Arizona § 20-555 - Security agreements; definition
Full text of Arizona Arizona Revised Statutes § 20-555 — Security agreements; definition, with citation guidance and answers to common questions.
§ 20-555. Security agreements; definition
A. In connection with a mortgage loan on the security of real property designed and used primarily for residential purposes only, which mortgage loan was acquired pursuant to section 20-553, an insurer may lend or invest an amount not exceeding twenty per cent of the amount loaned on or invested in such real property mortgage in a security agreement for a term of not more than five years, representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor and kept and used in the mortgaged premises.
B. For the purposes of this section, the term "durable equipment" shall include only mechanical refrigerators, air conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and in addition, in the case of apartment houses and hotels, room furniture and furnishings.
C. Prior to the acquisition of a security interest under this section, items of property to be included therein shall be separately appraised by a qualified appraiser and the fair market value thereof determined. No such security interest may exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
Frequently Asked Questions About Arizona § 20-555
What does Arizona Revised Statutes § 20-555 cover?
Section 20-555 ("Security agreements; definition") is part of the Arizona Revised Statutes, the codified statutory law of Arizona. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arizona § 20-555?
A common citation format is "Arizona Revised Statutes § 20-555" (Arizona). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arizona law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arizona official source linked on this page or consult a licensed Arizona attorney.
How does Arizona § 20-555 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arizona can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arizona.