Fixture Flashcards
1
Q
SI in Fixtures
The Race Rule
A
An Art 9 Creditor bears a Rec interest in Fixture:
1) Debtor has possession or a record interest in realty
2) The A9 perfects by fixture filing.
3) Before Rec interest is recorded.
2
Q
SI in Fixtures
PMSI beats Real prior interest
A
Ar9 PMSI beats REC w/ prior interest:
1) It is perfected by a fixture filing
2) No later than 20 days after goods are affixed
3) The debtor has possession of, or record interest in real property
Except:
1) The real-estate interest is a construction mortgage (including refinance)
2) That was recorded before affixation, and
3) The goods are affixed before construction is complete.
