Title 47 — Uniform Commercial Code
11 chapters · 610 sections in this title.
A.R.S. § 47-9331 Priority of rights of purchasers of instruments, documents and securities under other chapters; priority of interests in financial assets and security entitlements under chapter 8 of this title
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A. This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated or a protected purchaser of a security. These holders or purchasers take priority over an earlier security int…
A.R.S. § 47-9332 Transfer of money; transfer of funds from deposit account
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A. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. B. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit ac…
A.R.S. § 47-9333 Priority of certain liens arising by operation of law
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A. In this section, "possessory lien" means an interest, other than a security interest or an agricultural lien: 1. That secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's bu…
A.R.S. § 47-9334 Priority of security interests in fixtures and crops
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A. A security interest under this chapter may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this chapter in ordinary building materials incorporated into an improvement on land. B. This chapter does n…
A.R.S. § 47-9335 Accessions
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A. A security interest may be created in an accession and continues in collateral that becomes an accession. B. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. C. Except as otherwise provided…
A.R.S. § 47-9336 Commingled goods
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A. In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. B. A security interest does not exist in commingled goods as such. However, a security interest may attach to a produc…
A.R.S. § 47-9337 Priority of security interests in goods covered by certificate of title
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If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security int…
A.R.S. § 47-9338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information
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If a security interest or agricultural lien is perfected by a filed financing statement providing information that is described in section 47-9516, subsection B, paragraph 5 and that is incorrect at the time the financing statement is filed: 1. The security interest or agricultur…
A.R.S. § 47-9339 Priority subject to subordination
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This chapter does not preclude subordination by agreement by a person entitled to priority.
A.R.S. § 47-9340 Effectiveness of right of recoupment or setoff against deposit account
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A. Except as otherwise provided in subsection C of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. B. Except as otherwise provided in subs…
A.R.S. § 47-9341 Bank's rights and duties with respect to deposit account
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Except as otherwise provided in section 47-9340, subsection C, and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended or modified by: 1. The creation, att…
A.R.S. § 47-9342 Bank's right to refuse to enter into or disclose existence of control agreement
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This article does not require a bank to enter into an agreement of the kind described in section 47-9104, subsection A, paragraph 2, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreeme…
A.R.S. § 47-9401 Alienability of debtor's rights
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A. Except as otherwise provided in subsection B of this section and sections 47-9406, 47-9407, 47-9408 and 47-9409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter. B. An agreement between the debt…
A.R.S. § 47-9402 Secured party not obligated on contract of debtor or in tort
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The existence of a security interest, agricultural lien or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
A.R.S. § 47-9403 Agreement not to assert defenses against assignee
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A. In this section, "value" has the meaning provided in section 47-3303, subsection A. B. Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have a…
A.R.S. § 47-9404 Rights acquired by assignee; claims and defenses against assignee
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A. Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections B through E, the rights of an assignee are subject to: 1. All terms of the agreement between the account debtor and assignor and any defense or claim in reco…
A.R.S. § 47-9405 Modification of assigned contract
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A. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breac…
A.R.S. § 47-9406 Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles and promissory notes ineffective
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A. Subject to subsections B through H of this section, an account debtor on an account, chattel paper or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the…
A.R.S. § 47-9407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest
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A. Except as otherwise provided in subsection B of this section, a term in a lease agreement is ineffective to the extent that it: 1. Prohibits, restricts or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection or …
A.R.S. § 47-9408 Restrictions on assignment of promissory notes, health-care-insurance receivables and certain general intangibles ineffective
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A. Except as otherwise provided in subsection B of this section, a term in a promissory note or in an agreement between an account debtor and a debtor that relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license or franchise, a…
A.R.S. § 47-9409 Restrictions on assignment of letter-of-credit rights ineffective
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A. A term in a letter of credit or a rule of law, statute, regulation, custom or practice applicable to the letter of credit that prohibits, restricts or requires the consent of an applicant, issuer or nominated person to a beneficiary's assignment of or creation of a security in…
A.R.S. § 47-9501 Filing office
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A. Except as otherwise provided in subsection B, if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is: 1. The office designated for…
A.R.S. § 47-9502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
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A. Subject to subsection B of this section, a financing statement is sufficient only if it: 1. Provides the name of the debtor; 2. Provides the name of the secured party or a representative of the secured party; and 3. Indicates the collateral covered by the financing statement. …
A.R.S. § 47-9503 Name of debtor and secured party; definition
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A. A financing statement sufficiently provides the name of the debtor: 1. Except as otherwise provided in paragraph 3 of this subsection, if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing state…
A.R.S. § 47-9504 Indication of collateral
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A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: 1. A description of the collateral pursuant to section 47-9108; or 2. An indication that the financing statement covers all assets or all personal property.
