47-9323 - Arizona Statutes

47-9323. Future advances A. Except as otherwise provided in subsection C of this section, for purposes of determining the priority of a perfected security interest under section 47-9322, subsection A, paragraph 1, perfection of the security interest dates from the time an advance is made to the extent that the security interest secures an advance that: 1. Is made while the security interest is perfected only: (a) Under section 47-9309 when it attaches; or (b) Temporarily under section 47-9312, subsection E, F or G; and 2. Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under section 47-9309 or section 47-9312, subsection E, F or G. B. Except as otherwise provided in subsection C of this section, a security interest is subordinate to the rights of a person that becomes a lien creditor to the extent that the security interest secures an advance made more than forty-five days after the person becomes a lien creditor unless the advance is made: 1. Without knowledge of the lien; or 2. Pursuant to a commitment entered into without knowledge of the lien. C. Subsections A and B of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles or promissory notes or a consignor. D. Except as otherwise provided in subsection E of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of: 1. The time the secured party acquires knowledge of the buyer's purchase; or 2. Forty-five days after the purchase. E. Subsection D of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five day period. F. Except as otherwise provided in subsection G of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: 1. The time the secured party acquires knowledge of the lease; or 2. Forty-five days after the lease contract becomes enforceable. G. Subsection F of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the lease and before the expiration of the forty-five day period.