Arizona Laws 47-9308. When security interest or agricultural lien is perfected; continuity of perfection
A. Except as otherwise provided in this section and section 47-9309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 47-9310 through 47-9316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
Terms Used In Arizona Laws 47-9308
- Agricultural lien: means an interest, other than a security interest, in farm products:
(a) That secures payment or performance of an obligation for:
(i) Goods or services furnished in connection with a debtor's farming operation; or
(ii) Rent on real property leased by a debtor in connection with its farming operation;
(b) That is created by statute in favor of a person that:
(i) In the ordinary course of its business furnished goods or services to a debtor in connection with a debtor's farming operation; or
(ii) Leased real property to a debtor in connection with the debtor's farming operation; and
(c) Whose effectiveness does not depend on the person's possession of the personal property. See Arizona Laws 47-9102
- Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
- Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Arizona Laws 47-9102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 47-9310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
C. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this chapter and is later perfected by another method under this chapter, without an intermediate period when it was unperfected.
D. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
E. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage or other lien on personal or real property securing the right.
F. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
G. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.