Ineffectiveness of interest exchange due to law of foreign jurisdiction

A.R.S. § 29-2307 — under Interest Exchange.

A.R.S. § 29-2307

B. The statement of ineffectiveness of interest exchange must contain each of the following:

1. The name of the domestic acquired entity that attempted the interest exchange.

2. The date on which the statement of interest exchange was filed.

3. A statement that the interest exchange was ineffective because it was not authorized by the law of the relevant foreign jurisdiction.

C. The domestic acquired entity that attempted the interest exchange is responsible to any other person for any obligation incurred by that person that arises out of or relates to the ineffectiveness of the attempted interest exchange unless the entity establishes that the obligation was not incurred in good faith.

D. If they were acting in good faith, the domestic acquired entity that attempted the interest exchange and its interest holders, governors or other representatives are not civilly or criminally liable and may not be found guilty in connection with an ineffective interest exchange under any law of this state pertaining to:

1. The filing of a false or otherwise misleading or inaccurate document.

2. The making of a false or otherwise misleading or inaccurate statement.

3. Any similar matter.