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.
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.
47-9323. Future advances
A. Except as otherwise provided in subsection C of this section, for purposes of determining the priority of a perfected security interest under section 47-9322, subsection A, paragraph 1, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that:
1. Is made while the security interest is perfected only:
(a) Under section 47-9309 when it attaches; or
(b) Temporarily under section 47-9312, subsection E, F or G; and
2. Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 47-9309 or section 47-9312, subsection E, F or G.
B. Except as otherwise provided in subsection C of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made:
1. Without knowledge of the lien; or
2. Pursuant to a commitment entered into without knowledge of the lien.
C. Subsections A and B of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor.
D. Except as otherwise provided in subsection E of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
1. The time the secured party acquires knowledge of the buyer's purchase; or
2. Forty-five days after the purchase.
E. Subsection D of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five day period.
F. Except as otherwise provided in subsection G of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
1. The time the secured party acquires knowledge of the lease; or
2. Forty-five days after the lease contract becomes enforceable.
G. Subsection F of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five day period.