{"data":{"id":"us-az/a.r.s.-47-9328","jurisdiction":"us-az","citation":"A.R.S. § 47-9328","heading":"Priority of security interests in investment property","body":"The following rules govern priority among conflicting security interests in the same investment property:\n\n1. A security interest held by a secured party having control of investment property under section 47-9106 has priority over a security interest held by a secured party that does not have control of the investment property.\n\n2. Except as otherwise provided in paragraphs 3 and 4 of this section, conflicting security interests held by secured parties each of which has control under section 47-9106 rank according to priority in time of:\n\n(a) If the collateral is a security, obtaining control;\n\n(b) If the collateral is a security entitlement carried in a securities account and:\n\n(i) If the secured party obtained control under section 47-8106, subsection D, paragraph 1, the secured party's becoming the person for which the securities account is maintained;\n\n(ii) If the secured party obtained control under section 47-8106, subsection D, paragraph 2, the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or\n\n(iii) If the secured party obtained control through another person under section 47-8106, subsection D, paragraph 3, the time on which priority would be based under this paragraph if the other person were the secured party; or\n\n(c) If the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 47-9106, subsection B, paragraph 2 with respect to commodity contracts carried or to be carried with the commodity intermediary.\n\n3. A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.\n\n4. A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.\n\n5. A security interest in a certificated security in registered form that is perfected by taking delivery under section 47-9313, subsection A and not by control under section 47-9314 has priority over a conflicting security interest perfected by a method other than control.\n\n6. Conflicting security interests that are created by a broker, securities intermediary or commodity intermediary and that are perfected without control under section 47-9106 rank equally.\n\n7. In all other cases, priority among conflicting security interests in investment property is governed by sections 47-9322 and 47-9323.","path":["Title 47 Weights and Measures"],"source_url":"https://www.azleg.gov/ars/47/09328.htm","current_through":"57th Legislature, 2nd Regular Session (effective 2027-01-01); mirror section count 24991","vintage":"2026-09-15","retrieved_at":"2026-09-26T04:29:04Z","sha256":"f35c7d194313ffd1016c2bf5a6bea36878fdc9a809249d380f78b6a5a8609cee","source_id":"us-az","stale":false,"prev":"us-az/a.r.s.-47-9327","next":"us-az/a.r.s.-47-9329"},"notice":"GroundRules: Original legal text. Not legal advice."}