The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-9206 - Security interest arising in purchase or delivery of financial asset
47-9206. Security interest arising in purchase or delivery of financial asset
A. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
1. The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
2. The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
B. The security interest described in subsection A secures the person's obligation to pay for the financial asset.
C. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
1. The security or other financial asset:
(a) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(b) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
2. The agreement calls for delivery against payment.
D. The security interest described in subsection C secures the obligation to make payment for the delivery.