44-1041 - Arizona Statutes

44-1041. Right of assignee to property fraudulently conveyed by assignor; action by assignee or creditor to recover property fraudulently conveyed; non-recovery from bona fide purchaser All property conveyed or transferred by the assignor previous to and in contemplation of the assignment with the intent or design to defeat, delay or defraud creditors, or to give preference to one creditor over another, shall pass to the assignee by the assignment notwithstanding the transfer. The assignee, or in case of his neglect or refusal any creditor may, upon securing the assignee against cost or liability, in the name of the assignee, sue for, recover, collect and cause such property to be applied for the benefit of creditors as other property belonging to the debtor's estate in the hands of the assignee. If it appears in such action that the purchaser of such property bought it from the assignor in good faith for a valuable consideration and without reason to believe that the debtor was conveying or transferring the property with intent or design as set forth in this section, the purchaser shall be held to have acquired, as against the assignee and creditors, a good and valid title to the property.