A.R.S. § 47-9505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments and other transactions
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A. A consignor, lessor or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 47-9311, subsection A, using the terms "consignor", "consignee", "lessor"…
A.R.S. § 47-9506 Effect of errors or omissions
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A. A financing statement substantially satisfying the requirements of this article is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. B. Except as otherwise provided in subsection C of this sec…
A.R.S. § 47-9507 Effect of certain events on effectiveness of financing statement
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A. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. B. Ex…
A.R.S. § 47-9508 Effectiveness of financing statement if new debtor becomes bound by security agreement
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A. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had t…
A.R.S. § 47-9509 Persons entitled to file a record
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A. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement or amendment that adds a debtor to a financing statement only if: 1. The debtor authorizes the filing in an authenticated record or pursuant to subsection B or C o…
A.R.S. § 47-9510 Effectiveness of filed record
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A. A filed record is effective only to the extent that it was filed by a person that may file it under section 47-9509. B. A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record. C. A continuation…
A.R.S. § 47-9511 Secured party of record
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A. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under …
A.R.S. § 47-9512 Amendment of financing statement
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A. Subject to section 47-9509, a person may add or delete collateral covered by, continue or terminate the effectiveness of or, subject to subsection E of this section, otherwise amend the information provided in a financing statement by filing an amendment that: 1. Identifies, b…
A.R.S. § 47-9513 Termination statement
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A. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: 1. There is no obligation secured by the collateral covered by the financing stat…
A.R.S. § 47-9514 Assignment of powers of secured party of record
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A. Except as otherwise provided in subsection C of this section, an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name…
A.R.S. § 47-9515 Duration and effectiveness of financing statement; effect of lapsed financing statement
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A. Except as otherwise provided in subsections B, E, F and G of this section, a filed financing statement is effective for a period of five years after the date of filing. B. Except as otherwise provided in subsections E, F and G of this section, an initial financing statement fi…
A.R.S. § 47-9516 What constitutes filing; effectiveness of filing
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A. Except as otherwise provided in subsection B of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. B. Filing does not occur with respect to a record that a filing office r…
A.R.S. § 47-9517 Effect of indexing errors
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The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
A.R.S. § 47-9518 Claim concerning inaccurate or wrongfully filed record
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A. A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. B. An information statement under subsection A of this section must: 1. …
A.R.S. § 47-9519 Numbering, maintaining and indexing records; communicating information provided in records
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A. For each record filed in a filing office, the filing office shall: 1. Assign a unique number to the filed record; 2. Create a record that bears the number assigned to the filed record and the date and time of filing; 3. Maintain the filed record for public inspection; and 4. I…
A.R.S. § 47-9520 Acceptance and refusal to accept record
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A. A filing office shall refuse to accept a record for filing for a reason set forth in section 47-9516, subsection B and may refuse to accept a record for filing only for a reason set forth in section 47-9516, subsection B. B. If a filing office refuses to accept a record for fi…
A.R.S. § 47-9521 Uniform form of written financing statement and amendment
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B. A filing office that accepts written records may not refuse to accept a written record in the form and format set forth as Form UCC3 and Form UCC3Ad in the final official text of the 2010 amendments to article 9 of the uniform commercial code promulgated by the American law in…
A.R.S. § 47-9522 Maintenance and destruction of records
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A. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 47-9515 with respect to all secured parties of record. The record shall be ret…
A.R.S. § 47-9523 Information from filing office; sale or license of records
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A. If a person that files a written record requests an acknowledgment of the filing, the filing office shall provide to the person an image of the record showing the number assigned to the record pursuant to section 47-9519, subsection A, paragraph 1 and the date and time of the …
A.R.S. § 47-9524 Delay by filing office
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Delay by the filing office beyond a time limit prescribed by this article is excused if: 1. The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment or other circumstances beyond control of the filing office; and…
A.R.S. § 47-9525 Fees
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A. Except as otherwise provided in subsection E of this section and except for a filing office described in section 47-9501, subsection A, paragraph 1, the fee for filing and indexing a record under this article, other than an initial financing statement of the kind described in …
A.R.S. § 47-9526 Filing office rules
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A. The secretary of state shall adopt rules to implement this chapter. The filing office rules must be: 1. Consistent with this article; and 2. Adopted pursuant to title 41, chapter 6. B. To keep the filing office rules and practices of the filing office in harmony with the rules…
A.R.S. § 47-9527 Unauthorized records; material misstatements; false claims; liability; special action; damages; violation; classification
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A. A person who causes a record to be filed or recorded in a filing office and who knows or has reason to know that the record is unauthorized under section 47-9509 or that the record contains a material misstatement or false claim is liable to a debtor, a consumer obligor, a per…
A.R.S. § 47-9528 Nonconsensual lien
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A. A nonconsensual lien, other than a lien filed by a governmental entity or political subdivision or agency, a validly licensed utility or water delivery company, a mechanics' lien claimant or an entity created under covenants, conditions, restrictions or declarations affecting …
A.R.S. § 47-9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes
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A. After default, a secured party has the rights provided in this article and, except as otherwise provided in section 47-9602, those provided by agreement of the parties. A secured party: 1. May reduce a claim to judgment, foreclose or otherwise enforce the claim, security inter…