2010 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
6-847.05 Limitation on claims

6-847.05. Limitation on claims

A. Claimants eligible to receive payments pursuant to section 6-847.04 may receive expedited payment as follows:

1. The claimant shall submit an affidavit to the receiver that states the nature of the claim, the amount of the claim and the escrow agent's account number and shall attach any supporting documentation.

2. After independently verifying the information submitted by the claimant, the receiver may request an interim order of the court approving payment of the claim and authorizing disbursement of monies from the fund.

3. If the claim is covered pursuant to section 6-847.04 and on compliance with paragraph 2 of this subsection, the court shall authorize payment of the claim without any additional showing of good cause and before the issuance of a final order in the receivership.

B. Expedited payment of claims pursuant to subsection A of this section shall be made only to buyers or sellers of a residential dwelling as defined in section 6-841.02. The maximum amount of any expedited claim paid is two thousand five hundred dollars for each claimant.

C. The funds available for payment of a claim or a portion of a claim that is greater than two thousand five hundred dollars or is otherwise not eligible for expedited payment pursuant to subsections A and B of this section for any one escrow insolvency shall be limited to the balance of the fund on the date of the court's order approving final covered claims but shall not exceed three million dollars.

D. In the event that the aggregate covered claims are greater than the available balance in the appropriate account provided by section 6-847.01, each eligible claimant shall receive a pro rata share of the available monies in the appropriate account at the time of the insolvency.

E. Notwithstanding subsection C of this section, any monies in the fund as of April 15, 1993 shall, if necessary, be used to pay escrow claims pursuant to section 6-847.04 for any escrow agent who has been ordered into receivership by the court prior to January 1, 1992.