Arizona Laws 47-9609. Secured party’s right to take possession after default
A. After default, a secured party:
Terms Used In Arizona Laws 47-9609
- 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
- Equipment: means goods other than inventory, farm products or consumer goods. See Arizona Laws 47-9102
- Process: means a citation, writ or summons issued in the course of judicial proceedings. 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. May take possession of the collateral; and
2. Without removal, may render equipment unusable and dispose of collateral on a debtor‘s premises under section 47-9610.
B. A secured party may proceed under subsection A of this section:
1. Pursuant to judicial process; or
2. Without judicial process, if it proceeds without breach of the peace.
C. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party that is reasonably convenient to both parties.