Sec 44-1034. Recording of deed of assignment by assignee; bond of assignee; recording; actions upon bond; duty of assignee to execute assignment

A. The assignee shall forthwith, after execution and delivery of the deed of assignment, record it as provided in this article, and execute a bond with securities in an amount determined and approved by the judge of the superior court of the county where the assignment is recorded, or if in more than one county, then in the county where the principal place of business of the debtor is located, conditioned that the assignee will faithfully discharge his duties as assignee, and that he will make proportional distribution of the net proceeds of the property among the creditors entitled thereto.

B. The bond shall be payable to the state of Arizona and shall be filed with the county recorder. It shall inure to the benefit of the assignor and the creditors, who may maintain an action thereon, in his or their own name, jointly or severally, for any breach thereof.

C. Upon the filing of the bond the assignee shall take possession of the assigned property and execute the assignment.