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what is arizona article 9

Date : 13-03-2023

Arizona Article 9 refers to the set of laws within the Arizona Revised Statutes (ARS) that govern secured transactions. Specifically, it outlines the rules and procedures for creating and enforcing security interests in personal property (i.e., property other than real estate) to secure a loan or other obligation.

Under Article 9, a lender can take a security interest in a debtor's personal property, such as inventory, equipment, or accounts receivable, to secure a loan. This security interest gives the lender certain rights in the collateral, including the right to repossess and sell the collateral in the event of a default.

Arizona's version of Article 9 closely follows the Uniform Commercial Code (UCC), which is a set of model laws adopted by most states in the United States to govern commercial transactions. However, each state has some variations in their laws and regulations, so it's important to consult the specific laws in your state if you are involved in a secured transaction.