The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
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. If a contract provides that the seller may elect to accelerate the unpaid principal balance due to seller on the purchaser's failure to pay the monies due under the contract, the seller may only enforce the acceleration by foreclosing the contract in the manner provided by law for foreclosure of mortgages upon real property. If a purchaser is in default under the contract for reasons other than failing to pay amounts due under the contract, the seller may only foreclose the contract as a mortgage in the manner provided by law for foreclosure of mortgages upon real property.
B. If an action to foreclose a contract has been filed, a forfeiture, by judicial process as provided by section 33-744 or by notice as provided by section 33-745, shall not thereafter be completed unless the foreclosure action is first dismissed and a notice of election to forfeit is served in the manner and on the persons provided for in section 33-743.