The Arizona Revised Statutes have been updated to include the revised sections from the 57th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 58th Legislature, 1st Regular Session, which convenes in January 2027.
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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.
44-603 - Requirements for assignee and assignment agreement
44-603. Requirements for assignee and assignment agreement
A. An assignee must be a person that:
1. Is not a creditor, affiliate or insider of the assignor.
2. Is not an affiliate or insider of a creditor of the assignor.
3. Does not have a claim against the assignment estate, other than a claim for fees and expenses to be paid under the assignment agreement.
4. Does not have a material financial interest in the outcome of the assignment, other than a claim for fees and expenses to be paid under the assignment agreement.
5. Does not hold an equity interest in the assignor other than a noncontrolling interest in a publicly traded company.
6. Is not an affiliate of a person that fails to satisfy paragraph 1, 2, 3, 4 or 5 of this subsection.
B. A person that satisfies subsection A of this section is not precluded from being an assignee merely because the person performed services for the assignor before the assignment.
C. An assignment agreement must be in a record signed by the assignor and the assignee. The record must:
1. State the name and address of the assignor and of the assignee.
2. Transfer or provide for a transfer of all the assignor's assets.
3. Describe the assigned assets in sufficient detail to identify the assets.
4. Provide for the distribution of the assignment estate.
5. Describe the fees to be charged by the assignee in connection with the assignment, including the basis on which they are to be calculated.
6. Include a representation by the assignor, under penalty of perjury, that the assignor is assigning all the assignor's assets.
D. If an assignee relies in good faith on the assignor's representation made under subsection C, paragraph 6 of this section, all the assignor's assets are deemed to be assigned, even if the representation is inaccurate.