Ariz. Rev. Stat. » Title 47
Arizona Revised Statutes

Ariz. Rev. Stat. § 47-9312 (2026)

Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights and money; perfection by permissive filing; temporary perfection without filing or transfer of possession

✓ current as of May 2026
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A. A security interest in chattel paper, negotiable documents, instruments or investment property may be perfected by filing.

B. Except as otherwise provided in section 47-9315, subsections C and D for proceeds:

1. A security interest in a deposit account may be perfected only by control under section 47-9314;

2. And except as otherwise provided in section 47-9308, subsection D, a security interest in a letter-of-credit right may be perfected only by control under section 47-9314; and

3. A security interest in money may be perfected only by the secured party's taking possession under section 47-9313.

C. While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

1. A security interest in the goods may be perfected by perfecting a security interest in the document; and

2. A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.

D. While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

1. Issuance of a document in the name of the secured party;

2. The bailee's receipt of notification of the secured party's interest; or

3. Filing as to the goods.

E. A security interest in certificated securities, negotiable documents or instruments is perfected without filing or the taking of possession or control for a period of twenty days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.

F. A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

1. Ultimate sale or exchange; or

2. Loading, unloading, storing, shipping, transshipping, manufacturing, processing or otherwise dealing with them in a manner preliminary to their sale or exchange.

G. A perfected security interest in a certificated security or instrument remains perfected for twenty days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

1. Ultimate sale or exchange; or

2. Presentation, collection, enforcement, renewal or registration of transfer.

H. After the twenty days specified in subsection E, F or G of this section expires, perfection depends on compliance with this chapter.

 

Notes of Decisions
Cited in 3 cases, 1987–1996 · leading case: Arizona Farmers Prod. Credit Ass'n v. Northside Hay Mill & Trading Co., 736 P.2d 816 (Ariz. Ct. App. 1987).
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Arizona Farmers Prod. Credit Ass'n v. Northside Hay Mill & Trading Co., 736 P.2d 816 (Ariz. Ct. App. 1987). · cites it 2× “§ 44-3133(C) (current version at A.R.S. § 47-9312(C) as modified). The March 16, 1983 purchase agreement between Duncan and Northside satisfies the requirements of § 47-9203(A)(1) and created a security interest in the cattle sold.”
Wollenberg v. Phoenix Leasing Inc., 893 P.2d 4 (Ariz. Ct. App. 1994). · cites it 2× “Pursuant to A.R.S. § 47-9312, Phoenix Leasing’s perfected security interest in the accounts receivable of Sunrise Security is superior to any interest of Wollenberg, assuming that Wollenberg holds a security interest in that collateral.”
Elf Atochem North Am., Inc. v. Celco, Inc., 927 P.2d 355 (Ariz. Ct. App. 1996). “section 47-9312(C) which states: C. A purchase money security in collateral other than inventory has priority over a conflicting security interest in the same collateral or its proceeds if the purchase money security interest is perfected at the time the debtor receives…”
— Ariz. Rev. Stat. § 47-9312(C) — 2 cases
Arizona Farmers Prod. Credit Ass'n v. Northside Hay Mill & Trading Co., 736 P.2d 816 (Ariz. Ct. App. 1987). “§ 44-3133(C) (current version at A.R.S. § 47-9312(C) as modified). The March 16, 1983 purchase agreement between Duncan and Northside satisfies the requirements of § 47-9203(A)(1) and created a security interest in the cattle sold.”
Elf Atochem North Am., Inc. v. Celco, Inc., 927 P.2d 355 (Ariz. Ct. App. 1996). “section 47-9312(C) which states: C. A purchase money security in collateral other than inventory has priority over a conflicting security interest in the same collateral or its proceeds if the purchase money security interest is perfected at the time the debtor receives…”
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