Fixtures

Question 1

what is a fixture

Answer 1

a good that has become so related to particular real property that an interest in them arises under real property law

Question 2

fixtures qualifty because

Answer 2

of their relationship to a sepcific piece of real property.

the may be simultanously subject to an article 9 interest and to rightful claims mage by real property financer.

Question 3

what are the 3 catagories of goods

Answer 3

1. Pure Goods: good that retain their character
2. Pure Realty: building material that become an intergral part of the building and cannot retain their chatted character
3. the intermediate class that has become real property for certain purposes, but as to which chattel financing may be preserved

Question 4

the test for fixtures is

Answer 4

become so related ot particular real property that in interest in them arises under property law.

one element is how the goods are fixed to the structure. that they are so embedded into the archtecture taht severing it would casue marerial, if not necessarily structural damage, is more likley to be classified as a fixture.

Question 5

another definition of a fisture is:

Answer 5

former chatted which, while retaining its seperate phtysical identidy, is so connected with the real estate that a disinterested observer would consider it part of the real property.

Question 6

things that have not maintained their seperate identity

Answer 6

wallpaper, wooden beams

Question 7

things that have retainined their seperate identity

Answer 7

wall to wall carpet
water heaters
larger appliacned
countertops, sinks

Question 8

file a fixture filing with the county real property office

Answer 8

first to file. consists of:
1. indicate that it covers fixtures
2. indicate that it is filed in the real property records of the filing office
3. provide a description of the real property to which the collateral relates
4. id the debtor does not have an interest of recored in the real property, provide the name of the record owner of the real property

Question 9

priorities of fixtures: two paths

Answer 9

1. if you file with the state, then you are protected in case of bankruptcy but not if the real property is sold and there is not notice to the new buyer, refinancer etc/
2. file with the county deeds…you are covered

Question 10

odds and end on priorites

Answer 10

1. what about the new boiler? if the person created a security interest in the boiler while it is chattel, then you are covered (and it is perfected) or you file with the county w/in 20 days.
2. if a mortgates Cr assigns their mortgage with anothe company and they are first to file, then it reamins intact.
   3.

Question 11

what about Accessions, additions or improvements?

Answer 11

is the identify of the good lost when it is incorporated into the final product? if the seller of the product retains a PMSI. must perfect when DR receives possession of collateral or within 20 days after.

first to file applies