Fixtures & Accessions

Question 1

Definition of Fixture

Answer 1

Started as personal property NOW…part of the real estate
-File in county office

PRIORITY:

• Secured party v. subsequent real estate interest = S wins. S fixture filed 1st
• Secured party v. prior real estate interest = real estate wins (construction mortgage lender wins)
• When fixture filing unnecessary

Question 2

Accessions

Answer 2

Tire & Car Fight
Perfection: IF a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral

General Rule: Rules for priority previously discussed apply to accessions