Title 33 — Property
24 chapters · 544 sections in this title.
A.R.S. § 33-801 Definitions
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In this chapter, unless the context otherwise requires: 1. "Beneficiary" means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person's successor in interest. 2. "Business day" means any day other than a Satur…
A.R.S. § 33-802 Description of trust property; mailing address of trustor and trustee
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A. In deeds of trust the legal description of trust property shall be given by one of the following methods: 1. By the use of lot, block, tract or parcel as set forth within a recorded subdivision plat. 2. By the use of a metes and bounds or course and distance survey. 3. By the …
A.R.S. § 33-803 Trustee of trust deed; qualifications
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A. Except as provided in subsection B, the trustee of a trust deed shall be: 1. An association or corporation doing business under the laws of this state as a bank, trust company, savings and loan association, credit union, insurance company, escrow agent or consumer lender. 2. A…
A.R.S. § 33-803.01 Trustee of trust deed; delegation of duties
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A. A trustee shall not delegate the following duties: 1. The preparation and execution of any of the following: (a) The notice of trustee sale. (b) The cancellation of notice of sale. (c) The trustee's deed upon sale. 2. The receipt and response to requests for reinstatement or p…
A.R.S. § 33-804 Appointment of successor trustee by beneficiary
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A. If a person appointed as trustee fails to qualify, is unwilling or unable to serve or resigns as trustee or if a trustee was not designated in the deed of trust, the beneficiary may appoint a successor trustee, and such appointment shall constitute a substitution of trustee. B…
A.R.S. § 33-805 Deed of trust as security
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Deeds of trust may be executed as security for the performance of a contract or contracts. Except with respect to chapter 6 of this title, statutes of this state which refer to mortgages as security instruments are deemed to also include deeds of trust, unless the context otherwi…
A.R.S. § 33-806 Transfers in trust of real property; uses
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A. Transfers of trust property may be made to secure the performance of a contract or contracts of the trustor or any other person. An interest in the trust property acquired by the trustor subsequent to the execution of the trust deed shall inure to the trustee as security for t…
A.R.S. § 33-806.01 Trustor's right to transfer; transfer fee limit; interest rate increase limit
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A. Nothing in this article shall be construed to prevent or limit the right of a trustor to transfer his interest in the trust property, or authorize a beneficiary or trustee to arbitrarily withhold his consent to a transfer by the trustor of his interest in the trust property. B…
A.R.S. § 33-807 Sale of trust property; power of trustee; foreclosure of trust deed
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A. By virtue of his position, a power of sale is conferred upon the trustee of a trust deed under which the trust property may be sold, in the manner provided in this chapter, after a breach or default in performance of the contract or contracts, for which the trust property is c…
A.R.S. § 33-808 Notice of trustee's sale
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A. The trustee shall give written notice of the time and place of sale legally describing the trust property to be sold by each of the following methods: 1. Recording a notice in the office of the recorder of each county where the trust property is situated. 2. Giving notice as p…
A.R.S. § 33-809 Request for copies of notice of sale; mailing by trustee; disclosure of information regarding trustee sale
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A. A person desiring a copy of a notice of sale under a trust deed, at any time subsequent to the recording of the trust deed and prior to the recording of a notice of sale pursuant thereto, shall record in the office of the county recorder in any county in which part of the trus…
A.R.S. § 33-810 Sale by public auction; postponement of sale
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A. On the date and at the time and place designated in the notice of sale, the trustee shall offer to sell the trust property at public auction for cash to the highest bidder. The trustee may schedule more than one sale for the same date, time and place. The attorney or agent for…
A.R.S. § 33-811 Payment of bid; trustee's deed
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A. The highest bidder at the sale, other than the beneficiary to the extent of the credit bid, shall pay the price bid by no later than 5:00 p.m. mountain standard time of the following day, other than a Saturday or legal holiday. If the highest bidder fails to pay the amount bid…
A.R.S. § 33-812 Disposition of proceeds of sale
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A. The trustee shall apply the proceeds of the trustee's sale in the following order of priority: 1. To the costs and expenses of exercising the power of sale and the sale, including the payment of the trustee's fees and reasonable attorney fees actually incurred. 2. To the payme…
A.R.S. § 33-813 Default in performance of contract secured; reinstatement; cancellation of recorded notice of sale
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A. If, prior to the maturity date fixed by the contract or contracts, all or a portion of a principal sum or interest of the contract or contracts secured by a trust deed becomes due or is declared due by reason of a breach or default in the performance of the contract or contrac…
A.R.S. § 33-814 Action to recover balance after sale or foreclosure on property under trust deed
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A. Except as provided in subsections F, G and H of this section, within ninety days after the date of sale of trust property under a trust deed pursuant to section 33-807, an action may be maintained to recover a deficiency judgment against any person directly, indirectly or cont…
A.R.S. § 33-815 Method of indexing
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Every trust deed, substitution of trustee, notice of resignation of trustee, request for notice, assignment of beneficial interest under a trust deed, notice of sale, cancellation of notice of sale or deed of release entitled to recordation under the provisions of this chapter sh…
A.R.S. § 33-816 Limitation on action or sale of trust property
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The trustee's sale of trust property under a trust deed shall be made, or any action to foreclose a trust deed as provided by law for the foreclosure of mortgages on real property shall be commenced, within the period prescribed by law for the commencement of an action on the con…
A.R.S. § 33-817 Transfer of secured contract
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The transfer of any contract or contracts secured by a trust deed shall operate as a transfer of the security for such contract or contracts.
A.R.S. § 33-818 Notice from instruments recorded; assignment of a beneficial interest
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Except as otherwise provided in this section, a trust deed, substitution of trustee, notice of resignation of trustee, assignment of a beneficial interest under a trust deed, notice of sale, cancellation of notice of sale, trustee's deed, deed of release, and any instrument by wh…
A.R.S. § 33-819 Exempt transactions
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If a trust deed is executed for a principal purpose other than or in addition to securing the performance of a contract or contracts, the parties thereto may agree that the provisions of this chapter shall not be applicable. If such an agreement is in writing and is contained in …
A.R.S. § 33-820 Trustee's right to rely; attorney's right to act for trustee and beneficiary
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A. In carrying out his duties under the provisions of this chapter or any deed of trust, a trustee, shall when acting in good faith, have the absolute right to rely upon any written direction or information furnished to him by the beneficiary. B. An attorney for the beneficiary s…
A.R.S. § 33-821 Exemption from definition
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A deed of trust shall not be considered a deed or contract under the provisions of title 42, chapter 10, article 2 or a contract for conveyance of real property under the provisions of title 33, chapter 6, article 3.