Arizona Laws 47-9804. Effectiveness of action taken before effective date
A. The filing of a financing statement before the effective date of this section is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter, as amended in 2014.
Terms Used In Arizona Laws 47-9804
- Collateral: means the property subject to a security interest or agricultural lien. See Arizona Laws 47-9102
- Continuation statement: means an amendment of a financing statement that:
(a) Identifies, by its file number, the initial financing statement to which it relates; and
(b) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. 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
- Decedent: A deceased person.
- 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
- 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.
- Month: means a calendar month unless otherwise expressed. 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
- Transmitting utility: means a person primarily engaged in the business of:
(a) Operating a railroad, subway, street railway or trolley bus;
(b) Transmitting communications electrically, electromagnetically or by light;
(c) Transmitting goods by pipeline or sewer; or
(d) Transmitting or producing and transmitting electricity, steam, gas or water. See Arizona Laws 47-9102
- Trustee: A person or institution holding and administering property in trust.
B. This chapter, as amended in 2014, does not render ineffective an effective financing statement that, before the effective date of this section, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this chapter, as added in 1999. However, except as otherwise provided in subsections C and D of this section and section 47-9805, the financing statement ceases to be effective:
1. If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had the 2014 amendments to this chapter not taken effect; or
2. If the financing statement is filed in another jurisdiction, at the earlier of:
(a) The time the financing statement would have ceased to be effective under the law of that jurisdiction; or
(b) August 31, 2019.
C. The filing of a continuation statement on or after the effective date of this section does not continue the effectiveness of a financing statement filed before the effective date of this section. However, on the timely filing of a continuation statement on or after the effective date of this section and in accordance with the law of the jurisdiction governing perfection as provided in this chapter as amended in 2014, the effectiveness of a financing statement filed in the same office in that jurisdiction before the effective date of this section continues for the period provided by the law of that jurisdiction.
D. Subsection B, paragraph 2, subdivision (b) of this section applies to a financing statement that, before the effective date of this section, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in this chapter as added in 1999, only to the extent that this chapter, as amended in 2014, provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
E. A financing statement that includes a financing statement filed before the effective date of this section and a continuation statement filed after one month before the effective date of this section is effective only to the extent that it satisfies the requirements of article 5 of this chapter, as amended in 2014, for an initial financing statement. A financing statement that indicates that the debtor is a decedent‘s estate indicates that the collateral is being administered by a personal representative within the meaning of section 47-9503, subsection A, paragraph 2, as amended in 2014. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of section 47-9503, subsection A, paragraph 3, as amended in 2014.