Fixtures

Question 1

General rule

Answer 1

A SI in fixtures has priority over an interest in real property if the SP files a fixture filing before the real property interest is recorded

A fixture filing is a financing statement filed in the local property records

Question 2

PSMI rule

Answer 2

A PSMI in fixtures has priority over real property interest if

1) Debtor has an interest in the real property

2) The SI is perfected by filing either the goods before the goods became fixtures or within 20 days after the goods become fixtures