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.
47-9703 - Security interest perfected before effective date
47-9703. Security interest perfected before effective date
A. A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter, as added in 1999, if, on July 1, 2001, the applicable requirements for enforceability and perfection under this chapter, as added in 1999, are satisfied without further action.
B. Except as otherwise provided in section 47-9705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter, as added in 1999, are not satisfied on July 1, 2001, the security interest:
1. Is a perfected security interest for one year after July 1, 2001;
2. Remains enforceable thereafter only if the security interest becomes enforceable under section 47-9203 before the year expires; and
3. Remains perfected thereafter only if the applicable requirements for perfection under this chapter, as added in 1999, are satisfied before the year expires.