Arizona Laws 47-9515. Duration and effectiveness of financing statement; effect of lapsed financing statement
A. Except as otherwise provided in subsections B, E, F and G of this section, a filed financing statement is effective for a period of five years after the date of filing.
Terms Used In Arizona Laws 47-9515
- 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
- Continuation statement: means an amendment of a financing statement that:
(a) Identifies, by its file number, the initial financing statement to which it relates; and
(b) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. 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
- Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 47-9502, subsections A and B. See Arizona Laws 47-9102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Manufactured home: means a structure that is transportable in one or more sections and that, in the traveling mode, is eight body feet or more in width or forty body feet or more in length, or, when erected on site, is three hundred twenty or more square feet, and that is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air conditioning and electrical systems contained therein. See Arizona Laws 47-9102
- Manufactured home transaction: means a secured transaction:
(a) That creates a purchase money security interest in a manufactured home, other than a manufactured home held as inventory; or
(b) In which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. See Arizona Laws 47-9102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a consensual interest in real property, including fixtures, that secures payment or performance of an obligation. See Arizona Laws 47-9102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Termination statement: means an amendment of a financing statement that:
(a) Identifies, by its file number, the initial financing statement to which it relates; and
(b) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Arizona Laws 47-9102
- Transmitting utility: means a person primarily engaged in the business of:
(a) Operating a railroad, subway, street railway or trolley bus;
(b) Transmitting communications electrically, electromagnetically or by light;
(c) Transmitting goods by pipeline or sewer; or
(d) Transmitting or producing and transmitting electricity, steam, gas or water. See Arizona Laws 47-9102
B. Except as otherwise provided in subsections E, F and G of this section, an initial financing statement filed in connection with a manufactured home transaction is effective for a period of thirty years after the date of filing if it indicates that it is filed in connection with a manufactured home transaction.
C. The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection D of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
D. A continuation statement may be filed only within six months before the expiration of the five year period specified in subsection A of this section or the thirty year period specified in subsection B of this section, whichever is applicable.
E. Except as otherwise provided in section 47-9510, on timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. On the expiration of the five year period, the financing statement lapses in the same manner as provided in subsection C of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection D of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
F. If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
G. A record of a mortgage that is effective as a financing statement filed as a fixture filing under section 47-9502, subsection C remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.