Arizona Laws 47-9312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfecti…
A. A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing.
Terms Used In Arizona Laws 47-9312
- Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods or a lease of specific goods and license of software used in the goods. See Arizona Laws 47-9102
- Debtor: means :
(a) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
(b) A seller of accounts, chattel paper, payment intangibles or promissory notes; or
(c) A consignee. See Arizona Laws 47-9102
- Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Arizona Laws 47-9102
- Document: means a document of title or a receipt of the type described in section 47-7201, subsection B. See Arizona Laws 47-9102
- Goods: means all things that are movable when a security interest attaches. See Arizona Laws 47-9102
- Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Arizona Laws 47-9102
- Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Arizona Laws 47-9102
- Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Arizona Laws 47-9102
- New value: means money, money's worth in property, services or new credit or release by a transferee of an interest in property previously transferred to the transferee. See Arizona Laws 47-9102
- Secured party: means :
(a) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
(b) A person that holds an agricultural lien;
(c) A consignor;
(d) A person to which accounts, chattel paper, payment intangibles or promissory notes have been sold;
(e) A trustee, indenture trustee, agent, collateral agent or other representative in whose favor a security interest or agricultural lien is created or provided for; or
(f) A person that holds a security interest arising under section 47-2401, 47-2505, 47-2711, 47-2A508, 47-4210 or 47-5118. See Arizona Laws 47-9102
- Security agreement: means an agreement that creates or provides for a security interest. See Arizona Laws 47-9102
B. Except as otherwise provided in section 47-9315, subsections C and D for proceeds:
1. A security interest in a deposit account may be perfected only by control under section 47-9314;
2. And except as otherwise provided in section 47-9308, subsection D, a security interest in a letter-of-credit right may be perfected only by control under section 47-9314; and
3. A security interest in money may be perfected only by the secured party‘s taking possession under section 47-9313.
C. While goods are in the possession of a bailee that has issued a negotiable document covering the goods:
1. A security interest in the goods may be perfected by perfecting a security interest in the document; and
2. A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
D. While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:
1. Issuance of a document in the name of the secured party;
2. The bailee’s receipt of notification of the secured party’s interest; or
3. Filing as to the goods.
E. A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of twenty days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
F. A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
1. Ultimate sale or exchange; or
2. Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange.
G. A perfected security interest in a certificated security or instrument remains perfected for twenty days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:
1. Ultimate sale or exchange; or
2. Presentation, collection, enforcement, renewal or registration of transfer.
H. After the twenty days specified in subsection E, F or G of this section expires, perfection depends on compliance with this chapter.