Arizona Laws 47-9204. After-acquired property; future advances
A. Except as otherwise provided in subsection B, a security agreement may create or provide for a security interest in after-acquired collateral.
Terms Used In Arizona Laws 47-9204
- 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
- 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
- Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Arizona Laws 47-9102
- 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
- Property: includes both real and personal property. See Arizona Laws 1-215
- 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
- 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.
B. A security interest does not attach under a term constituting an after-acquired property clause to:
1. Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
2. A commercial tort claim.
C. A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.