A.R.S. § 44-608: Duties of assignee

A. Subject to section 44-622, an assignee has a fiduciary duty to the assignment estate for the benefit of creditors:

1. Of loyalty, including the duty to manage the assignment in good faith.

2. To use reasonable care to maximize distributions under section 44-614.

3. To wind up the assignment under section 44-618 in a manner compatible with the best interests of the assignment estate and creditors.

B. Without limitation on the duties under subsection A of this section, and subject to section 44-622, the assignee has a duty to:

1. Maintain a separate deposit account for monies related to the assignment.

2. Collect on or dispose of each assigned asset, unless the assignee determines it is more economically efficient to abandon the asset.

3. Prepare and retain appropriate business records, including a record of each receipt, disbursement and collection on or disposition of an assigned asset.

4. Pay administrative expenses of the assignment estate to the extent the assignment estate has sufficient unencumbered assets.

5. Establish a method that is reasonably designed to permit a creditor to submit a proof of claim.

6. Establish a single date by which creditors whose claims are not otherwise allowed without timely proofs of claim under this chapter must submit proofs of claim, which must be one hundred twenty days after the effective date of the assignment agreement.

7. Unless a claim would receive minimal or no distribution without regard to the claim's validity or asserted priority, examine the validity and priority of claims against the assignment estate and, if necessary, consult with the representative designated by the assignor under section 44-607, subsection B, paragraph 4.

8. At least every six months, provide to each creditor a summary of the assets, liabilities and expenses of the assignment estate.

9. Comply with all requirements of the internal revenue service and state and local taxing authorities.

10. Send a notification to each creditor of the assignee's compensation and any change in the method of determining the assignee's compensation from the method provided in the assignment agreement.

11. Send a final accounting under section 44-618, subsection A.

12. Comply with the other requirements imposed on the assignee under this chapter.