Ariz. Rev. Stat. § 47-9206 – Security interest arising in purchase or delivery of financial asset

A. A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
1. 1. The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
2. 2. The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
B. The security interest described in subsection A secures the person's obligation to pay for the financial asset.
C. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
1. 1. The security or other financial asset:
  1. (a) In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
  2. (b) Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
2. 2. The agreement calls for delivery against payment.
D. The security interest described in subsection C secures the obligation to make payment for the delivery.