Arizona Revised Statutes § 48-4465 Transfer Of Credits

48-4465. Transfer of credits

A. Any district member that holds a credit certificate may transfer all or any part of its credits to the district or to any other district member.

B. The district member that transfers any credit shall report the transfer to the district within ten days after the date of the transfer.

C. The district shall maintain a register of the ownership of all credits. The register shall be open to inspection by district members during the district's normal business hours.

D. A district member that purchases credits in good faith and without notice of any defect or any defense that the district has with respect to the credits may transfer the credits pursuant to this section or surrender credits pursuant to section 48-4466, subsection A, paragraph 3 and the district may not raise any defense it may have against the transferor as a defense against the transferee. The district is not liable to any person for any action it takes in reliance on a report of a credit transfer, including accepting and cancelling surrendered credits under section 48-4466, subsection A or issuing a new credit certificate to a transferee.

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Last modified: October 13, 2016