A. Except as otherwise provided in subsection D of this section, the filing of a financing statement is not necessary or effective to perfect a security interest in property subject to:

Terms Used In Arizona Laws 47-9311

  • 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
  • Collateral: means the property subject to a security interest or agricultural lien. 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
  • 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
  • Inventory: means goods, other than farm products, that:

    (a) Are leased by a person as lessor;

    (b) Are held by a person for sale or lease or to be furnished under a contract of service;

    (c) Are furnished by a person under a contract of service; or

    (d) Consist of raw materials, work in process or materials used or consumed in a business. See Arizona Laws 47-9102

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Lien creditor: means :

    (a) A creditor that has acquired a lien on the property involved by attachment, levy or the like;

    (b) An assignee for benefit of creditors from the time of assignment;

    (c) A trustee in bankruptcy from the date of the filing of the petition; or

    (d) A receiver in equity from the time of appointment. 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
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 47-9102
  • Statute: A law passed by a legislature.
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

1. A statute, regulation or treaty of the United States whose requirements for a security interest’s obtaining priority over the rights of a lien creditor with respect to the property preempt section 47-9310, subsection A;

2. A statute of this state that provides for central filing of or that requires indication on a certificate of title of a security interest in the property, including Title 28, Chapter 7, Article 4, and that requires indication of the security interest on a certificate of title for a vehicle required to be issued a certificate of title and registered under section 28-2153 and for a mobile home required to be titled under section 28-2063; or

3. A statute of another jurisdiction that provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest’s obtaining priority over the rights of a lien creditor with respect to the property.

B. Compliance with the requirements of a statute, regulation or treaty described in subsection A of this section for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this chapter. Except as otherwise provided in subsection D of this section and section 47-9313 and section 47-9316, subsections D and E for goods covered by a certificate of title, a security interest in property subject to a statute, regulation or treaty described in subsection A of this section may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.

C. Except as otherwise provided in subsection D of this section and section 47-9316, subsections D and E, duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation or treaty described in subsection A of this section are governed by the statute, regulation or treaty. In other respects, the security interest is subject to this chapter.

D. During any period in which collateral subject to a statute specified in subsection A, paragraph 2 of this section is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.

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