Ariz. Rev. Stat. § 47-9330
A. A purchaser of chattel paper has priority over a security interest in the chattel paper that is claimed merely as proceeds of inventory subject to a security interest if:
C. Except as otherwise provided in section 47-9327, a purchaser having priority in chattel paper under subsection A or B of this section also has priority in proceeds of the chattel paper to the extent that: