A. A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter, as added in 1999, if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter, as added in 1999, are satisfied without further action.

Terms Used In Arizona Laws 47-9703

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • 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

B. Except as otherwise provided in section 47-9705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter, as added in 1999, are not satisfied on July 1, 2001, the security interest:

1. Is a perfected security interest for one year after July 1, 2001;

2. Remains enforceable thereafter only if the security interest becomes enforceable under section 47-9203 before the year expires; and

3. Remains perfected thereafter only if the applicable requirements for perfection under this chapter, as added in 1999, are satisfied before the year expires.

 

  Previous section
Next section  
 Article 7 Contents