Arizona Revised Statutes

Ariz. Rev. Stat. § 47-9206 (2026)

Security interest arising in purchase or delivery of financial asset

✓ current as of May 2026

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A. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:

1. The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and

2. The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.

B. The security interest described in subsection A secures the person's obligation to pay for the financial asset.

C. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:

1. The security or other financial asset:

(a) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and

(b) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and

2. The agreement calls for delivery against payment.

D. The security interest described in subsection C secures the obligation to make payment for the delivery.

Notes of Decisions

Cited in 3 cases, 1985–1990 · leading case: Indep. Nat'l Bank v. Westmoor Elec., Inc., 795 P.2d 210 (Ariz. Ct. App. 1990).

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Indep. Nat'l Bank v. Westmoor Elec., Inc., 795 P.2d 210 (Ariz. Ct. App. 1990). “Unless an account debtor has made an enforceable agreement not to assert defenses or claims arising out of a sale as provided in section § 47-9206 the rights of an assignee are subject to: (1) All the terms of the contract between the account debtor and the assignor and any…”

Bus. Fin. Servs., Inc. v. Butler & Booth Dev. Co., 711 P.2d 649 (Ariz. Ct. App. 1985). · cites it 2× “Unless an account debtor has made an enforceable agreement not to assert defenses or claims arising out of a sale as provided in A.R.S. § 47-9206, the rights of an assignee are subject to: (1) All the terms of the contract between the account debtor and assignor and any defense…”

Bus. Fin. Serv. v. BUTLER & BOOTH DEV., 711 P.2d 649 (Ariz. Ct. App. 1985). · cites it 2× “Unless an account debtor has made an enforceable agreement not to assert defenses or claims arising out of a sale as provided in A.R.S. § 47-9206, the rights of an assignee are subject to: (1) All the terms of the contract between the account debtor and assignor and any defense…”

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