Arizona Revised Statutes § 6-991.18 Subrogation Of Rights; Collection

6-991.18. Subrogation of rights; collection

A. Before receiving payment from the fund, a claimant must complete and execute, as judgment creditor, an assignment of judgment lien and notice of subrogation and assignment of rights to the claimant's judgment on a form provided by the department.

B. If the superintendent has paid from the mortgage recovery fund any sum to the judgment creditor, the superintendent shall be subrogated to all of the rights of the judgment creditor and the judgment creditor shall assign all the rights, title and interest in the judgment to the superintendent. The superintendent may record the assignment of judgment lien and notice of subrogation and assignment of rights. Any amount and interest recovered by the superintendent on the judgment shall be deposited in the fund.

C. If the superintendent is subrogated to a claimant's rights as judgment creditor, the claimant shall not file a full or partial satisfaction of judgment without the superintendent's prior written consent.

D. The attorney general shall bring any actions to recover amounts paid from the fund, including interest, attorney fees and costs of collection, pursuant to this article in the name of this state in the superior court in the county in which the violation occurred or in a county in which the superintendent maintains an office. A certified copy of a superintendent's order requiring payment from the fund may be filed in the office of the clerk of the superior court. The clerk shall treat the superintendent's order in the same manner as a judgment of the superior court. A superintendent's order so filed has the same effect and may be recorded, enforced or satisfied in a similar manner, as a judgment of the superior court. No filing fee is required under this subsection.

Section: Previous  6-991.11  6-991.12  6-991.13  6-991.14  6-991.15  6-991.16  6-991.17  6-991.18  6-991.19  6-991.20  6-991.21  6-991.22  6-1001  6-1002  6-1003  Next

Last modified: October 13, 2016