Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 12-1286, Arizona Revised
Statutes, is amended to read:
START_STATUTE12-1286. Execution and recording of deed by
sheriff
A. At
the expiration of all the applicable periods of redemption as provided in
section 12‑1282, and not sooner, the sheriff shall execute and deliver a deed to the property sold to the
purchaser at the sale, or in case redemption is made by a redemptioner, then to the last redemptioner
redeeming the property.
B. Within
ten days after the date of execution of the deed, the sheriff shall record the
sheriff's deed in the office of the county recorder for the county in which the property is located. In every sheriff's deed in which the grantee,
purchaser or redemptioner is subject to regulation pursuant to title 6, 10 or
29, or would be subject to regulation pursuant to title 6, 10 or 29 if doing
business in this state, the grantee's, purchaser's or redemptioner's name and
address and the state in which the grantee, purchaser or redemptioner is
incorporated, organized, licensed, chartered or registered shall be set forth
fully in the deed, together with the name of the country under which the
grantee, purchaser or redemptioner is chartered or formed.END_STATUTE
Sec. 2. Section 33-401, Arizona Revised
Statutes, is amended to read:
START_STATUTE33-401. Formal requirements of conveyance;
writing; subscription; delivery; acknowledgment; defects
A. No estate of inheritance, freehold, or for a term
of more than one year, in lands or tenements, shall be conveyed unless the
conveyance is by an instrument in writing, subscribed and delivered by the
party disposing of the estate, or by his agent thereunto authorized by writing.
B. Every deed or conveyance of real property must be
signed by the grantor and must be duly acknowledged before some officer
authorized to take acknowledgments.
C. In every
deed or conveyance of real property in which the grantee is SUBJECT to
regulation pursuant to title 6, 10 or 29, or would be subject to regulation
pursuant to title 6, 10 or 29 if doing business in this state, the grantee's
name and address and the state in which the grantee is incorporated, organized,
licensed, chartered or registered shall be set forth fully in the deed,
together with the name of the country under which the grantee is chartered or
formed.
C. D. For purposes of
this section, a deed or conveyance containing any defect, omission or
informality in the certificate of acknowledgment and which has been recorded
for longer than ten years in the office of the county recorder of the county in
which the property is located shall be deemed to have been duly acknowledged on
and after the date of its recording. END_STATUTE
Sec. 3. Section
33-809, Arizona Revised Statutes, is amended to read:
START_STATUTE33‑809. Request for copies of notice of sale;
mailing by trustee; disclosure of information regarding trustee sale
A. A person desiring a copy of a notice of sale
under a trust deed, at any time subsequent to the recording of the trust deed
and prior to the recording of a notice of sale pursuant thereto, shall record
in the office of the county recorder in any county in which part of the trust
property is situated a duly acknowledged request for a copy of any such notice
of sale. The request shall set forth the name and address of the person or
persons requesting a copy of such notice and shall identify the trust deed by
setting forth the county, docket or book and page of the recording data thereof
and by stating the names of the original parties to such deed, the date the
deed was recorded and the legal description of the entire trust property and
shall be in substantially the following form:
Request for Notice
Request is hereby made that a copy of any
notice of sale under the trust deed recorded in docket or book ___________ at
page ________, records of ______________ county, Arizona, ___________, ____,
(legal description of trust property)
Executed by _____________________ as
trustor, in which ________________ is named as beneficiary and
___________________ as trustee, be mailed to _________________ at
___________________.
Dated this _______________ day of
___________, ____.
___________________
Signature
(Acknowledgement)
B. Not later than thirty days after recording the
notice of sale, the trustee shall mail by certified or registered mail, with
postage prepaid, a copy of the notice of sale that reflects the recording date
together with any notice required to be given by subsection C of this section,
addressed as follows:
1. To each person whose name and address are set
forth in a request for notice, which has been recorded prior to the recording
of the notice of sale, directed to the address designated in such request.
2. To each person who, at the time of recording of
the notice of sale, appears on the records of the county recorder in the county
in which any part of the trust property is situated to have an interest in any
of the trust property. The copy of the notice sent pursuant to this paragraph
shall be addressed to the person whose interest appears of record at the
address set forth in the document. If no address for the person is set forth
in the document, the copy of the notice may be addressed in care of the person
to whom the recorded document evidencing such interest was directed to be
mailed at the time of its recording or to any other address of the person known
or ascertained by the trustee. If the interest that appears on the records of
the county recorder is a deed of trust, a copy of the notice only needs to be
mailed to the beneficiary under the deed of trust. If any person having an
interest of record or the trustor, or any person who has recorded a request for
notice, desires to change the address to which notice shall be mailed, the
change shall be accomplished by a request as provided under this section.
