Williams v. Farm Sources Int'l Capital, 2013 Ariz. App. Unpub. LEXIS 1430 (Ariz. Ct. App. Dec. 26, 2013)

(plaintiff, cotton grower, leased land from an irrigation district and then entered into an agreement with a farming company to plant and harvest cotton; the farming company  entered into a joint venture with a lender’s sister company to obtain financing; the plaintiff, irrigation district, and joint venture company then signed a subordination agreement granting the lender first priority in the cotton and proceeds thereof; after the cotton was harvested and sent to the processing company, the plaintiff, lender and joint venture company all claimed an interest in the proceeds; the processing company filed an interpleader action, and the trial court ordered the release of the funds to the lender; plaintiff appealed, and the court affirmed, finding that the lender was not required to file a claim in the interpleader action to get relief and that the security agreement was enforceable, even though the plaintiff did not sign it because the plaintiff had executed the subordination agreement that granted the lender a first priority lien).