Title 33 — Property
24 chapters · 544 sections in this title.
A.R.S. § 33-701 Interests which may be mortgaged; formal requirements; recording
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A. Any interest in real property capable of being transferred may be mortgaged. B. A mortgage may be created, renewed or extended only by writing executed with the formalities required of a grant of real property, and may be acknowledged, certified and recorded in like manner and…
A.R.S. § 33-702 Mortgage defined; admissibility of proof that transfer is a mortgage
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A. Every transfer of an interest in real property, other than in trust, or a trust deed subject to the provisions of chapter 6.1 of this title, made only as a security for the performance of another act, is a mortgage. The fact that a transfer was made subject to defeasance on a …
A.R.S. § 33-703 Effect of mortgage as lien; right to possession of mortgaged property; rights of mortgagee in property acquired by mortgagor after execution of mortgage
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A. A mortgage is a lien upon everything that would pass by a grant of the property, but does not entitle the mortgagee to possession of the property unless authorized by the express terms of the mortgage. After execution of the mortgage, the mortgagor may agree to a change of pos…
A.R.S. § 33-704 Performance of assessment work or payment of maintenance fees on mining claim by mortgagee; expense as additional debt secured by mortgage
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The mortgagee, if the mortgaged property or part thereof consists of unpatented mining claims, may perform the annual labor or improvement, or pay the maintenance fees required by law to prevent the forfeiture of the claim, and the amount expended for that purpose shall be an add…
A.R.S. § 33-705 Purchase money mortgage or deed of trust; priority
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A mortgage or deed of trust that is given as security for a loan made to purchase the real property that is encumbered by the mortgage or deed of trust has priority over all other liens and encumbrances that are incurred against the purchaser before acquiring title to the real pr…
A.R.S. § 33-706 Assignment of mortgage; recording as notice
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An assignment of a mortgage may be recorded in like manner as a mortgage, and the record is notice to all persons subsequently deriving title to the mortgage from the assignor.
A.R.S. § 33-707 Acknowledgment of satisfaction; recording
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A. If a mortgagee, trustee or person entitled to payment receives full satisfaction of a mortgage or deed of trust, he shall acknowledge satisfaction of the mortgage or deed of trust by delivering to the person making satisfaction or by recording a sufficient release or satisfact…
A.R.S. § 33-708 Release by attorney in fact
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An attorney in fact to whom the money due on a mortgage or deed of trust is paid may execute the release provided for in this article. Such acknowledgment of satisfaction or deed of release, duly acknowledged and recorded, showing the docket and page or recording number, releases…
A.R.S. § 33-709 Acknowledgment of satisfaction by personal representative of mortgagee to whom indebtedness was paid before death
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The executor or administrator of a mortgagee or of the holder or owner of an indebtedness secured by a mortgage or deed of trust shall, if the indebtedness was paid to the decedent in his lifetime, acknowledge satisfaction thereof by delivering to such person a sufficient release…
A.R.S. § 33-710 Release by foreign personal representative, administrator, guardian or conservator
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When a personal representative or administrator of the estate of a person not a resident of this state at the time of his death has been appointed in another state or foreign country, and no personal representative or administrator has been appointed in this state, or when a guar…
A.R.S. § 33-711 Release by heir or legatee
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An heir or legatee of a deceased person, residing within or without the state, upon recording in the office of the county recorder sufficient proof of his ownership of a mortgage or deed of trust may, in the same manner as a personal representative of a deceased mortgagee or owne…
A.R.S. § 33-712 Liability for failure to acknowledge satisfaction
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A. If any person receiving satisfaction of a mortgage or deed of trust shall, within thirty days, fail to record or cause to be recorded, with the recorder of the county in which the mortgage or deed of trust was recorded, a sufficient release, satisfaction of mortgage or deed of…
A.R.S. § 33-713 Discharge by order of court; proof required; effect
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The superior court of the county in which a mortgage is legally recorded may make an order discharging the mortgage of record on proof that the mortgage has been fully paid and satisfied and that the mortgagee or his assignee is a nonresident of the county where the mortgage is r…
A.R.S. § 33-714 Expiration of mortgage and deed of trust; applicability
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1. If the final maturity date or the last date fixed for payment of the debt or performance of the obligation is ascertainable from the county recorder's records, ten years after that date. 2. If the final maturity date or the last date fixed for payment of the debt or performanc…
A.R.S. § 33-715 Payoff demands; definitions
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A. On the written demand of an entitled person or that person's authorized agent, a secured lender shall prepare and deliver a payoff demand statement to the person who has requested it within fourteen days after receipt of the demand. Any written demand for a payoff demand state…
A.R.S. § 33-721 Foreclosure of mortgage by court action
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Mortgages of real property and deeds of trust of a type not included in the definition of deed of trust provided in section 33-801, notwithstanding any other provision in the mortgage or deed, shall be foreclosed by action in a court.
A.R.S. § 33-722 Election between action on debt or to foreclose
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If separate actions are brought on the debt and to foreclose the mortgage given to secure it, the plaintiff shall elect which to prosecute and the other shall be dismissed.