3. To the
address of the trust property, addressed to "resident or occupant".
C. The trustee, within five business days after the
recordation of a notice of sale, shall mail by certified or registered mail,
with postage prepaid, a copy of the notice of sale to each of the persons who
were parties to the trust deed except the trustee. The copy of the notice
mailed to the parties need not show the recording date of the
notice. The notice sent pursuant to this subsection shall be
addressed to the mailing address specified in the trust deed. In addition,
notice to each party shall contain a statement that a breach or nonperformance
of the trust deed or the contract or contracts secured by the trust deed, or
both, has occurred, and setting forth the nature of such breach or nonperformance
and of the beneficiary's election to sell or cause to be sold the trust
property under the trust deed and the additional notice shall be signed by the
beneficiary or the beneficiary's agent. A copy of the additional notice shall
also be sent with the notice provided for in subsection B, paragraph 2 of this
section to all persons whose interest in the trust property is subordinate in
priority to that of the deed of trust along with a written statement that the
interest may be subject to being terminated by the trustee's sale. The written
statement may be contained in the statement of breach or nonperformance.
D. No request for a copy of a notice recorded
pursuant to this section, nor any statement or allegation in any request, nor
any record of request, shall affect the title to the trust property or be
deemed notice to any person that a person requesting a copy of notice of sale
has or claims any interest in, or claim upon, the trust property.
E. At any time that
the trust deed is subject to reinstatement pursuant to section 33‑813,
but not sooner than thirty days after recordation of the notice of trustee's
sale, the trustee shall upon receipt of a written request, provide, if actually
known to the trustee, the following information relating to the trustee's sale
and the trust property:
1. The unpaid principal balance of the note or other
obligation which is secured by the deed of trust.
2. The name and address of record of the owner of
the trust property as of the date of recordation of the notice of trustee's
sale.
3. A list of the liens and encumbrances upon the
trust property as of the date of recordation of the notice of trustee's sale,
excluding those matters set forth in section 33‑438, subsection A.
If the trustee elects to charge a fee
for providing the information requested, the fee shall not exceed five per cent
of the amount the trustee may charge pursuant to section 33‑813,
subsection B, paragraph 4, except that the trustee shall not charge a fee that
is more than one hundred dollars or be required to accept a fee that is less
than thirty dollars but may accept a lesser fee at the trustee's discretion.
The trustee, or any other person furnishing information pursuant to this
subsection to the trustee, shall not be subject to liability for any error or
omission in providing the information requested, except for the wilful and
intentional failure to provide information in the trustee's actual possession.
F. Beginning at 9:00 a.m. and continuing until 5:00
p.m. mountain standard time on the last business day preceding the day of sale
and beginning at 9:00 a.m. mountain standard time and continuing until the time
of sale on the day of the sale, the trustee shall make available the actual bid
or a good faith estimate of the credit bid the beneficiary is entitled to make
at the sale. If the actual bid or good faith estimate is not available during
the prescribed time period, the trustee shall postpone the sale until the
trustee is able to comply with this subsection.
G. In providing information pursuant to subsections
E and F of this section, the trustee, without obligation or liability for the
accuracy or completeness of the information, may respond to oral requests,
respond orally or in writing or provide additional information not required by
such subsections. With respect to property that is the subject of a trustee's
sale, the beneficiary of such deed of trust or the holder of any prior lien
may, but shall not be required to, provide information concerning such deed of
trust or any prior lien that is not required by subsection E or F of this
section and may charge a reasonable fee for providing the information. The
providing of such information by any beneficiary or holder of a prior lien
shall be without obligation or liability for the accuracy or completeness of
the information. END_STATUTE
Sec. 4. Section 33-811, Arizona Revised
Statutes, is amended to read:
START_STATUTE33‑811. Payment of bid; trustee's deed
A. The highest bidder at the sale, other than the
beneficiary to the extent of the credit bid, shall pay the price bid by no
later than 5:00 p.m. mountain standard time of the following day, other than a
Saturday or legal holiday. If the highest bidder fails to pay the amount bid
for the property struck off to the bidder at the sale, the trustee, in the
trustee's sole discretion, shall either continue the sale to reopen bidding or
immediately offer the trust property to the second highest bidder who may
purchase the trust property at that bidder's bid price. The deposit
of the highest bidder who fails to pay the amount bid shall be forfeited and
shall be treated as additional sale proceeds to be applied in accordance with section
33‑812, subsection A. If the second highest bidder does not
pay that bidder's bid price by 5:00 p.m. mountain standard time of the next day
excluding Saturdays and legal holidays after the property has been offered to
that bidder by the trustee, the trustee shall either continue the sale to
reopen bidding or offer the trust property to each of the prior bidders on
successive days excluding Saturdays and legal holidays in order of their
highest bid, until a bid price is paid, or if there is no other bidder, the
sale shall be deemed to be continued to a time and place designated by the
trustee, or if not designated, the sale shall be continued to the same place
and at the same time twenty‑eight days after the last scheduled sale
date. If the twenty‑eighth day is a Saturday or legal holiday,
the sale shall be continued to the next business day. If the sale is
continued, the trustee shall provide notice of the continuation of the sale by
registered or certified mail, with postage prepaid, to all bidders who provide
their names, addresses and telephone numbers in writing to the party conducting
the sale. In addition to the forfeit of deposit, a highest bidder
who fails to pay the amount bid by that bidder is liable to any person who
suffers loss or expenses as a result, including attorney fees. In
any subsequent sale of trust property, the trustee may refuse to accept any bid
of that person. In any sale that is continued pursuant to this subsection, the
trustee shall reject the bid from any previous bidder who elected not to pay
that bidder's bid price.
