A. This chapter, as added in 1999, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, chapter 9 of this title as it existed before July 1, 2001 determines priority.

Terms Used In Arizona Laws 47-9709

  • 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

B. For purposes of section 47-9322, subsection A, the priority of a security interest that becomes enforceable under section 47-9203 dates from July 1, 2001 if the security interest is perfected under this chapter, as added in 1999, by the filing of a financing statement before July 1, 2001 that would not have been effective to perfect the security interest under chapter 9 of this title as it existed before July 1, 2001. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.