Upon payment of the repurchase amount to the equipment dealer, the title and right to possession of the repurchased inventory shall transfer or be transferred to the supplier and the equipment dealer shall have a continuing perfected security interest in the inventory until payment by the supplier. The security interest shall be perfected without the filing of a financing statement for a period of six years.

Terms Used In Arizona Laws 44-6706

  • dealer: means any person, partnership, corporation, association or other form of business enterprise that is primarily engaged in the retail sale of equipment. See Arizona Laws 44-6701
  • Equipment: means machines designed for or adapted and used for agriculture, livestock, grazing, light industrial and utility purposes. See Arizona Laws 44-6701
  • Supplier: means any person, partnership, corporation, association or other business enterprise that is engaged in the manufacturing, assembly or wholesale distribution of equipment or repair parts, or both, and includes any successor in interest, including a purchaser of assets or stock, or a surviving corporation that results from a merger, liquidation or reorganization of the original supplier. See Arizona Laws 44-6701
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