Arizona Revised Statutes Title 38. Public Officers and Employees § 38-724. Surrender of property subject to levy; authority to release levy and return property; definitions

A. Any person in possession of, or obligated with respect to, property subject to levy on which a levy has been made, on request of ASRS, shall surrender the property or discharge the obligation to ASRS, except the part of the property that is, at the time of the request, subject to an attachment or execution under any judicial process.

B. A person who fails or refuses to surrender any property subject to levy, on request by ASRS, is liable in person and estate to this state in a sum equal to the value of the property not so surrendered, but not exceeding the amount of debt for the collection of which the levy has been made, with costs and interest on the sum at the interest rate determined by the board from the date of the levy or, in the case of a levy described in § 38-723, subsection E, from the date the person would otherwise have been obligated to pay the amounts to the debtor. Any amount, other than costs, recovered under this subsection shall be credited against the debt for the collection of which the levy was made.

C. A person in possession of or obligated with respect to property subject to levy on which a levy has been made who, on request by ASRS, surrenders the property or discharges the obligation to ASRS is discharged from any obligation or liability to the debtor with respect to the property arising from the surrender or payment.

D. ASRS may release a levy on all or part of property levied on. The release shall not operate to prevent any subsequent levy.

E. If ASRS determines that property has been wrongfully levied on, ASRS shall return the specific property levied on or an amount of money equal to the value of the property levied on.

F. For the purposes of this section: