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Can you summarize 47 AZRS Chapter 9?
Uniform Commercial Code > SECURED TRANSACTIONSSec: 47-9101-47-9808
Short Summary
The provided legal document content pertains to the Arizona Revised Statutes, specifically the Uniform Commercial Code (UCC) provisions on secured transactions. It governs the rules and regulations surrounding secured transactions, which involve the creation and enforcement of security interests in personal property or fixtures. The document highlights that a security interest arising under specific sections of the law is subject to this chapter, even if certain requirements have not been satisfied. It also clarifies that until the debtor obtains possession of the goods, the security interest is enforceable, filing is not required for perfection, and the rights of the secured party after default are governed by chapter 2 or 2A of the title. Additionally, the document states that the security interest takes priority over conflicting security interests created by the debtor. The chapter provides guidelines for the sufficiency of description for collateral in secured transactions, specifying various methods of description and highlighting that certain generic descriptions are not sufficient. It also addresses the control of letter-of-credit rights, certificated and uncertificated securities, commodity contracts, electronic chattel paper, and deposit accounts in secured transactions. Furthermore, the chapter defines and establishes rules for purchase money security interests and the application of payments. The document concludes with a section providing definitions and an index of definitions for terms used in the Arizona Revised Statutes, specifically focusing on the Uniform Commercial Code section on Secured Transactions. Overall, these documents are essential references for legal professionals, researchers, and individuals involved in secured transactions in Arizona.
Whom does it apply to?
Secured parties, debtors, account debtors, securities intermediaries, commodity intermediaries, buyers of financial assets, persons delivering certificated securities or other financial assets, persons in the business of dealing with securities or financial assets, persons with security entitlements or commodity contracts carried in securities or commodity accounts, creditors, and purchasers of collateral
What does it govern?
Secured transactions under the Uniform Commercial Code (UCC) in the Arizona Revised Statutes
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Arizona