Fixtures and Accessions Flashcards
what is a fixture
personal property attached to real estate with the intent that it become a permanent part of the real estate (elevators, built-in appliances, central AC, etc.)
how is a fixture perfected
by a fixture filing made in the same officer where a mortgage on the real estate would be filed
- has all same things as a normal S.A. but must also rxbly identify the property + have the owner’s name (if it’s not the debtor)
how does priority for fixtures work
Priority — first to file or record prevails
- Where a SI in fixtures competes again an interest in the real property containing the attached fixture, the first party to file a fixture filing or record its real property interest prevails
what is the PMSI exception for priority in fixtures
PMSI secured parties who make a fixture filing within 20 days of affixation prevail over a real property interest recorded prior to affixation
what is an accession
collateral that does not lose its identity when physically united with other goods (ex. tires on a car)
how to perfect an accession
if a security interest is already perfected when the collateral becomes an accession (i.e., tire is perfected before it gets put on the car) then it stays perfected
priority of accessions
same fricken rules as all this other nonsense, except for cars
- i.e., first to file or perfect wins, special PMSI 20 days rule
special priority rule for accessions in cars
security interest in the accession is subordinate to a security interest on the car as a whole