47-9326. Priority of security interests created by new debtor
152 words·~1 min read·
/az/title-47/47-9326A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Subject to subsection B of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of section 47-9316, subsection I, paragraph 1 or section 47-9508 is subordinate to a security interest in the same collateral that is perfected other than by such a filed financing statement.
B. The other provisions of this article determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in subsection A of this section. However, if the security agreements to which a new debtor became bound as debtor were not entered into by the same original debtor, the conflicting security interests rank according to priority in time of the new debtor's having become bound.