A. Subject to subsection B of this section, a financing statement is sufficient only if it:

Terms Used In Arizona Laws 47-9502

  • As-extracted collateral: means :

    (a) Oil, gas or other minerals that are subject to a security interest that:

    (i) Is created by a debtor having an interest in the minerals before extraction; and

    (ii) Attaches to the minerals as extracted; or

    (b) Accounts arising out of the sale at the wellhead or minehead of oil, gas or other minerals in which the debtor had an interest before extraction. See Arizona Laws 47-9102

  • Collateral: means the property subject to a security interest or agricultural lien. 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

  • 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
  • Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 47-9502, subsections A and B. See Arizona Laws 47-9102
  • Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Arizona Laws 47-9102
  • Goods: means all things that are movable when a security interest attaches. See Arizona Laws 47-9102
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • record owner: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Arizona Laws 47-9102
  • 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

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.

B. Except as otherwise provided in section 47-9501, subsection B, to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or that is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection A of this section and also:

1. Indicate that it covers this type of collateral;

2. Indicate that it is to be filed in the real property records;

3. Provide a description of the real property to which the collateral is related; and

4. If the debtor does not have an interest of record in the real property, provide the name of a record owner.

C. A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

1. The record indicates the goods or accounts that it covers;

2. The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

3. The record satisfies the requirements for a financing statement in this section, but:

(a) The record need not indicate that it is to be filed in the real property records; and

(b) The record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 47-9503, subsection A, paragraph 4 applies; and

4. The record is recorded.

D. A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

 

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