Terms Used In Arizona Laws > Title 47 > Chapter 9 > Article 2 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement

• Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Arizona Laws 47-9102
• Account debtor: means a person obligated on an account, chattel paper or general intangible but does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper. See Arizona Laws 47-9102
• account for: means a right to payment of a monetary obligation, whether or not earned by performance, for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, for services rendered or to be rendered, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit or charge card or information contained on or for use with the card or as winnings in a lottery or other game of chance operated or sponsored by a state, a governmental unit of a state or a person licensed or authorized to operate the game by a state or governmental unit of a state. See Arizona Laws 47-9102
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bank: means an organization that is engaged in the business of banking. 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
• Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Arizona Laws 47-9102
• Commodity intermediary: means a person that:

  (a) Is registered as a futures commission merchant under federal commodities law; or

  (b) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Arizona Laws 47-9102

• 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

• Consignor: means a person that delivers goods to a consignee in a consignment. See Arizona Laws 47-9102
• Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Arizona Laws 47-9102
• Contract: A legal written agreement that becomes binding when signed.
• 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

• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Arizona Laws 47-9102
• Document: means a document of title or a receipt of the type described in section 47-7201, subsection B. See Arizona Laws 47-9102
• Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Arizona Laws 47-9102
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Goods: means all things that are movable when a security interest attaches. See Arizona Laws 47-9102
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease and is of a type that in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Arizona Laws 47-9102
• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Arizona Laws 47-9102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Arizona Laws 47-9102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• New debtor: means a person that becomes bound as debtor under section 47-9203, subsection D by a security agreement previously entered into by another person. 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
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary 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
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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

• Security agreement: means an agreement that creates or provides for a security interest. See Arizona Laws 47-9102
• Statute: A law passed by a legislature.
• Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. See Arizona Laws 47-9102
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Writing: includes printing. See Arizona Laws 1-215