Arizona Laws 10-2069. Recording of mortgages; effect
A. Any mortgage, deed of trust or other instrument executed by a cooperative doing business in this state pursuant to this article, which affects real and personal property and which is recorded in the office of the county recorder in any county in which the property is located or is to be located, shall have the same force and effect as if the mortgage, deed of trust or other instrument were also recorded, filed or indexed as provided by law in the office of the county recorder in such county as a mortgage of personal property. All after-acquired property of the cooperative described or referred to as being mortgaged or pledged in the mortgage, deed of trust or other instrument, shall become subject to the lien thereof immediately upon acquisition of such property by the cooperative whether or not such property was in existence at the time of execution of such mortgage, deed of trust or other instrument. Recording of the mortgage, deed of trust or other instrument constitutes notice and otherwise has the same effect with respect to after-acquired property as it has under the laws relating to recording with respect to property owned by the cooperative at the time of execution of the mortgage, deed of trust or other instrument and therein described or referred to as being mortgaged or pledged thereby.
Terms Used In Arizona Laws 10-2069
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Cooperative: means a corporation that is organized under this article or that becomes subject to this article in the manner provided in this article. See Arizona Laws 10-2051
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Filing: means the commission completing the following procedure with respect to any document delivered for that purpose:
(a) Determining that the filing fee requirements of section 10-122 have been satisfied. See Arizona Laws 10-140
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
B. The lien upon personal property of the mortgage, deed of trust or other instrument shall, after recording, continue in existence and of record for the period of time specified therein without refiling or the filing of a renewal certificate, affidavit or other supplemental information required by law relating to renewal, maintenance or extension of liens upon personal property.