Ariz. Rev. Stat. § 33-747

Current through L. 2024, ch. 259

Section 33-747 - Appointment of successor account servicing agent

A. If a person appointed as account servicing agent fails to qualify or is unwilling or unable to serve, the seller may appoint a successor account servicing agent, and the appointment constitutes a substitution of account servicing agent.

B. The seller may at any time remove an account servicing agent for any reason and appoint a successor account servicing agent, and the appointment constitutes a substitution of account servicing agent.

C. A substitution of an account servicing agent shall be made by written notice, personally delivered or mailed in the United States mail, first class, postage prepaid, to the purchaser, the account servicing agent and the successor account servicing agent and by recording a copy of the notice with the county recorder of the county in which the real property is located.

D. A notice of substitution of account servicing agent shall be substantially in the following form:

"Notice of Substitution of Account Servicing Agent

The undersigned seller hereby appoints:

_________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ successor account servicing agent under that certain contract, by and between _______________, as seller, and _______________, as purchaser, dated _______________, 19____, and recorded (if recorded) on _______________, 19____, in docket __________, at page __________, records of _______________ county, Arizona, covering real property described as follows:

and including personal property described as follows:

Dated this _______________ day of _______________, 19____.

______________________________________

signature of seller

(acknowledgment)"

A.R.S. § 33-747