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Arizona Revised Statutes Title 33. Property § 33-1229. Rights of secured lenders

Current as of March 08, 2022 | Updated by FindLaw Staff

The declaration may require that all or a specified number or percentage of the mortgagees, beneficiaries of deeds of trust or sellers under contracts, as defined in § 33-741, for conveyance of real property encumbering the units approve specified actions of the unit owners or the association as a condition to the effectiveness of those actions, but requirement for approval shall not operate to either:

1. Deny or delegate control over the general administrative affairs of the association by the unit owners or the board of directors.

2. Prevent the association or the board of directors from commencing, intervening in or settling any litigation or proceeding, or receiving and distributing any insurance proceeds pursuant to § 33-1253.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 33. Property § 33-1229. Rights of secured lenders - last updated March 08, 2022 | https://codes.findlaw.com/az/title-33-property/az-rev-st-sect-33-1229/

Read this complete Arizona Revised Statutes Title 33. Property § 33-1229. Rights of secured lenders on Westlaw. Westlaw subscription required.

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