A security interest that is enforceable immediately before July 1, 2001 but that would be subordinate to the rights of a person that becomes a lien creditor at that time:

Terms Used In Arizona Laws 47-9704

  • 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.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215

1. Remains an enforceable security interest for one year after July 1, 2001;

2. Remains enforceable thereafter if the security interest becomes enforceable under section 47-9203 on July 1, 2001 or within one year thereafter; and

3. Becomes perfected:

(a) Without further action, on July 1, 2001 if the applicable requirements for perfection under this chapter, as added in 1999, are satisfied before or at that time; or

(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

 

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