A. A security interest or agricultural lien is subordinate to the rights of:

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Terms Used In Arizona Laws 47-9317

  • 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

  • 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
  • Collateral: means the property subject to a security interest or agricultural lien. 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

  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Arizona Laws 47-9102
  • General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money and oil, gas or other minerals before extraction. See Arizona Laws 47-9102
  • Goods: means all things that are movable when a security interest attaches. See Arizona Laws 47-9102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien creditor: means :

    (a) A creditor that has acquired a lien on the property involved by attachment, levy or the like;

    (b) An assignee for benefit of creditors from the time of assignment;

    (c) A trustee in bankruptcy from the date of the filing of the petition; or

    (d) A receiver in equity from the time of appointment. See Arizona Laws 47-9102

  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • 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

  • Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Arizona Laws 47-9102

1. A person entitled to priority under section 47-9322; and

2. Except as otherwise provided in subsection E of this section, a person that becomes a lien creditor before the earlier of the time:

(a) The security interest or agricultural lien is perfected; or

(b) One of the conditions specified in section 47-9203, subsection B, paragraph 3 is met and a financing statement covering the collateral is filed.

B. Except as otherwise provided in subsection E of this section, a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

C. Except as otherwise provided in subsection E of this section, a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.

D. A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.

E. Except as otherwise provided in sections 47-9320 and 47-9321, if a person files a financing statement with respect to a purchase money security interest before or within twenty days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee or lien creditor that arise between the time the security interest attaches and the time of filing.