Ariz. Rev. Stat. § 47-7209
C. A warehouse’s lien for charges and expenses under subsection A of this section or a security interest under subsection B of this section is also effective against any person that so entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good faith purchaser for value would have been valid. However, the lien or security interest is not effective against a person that before issuance of a document of title had a legal interest or a perfected security interest in the goods and that did not:
1. Deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with: