Terms Used In Arizona Laws > Title 47 > Chapter 9 > Article 6 - Default

• 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
• accounting for: means a record:

  (a) Authenticated by a secured party;

  (b) Indicating the aggregate unpaid secured obligations as of a date not more than thirty-five days earlier or thirty-five days later than the date of the record; and

  (c) Identifying the components of the obligations in reasonable detail. See Arizona Laws 47-9102

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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

• Bank: means an organization that is engaged in the business of banking. See Arizona Laws 47-9102
• Cash proceeds: means proceeds that are money, checks, deposit accounts or the like. See Arizona Laws 47-9102
• Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. 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
• 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
• Consumer obligor: means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family or household purposes. See Arizona Laws 47-9102
• Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family or household purposes, a security interest secures the obligation and the collateral is held or acquired primarily for personal, family or household purposes. See Arizona Laws 47-9102
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• Equipment: means goods other than inventory, farm products or consumer goods. 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
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. 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}
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Arizona Laws 47-9102
• 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
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: means a consensual interest in real property, including fixtures, that secures payment or performance of an obligation. See Arizona Laws 47-9102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Noncash proceeds: means proceeds other than cash proceeds. 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
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Proposal: means a record authenticated by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 47-9620, 47-9621 and 47-9622. See Arizona Laws 47-9102
• 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}
• 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

• 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.
• Termination statement: means an amendment of a financing statement that:

  (a) Identifies, by its file number, the initial financing statement to which it relates; and

  (b) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Arizona Laws 47-9102

• Writing: includes printing. See Arizona Laws 1-215