For the purposes of this article:

Terms Used In Arizona Laws 44-1006

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Asset: means property of a debtor, but asset does not include any of the following:

    (a) Property to the extent it is encumbered by a valid lien. See Arizona Laws 44-1001

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Contract: A legal written agreement that becomes binding when signed.
  • Creditor: means a person who has a claim. See Arizona Laws 44-1001
  • Debtor: means a person who is liable on a claim. See Arizona Laws 44-1001
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
  • 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.
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • Property: means anything that may be the subject of ownership. See Arizona Laws 44-1001
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset and includes payment of money, release, lease and creation of a lien or other encumbrance. See Arizona Laws 44-1001
  • Writing: includes printing. See Arizona Laws 1-215

1. A transfer is made:

(a) With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee.

(b) With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien through attachment, garnishment levy or other process otherwise than under this article that is superior to the interest of the transferee.

2. If applicable law permits the transfer to be perfected as provided in paragraph 1 and the transfer is not so perfected before the commencement of an action for relief under this article, the transfer is deemed made immediately before the commencement of the action.

3. If applicable law does not permit the transfer to be perfected as provided in paragraph 1, the transfer is made when it becomes effective between the debtor and the transferee.

4. A transfer is not made until the debtor has acquired rights in the asset transferred.

5. An obligation is incurred:

(a) If oral, when it becomes effective between the parties.

(b) If evidenced by a writing, when the writing executed by the obligor is delivered to or for the benefit of the obligee.

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