liquidated, but if the association has the insurance protection provided by title IV of the national housing act, as now or hereinafter amended, the court may tender to the federal deposit insurance corporation the appointment as receiver, or as co-receiver with the deputy director.

B. On the acceptance by the insurance corporation of the appointment as receiver or co-receiver, possession of and title to all the assets, property and business of the insured association shall automatically pass to and be vested in the insurance corporation as receiver, or in the insurance corporation and the deputy director jointly as co-receivers, as the case may be. The insurance corporation, if it is receiver, or the insurance corporation and the deputy director equally and jointly, if the insurance corporation is co-receiver, shall have and possess, and may exercise:

1. All the powers and privileges provided by the laws of this state or otherwise with respect to the deputy director as receiver of a savings and loan association.

2. Accumulatively and additionally to each of the foregoing, all of the rights, powers, privileges and authority that were held or possessed by the association and its officers, directors, members and creditors.

3. All the rights, privileges, powers and authority conferred on or vested in it, or intended so to be, by federal statutes.

C. The receiver or receivers may also make loans on the security of, or may purchase at public or private sale or otherwise, bid at any receiver's or liquidator's sale, and liquidate or sell, all or any part of the assets of the insured association, and, in the event of the purchase of any assets of an association of which it is receiver or co-receiver, it shall bid for and pay a fair and reasonable price.

D. Except as otherwise in writing specifically agreed by the receiver or receivers, no transaction, contract, undertaking or agreement, and no exercise by the receiver or receivers, or either of them, of any of the rights, powers, privileges or authority by this article or otherwise vested in them as receivers, or with respect to any receivership or liquidation, shall constitute a personal debt, obligation or liability of or on the part of the receiver or receivers or either of them.