A secured party does not owe a duty based on its status as secured party:

lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Arizona Laws 47-9605

  • Communicate: means :

    (a) To send a written or other tangible record;

    (b) To transmit a record by any means agreed on by the persons sending and receiving the record; or

    (c) In the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing office rule. 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
  • 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
  • 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

1. To a person that is a debtor or obligor, unless the secured party knows:

(a) That the person is a debtor or obligor;

(b) The identity of the person; and

(c) How to communicate with the person; or

2. To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:

(a) That the person is a debtor; and

(b) The identity of the person.

  Previous section
Next section  
 Article 6 Contents