State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title32 > 32-2193.42

32-2193.42. Subrogation of rights

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 commissioner has paid from the condominium recovery fund any sum to the claimant, the commissioner shall be subrogated to all of the rights of the claimant and the claimant shall assign all the rights, title and interest in the judgment to the commissioner. The commissioner may record the assignment of judgment lien and notice of subrogation and assignment of rights. Any amount and interest recovered by the commissioner on the judgment shall be deposited to the fund.

C. If the commissioner is subrogated to a claimant's rights as judgment creditor, the claimant shall not file a full or partial satisfaction of judgment without the commissioner's prior written consent.