Fixtures Flashcards
A __________ is something that was personal property that has become affixed to the real property.
Fixture
A fixture is something that was personal property that has become _______ to the ________ __________.
affixed
real property
You go to Lowes and buy a light fixture or a ceiling fan and it got attached to your house, that is now a _________.
fixture
Furnace
Fixture
H-VAC Unit
Fixture
Fixture filing is unique because it gets filed at the _______ as opposed to the state level where a financing statement would be filed.
county
Refrigerator connected to the water line
Fixture
In differentiating among
1.
2.
3.
courts look to three tests.
- goods
- fixtures
- ordinary building materials
- Regular goods are subject to what type of filing?
UCC filing
- Fixtures are subject to what type of filing?
UCC filings and Realty filings
- Building materials subject to what type of filing?
Realty Filing/
To figure out which one of the categories something fits into, the courts look at three tests.
1. ?
2.
3.
- Is it actually attached to the real property?
To figure out which one of the categories something fits into, the courts look at three tests.
1.
2. ?
3.
- Have you purposefully attached because it is beneficial to the way you are going to use the property?
To figure out which one of the categories something fits into, the courts look at three tests.
1.
2.
3. ?
- Did you really intend for this thing to be permanently stuck to this property?
The furnace that heats the building and water.
Fixture.
The furnace you could buy from Bob’s heating and air conditioning store, but it is going to get attached to the property.
Fixture
The pipes that carry the hot water through the wall.
Building materials
A couch that has been sitting in the living room for 20 years.
Goods.
I tend to think that is just goods because unless we bolted it to the floor it is easily moveable and just ordinary goods.
A lavish designer bathtub, handcrafted and carefully set in the corner.
Fixture
Case said it was a fixture and not ordinary building materials because it wasn’t the same type of tub you would buy at a Lowes; it was super fancy and ornate, and the court said because it was so nice it couldn’t be ordinary building materials. They said it was a fixture as well.
9-334(D) - is what we call the ___________ rule.
PMSI
PMSI stands for what?
Purchase Money Security Interest
9-334(__) is trumped by 9-334(___).
9-334(d) is trumped by 9-334(h)
Step 1: PMSI Rule
what does this refer to?
Who is going to win if you do the things?
Under the PMSI Rule: The _______ ______ wins if they have PMSI and Fixture Filing within 20 days of fixture being installed.
secured party
Under the PMSI Rule: The secured party wins if they have ______ and ______ _______ within ___ days of fixture being installed.
PMSI
Fixture Filing
20
The PMSI Rule does not work with ____ __________ when the secured party is fighting with real estate encumbrancer that is financing the construction.
new construction
