A. After default, a secured party has the rights provided in this article and, except as otherwise provided in section 47-9602, those provided by agreement of the parties. A secured party:

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Terms Used In Arizona Laws 47-9601

  • 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
  • Consignor: means a person that delivers goods to a consignee in a consignment. 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation or is otherwise accountable in whole or in part for payment or other performance of the obligation. 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

  • Statute: A law passed by a legislature.

1. May reduce a claim to judgment, foreclose or otherwise enforce the claim, security interest or agricultural lien by any available judicial procedure; and

2. If the collateral is documents, may proceed either as to the documents or as to the goods they cover.

B. A secured party in possession of collateral or control of collateral under section 47-7106, 47-9104, 47-9105, 47-9106 or 47-9107 has the rights and duties provided in section 47-9207.

C. The rights under subsections A and B of this section are cumulative and may be exercised simultaneously.

D. Except as otherwise provided in subsection G of this section and section 47-9605, after default, a debtor and an obligor have the rights provided in this article and by agreement of the parties.

E. If a secured party has reduced its claim to judgment, the lien of any levy that may be made on the collateral by virtue of an execution based on the judgment relates back to the earliest of:

1. The date of perfection of the security interest or agricultural lien in the collateral;

2. The date of filing a financing statement covering the collateral; or

3. Any date specified in a statute under which the agricultural lien was created.

F. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.

G. Except as otherwise provided in section 47-9607, subsection C, this article imposes no duties on a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes.