The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. Claims allowed in a proceeding under this article shall be paid in the following order:
1. Costs and expenses of the administration of the receivership and liquidation.
2. Taxes due to this state.
3. Claims with priority under the laws of this state and under federal law.
4. Claims of creditors that are fully secured including contract claims for interest to the date of payment.
5. Claims of depositors.
6. Claims of general creditors.
7. Claims on obligations that are subordinated to the claims of general creditors.
B. Claims that are approved shall bear interest calculated as provided by law or by judgment from the date that the court grants the superintendent's application for the appointment of a receiver for that bank to the extent that monies are available to pay that interest. If monies are not available to pay interest, the interest shall be prorated. Interest owed shall receive the same priority as the claim on which it accrues, but interest on a claim shall not be paid until all claims within that same class have received payment of the full principal amount of the claim.
C. Any monies remaining after the payment of claims as provided in this section shall be returned to the stockholders of the bank as prescribed by this article.