6-847.04 - Arizona Statutes

6-847.04. Obligations of the fund A. If the court grants a petition for receivership in accordance with section 6-833, the receiver appointed shall estimate the amount of additional funds needed to supplement the assets of the impaired escrow agent available to the receiver for the purpose of making payment of all escrow obligations. The receiver shall advise the superintendent of the escrow claims approved by the court. The fund shall be liable only for the difference between the amount of the escrow claims approved by the court and the amount of the assets marshaled by the receiver. The superintendent shall pay from the fund monies sufficient to enable the receiver to pay covered claims. B. The real property escrow agents account of the fund under section 6-847.01, subsection C, paragraph 1 shall be liable as provided in this section only for the insolvency of an escrow agent who is a real property escrow agent. The account for all other escrow agents of the fund under section 6-847.01, subsection C, paragraph 2 shall be liable as provided in this section only for the insolvency of an escrow agent who is not a real property escrow agent. C. Any claimant recovering pursuant to this article shall be deemed to have assigned his rights under the contract to the fund to the extent of recovery from the fund. Every claimant seeking the protection of this article shall cooperate with the fund to the same extent as such claimant would have been required to cooperate with the insolvent escrow agent. The fund will have no cause of action against the claimant of the insolvent escrow agent for any sums the fund has paid. D. On December 31 of each year, an amount of not more than two per cent of the fund monies may be used to reimburse the department for its costs in administering this article and article 4 of this chapter.