Ark. Code Ann. § 4-9-309 (2026)
Security interest perfected upon attachment
The following security interests are perfected when they attach:
- a purchase-money security interest in consumer goods, except as otherwise provided in § 4-9-311(b) with respect to consumer goods that are subject to a statute or treaty described in § 4-9-311(a);
- an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;
- a sale of a payment intangible;
- a sale of a promissory note;
- a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
- a security interest arising under § 4-2-401, § 4-2-505, § 4-2-711(3), or § 4-2A-508(5), until the debtor obtains possession of the collateral;
- a security interest of a collecting bank arising under § 4-4-210;
- a security interest of an issuer or nominated person arising under § 4-5-118;
- a security interest arising in the delivery of a financial asset under § 4-9-206(c);
- a security interest in investment property created by a broker or securities intermediary;
- a security interest in a commodity contract or a commodity account created by a commodity intermediary;
- an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and
- a security interest created by an assignment of a beneficial interest in a decedent's estate.
History. Acts 2001, No. 1439, § 1.
Research References
ALR.
Creation and Perfection of Security Interests in Insurance Proceeds under Article 9 of Uniform Commercial Code. 47 A.L.R.6th 347.
Case Notes
Purchase Money Mortgages.
A purchase money mortgage on farm machinery took priority over a properly filed financing statement and security agreement executed thereafter covering the same farm machinery although the purchase money mortgage was not filed until after the filing of the subsequent financing statement. Lonoke Production Credit Ass'n v. Bohannon, 238 Ark. 206, 379 S.W.2d 17 (1964) (decision under prior law).
Purchase Money Security Interest.
Where in the written purchase agreement between the parties, the defendant buyer affirmatively and unambiguously represented to the plaintiff seller that he was purchasing the collateral goods for personal, family, or household purposes and the buyer did not inform the seller that the goods were to be used in his rental property business, considerations of fairness under the pre-2001 version of this chapter dictated that the seller's security interest be regarded as a purchase money security interest in consumer goods and, therefore, perfected without the filing of any financing statement. In re Pettit, 18 B.R. 8 (Bankr. E.D. Ark. 1981) (decision under prior law).
Creditor's claim was allowed as a secured claim because the guttering system at issue, which was purchased with funds provided by the creditor, was intended, as evidenced by the contract executed by the parties, to provide a purchase money security interest in consumer goods. The guttering system was easily removable from the residence and was thus not a fixture, which would have required the filing of a financing statement. In re Williams, 381 B.R. 742 (Bankr. W.D. Ark. 2008).