47-9325. Priority of security interests in transferred collateral A. Except as otherwise provided in subsection B of this section, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: 1. The debtor acquired the collateral subject to the security interest created by the other person; 2. The security interest created by the other person was perfected when the debtor acquired the collateral; and 3. There is no period thereafter when the security interest is unperfected. B. Subsection A of this section subordinates a security interest only if the security interest: 1. Otherwise would have priority solely under section 47-9322, subsection A or section 47-9324; or 2. Arose solely under section 47-2711, subsection C or section 47-2A508, subsection E.
Arizona Legal Code