A.R.S. § 33-723 Right of junior lien holder upon foreclosure action by senior lien holder
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Any time after an action to foreclose a mortgage or deed of trust is brought, and prior to the sale, a person having a junior lien on the property shall be entitled to an assignment of all the interest of the holder of the mortgage or deed of trust by paying him the amount secure…
A.R.S. § 33-724 State as party to foreclosure actions
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A. The state may be made a party to an action to foreclose a mortgage upon real property when the state claims any estate, interest in or lien upon such real property. The complaint shall set forth the nature of the estate, interest or lien allegedly claimed by the state. B. When…
A.R.S. § 33-725 Judgment of foreclosure; contents; sale of property; resale
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A. When a mortgage or deed of trust is foreclosed, the court shall give judgment for the entire amount determined due, and shall direct the mortgaged property, or as much thereof as is necessary to satisfy the judgment, to be sold. B. Judgments for the foreclosure of mortgages an…
A.R.S. § 33-726 Redemption of property by payment to officer directed under foreclosure judgment to sell the property
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If payment is made to the officer directed to sell mortgaged property under a foreclosure judgment, before the foreclosure sale takes place, the officer shall make a certificate of payment and acknowledge it, and the certificate shall be recorded in the office in which the mortga…
A.R.S. § 33-727 Sale under execution; deficiency; order of liens; writ of possession
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A. Except as provided in sections 33-729 and 33-730, if the mortgaged property does not sell for an amount sufficient to satisfy the judgment, an execution may be issued for the balance against the mortgagor where there has been personal service, or the defendant has appeared in …
A.R.S. § 33-728 Recording upon record that mortgage is foreclosed and judgment satisfied; effect
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When a mortgage has been foreclosed by action in court, and the judgment has been paid and satisfaction thereof entered upon the docket, the county recorder, upon presentation to him of the certificate of the clerk of the court certifying such facts including the docket and page …
A.R.S. § 33-729 Purchase money mortgage; limitation on liability
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A. Except as provided in subsections B and C of this section, if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is l…
A.R.S. § 33-730 Limitation on deficiency judgment on mortgage or deed of trust as collateral for consumer goods
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A. If both a security agreement and a mortgage or deed of trust have been given to secure payment of the balance of the purchase price of real property and consumer goods or services or the balance of the combined purchase price of such real property and consumer goods or service…
A.R.S. § 33-741 Definitions
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In this article, unless the context otherwise requires: 1. "Account servicing agent" means a joint agent of seller and purchaser, appointed under the contract or under a separate agreement executed by the seller and the purchaser, to hold documents and collect monies due under th…
A.R.S. § 33-742 Forfeiture of interest of purchaser in default under contract
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A. If a purchaser is in default by failing to pay monies due under the contract, a seller may, after expiration of the applicable period stated in subsection D of this section and after serving the notice of election to forfeit stated in section 33-743, complete the forfeiture of…
A.R.S. § 33-743 Notice of election to forfeit and reinstatement of purchaser's interest
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A. If the seller elects to forfeit the purchaser's interest in the property, the seller and the account servicing agent, if one has been appointed, shall record a notice of election to forfeit with the county recorder of the county in which the real property is located. A notice …
A.R.S. § 33-744 Completion of forfeiture by judicial process
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At any time after expiration of the period provided for in the notice of election to forfeit, the seller may complete the forfeiture of the interest of the purchaser and persons having an interest in or a lien or encumbrance on the property, the priority of which is subordinate t…
A.R.S. § 33-745 Completion of forfeiture by notice
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A. If an account servicing agent has been appointed to hold documents and collect monies due under the contract and the agent has recorded and served the notice of election to forfeit, as provided in section 33-743, the seller and account servicing agent may complete the forfeitu…
A.R.S. § 33-746 Request for copy of notice of election to forfeit
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A. Any person, including, without limitation, a person in possession of the property or having an interest in or a lien or encumbrance on the property, which is not disclosed by a document recorded with the county recorder of the county in which the real property is located, who …
A.R.S. § 33-747 Appointment of successor account servicing agent
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A. If a person appointed as account servicing agent fails to qualify or is unwilling or unable to serve, the seller may appoint a successor account servicing agent, and the appointment constitutes a substitution of account servicing agent. B. The seller may at any time remove an …
A.R.S. § 33-748 Seller's right to foreclose
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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…
A.R.S. § 33-749 Other remedies
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A. The seller may maintain an action against any person, including the purchaser, for a claim for relief if damages or injury occurs, or may occur, to the property, including without limitation, an action for damages, or to prevent any of the following: 1. Physical abuse to or di…
A.R.S. § 33-750 Conveyance by seller; payment in full; payoff deed
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A. A seller who is entitled to payment and who receives full payment of all monies due under the contract shall deliver to the person who made full payment a payoff deed that conveys to the purchaser the real property described in the contract. The deed shall be entitled "payoff …