Terms Used In Arizona Laws 47-9618

• Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Secondary obligor: means an obligor to the extent that:

  (a) The obligor's obligation is secondary; or

  (b) The obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor or property of either. 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