B. The price bid shall be paid at the office of the
trustee or the trustee's agent, or any other reasonable place designated by the
trustee. The payment of the bid price may be made at a later time if agreed
upon in writing by the trustee. The trustee shall execute and deliver the
trustee's deed to the purchaser within seven business days after receipt of
payment by the trustee or the trustee's agent made in a form that is
satisfactory to the trustee.
C. In every
trustee's deed in which the grantee is subject to regulation pursuant to title
6, 10 or 29, or would be subject to regulation pursuant to title 6, 10 or 29 if
doing business in this state, the grantee's name and address and the state in
which the grantee is incorporated, organized, licensed, chartered or registered
shall be set forth fully in the deed, together with the name of the country
under which the grantee is chartered or formed. Within ten days after the date
of the trustee's sale, the trustee shall record the trustee's deed in the
office of the county recorder for the county in which the trust property is
located.
D. The
recording of the trustee's deed upon sale may also constitute delivery of the
deed to the purchaser. The trustee is not liable for any damages resulting
from the failure to record the trustee's deed upon sale after physical delivery
of the deed to the purchaser. The trustee's deed shall raise the presumption
of compliance with the requirements of the deed of trust and this chapter
relating to the exercise of the power of sale and the sale of the trust
property, including recording, mailing, publishing and posting of notice of
sale and the conduct of the sale. A trustee's deed shall constitute
conclusive evidence of the meeting of those requirements in favor of purchasers
or encumbrancers for value and without actual notice. Knowledge of the trustee
shall not be imputed to the beneficiary.
C. E. The trustor, its
successors or assigns, and all persons to whom the trustee mails a notice of a
sale under a trust deed pursuant to section 33‑809 shall waive all
defenses and objections to the sale not raised in an action that results in the
issuance of a court order granting relief pursuant to rule 65, Arizona rules of
civil procedure, entered before 5:00 p.m. mountain standard time on the last
business day before the scheduled date of the sale. A copy of the order, the
application for the order and the complaint shall be delivered to the trustee
within twenty‑four hours after entering the order.
D. F. A sale is not
complete if the sale violates subsection C
E of this section because
of an undisclosed order entered by the court within the time provided for in
subsection C E of this section. A sale held
in violation of subsection C
E of this section shall
be continued to a date, time and place announced by the trustee at the sale and
shall comply with section 33‑810, subsection B. If not announced, the
sale shall be continued to the same place and at the same time twenty‑eight
days later. If the twenty‑eighth day falls on a Saturday or other legal holiday, the sale
shall be continued to the next business day. If the sale is continued because
of an unknown or undisclosed order as provided in this subsection, the trustee
shall notify by registered or certified mail, with postage prepaid, all bidders
who provide names, addresses and telephone numbers in writing to the party
conducting the sale of the continuation of the sale.
E. G. The trustee's
deed shall operate to convey to the purchaser the title, interest and claim of
the trustee, the trustor, the beneficiary, their respective successors in
interest and all persons claiming the trust property sold by or through them,
including all interest or claim in the trust property acquired subsequent to
the recording of the deed of trust and prior to delivery of the trustee's
deed. That conveyance shall be absolute without right of redemption
and clear of all liens, claims or interests that have a priority subordinate to
the deed of trust and shall be subject to all liens, claims or interests that
have a priority senior to the deed of trust. END_STATUTE
