2021 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-991.18 - Subrogation of rights; collection
6-991.18. Subrogation of rights; collection
A. Before receiving payment from the fund, a claimant must complete and execute, as judgment creditor, an assignment of judgment lien and notice of subrogation and assignment of rights to the claimant's judgment on a form provided by the department.
B. If the deputy director has paid from the mortgage recovery fund any sum to the judgment creditor, the deputy director shall be subrogated to all of the rights of the judgment creditor and the judgment creditor shall assign all the rights, title and interest in the judgment to the deputy director. The deputy director may record the assignment of judgment lien and notice of subrogation and assignment of rights. Any amount and interest recovered by the deputy director on the judgment shall be deposited in the fund.
C. If the deputy director is subrogated to a claimant's rights as judgment creditor, the claimant shall not file a full or partial satisfaction of judgment without the deputy director's prior written consent.
D. The attorney general shall bring any actions to recover amounts paid from the fund, including interest, attorney fees and costs of collection, pursuant to this article in the name of this state in the superior court in the county in which the violation occurred or in a county in which the deputy director maintains an office. A certified copy of a deputy director's order requiring payment from the fund may be filed in the office of the clerk of the superior court. The clerk shall treat the deputy director's order in the same manner as a judgment of the superior court. A deputy director's order so filed has the same effect and may be recorded, enforced or satisfied in a similar manner, as a judgment of the superior court. No filing fee is required under this subsection.
