Fixtures and Accessions

Question 1

what is a fixture

Answer 1

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.)

Question 2

how is a fixture perfected

Answer 2

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)

Question 3

how does priority for fixtures work

Answer 3

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

Question 4

what is the PMSI exception for priority in fixtures

Answer 4

PMSI secured parties who make a fixture filing within 20 days of affixation prevail over a real property interest recorded prior to affixation

Question 5

what is an accession

Answer 5

collateral that does not lose its identity when physically united with other goods (ex. tires on a car)

Question 6

how to perfect an accession

Answer 6

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

Question 7

priority of accessions

Answer 7

same fricken rules as all this other nonsense, except for cars
- i.e., first to file or perfect wins, special PMSI 20 days rule

Question 8

special priority rule for accessions in cars

Answer 8

security interest in the accession is subordinate to a security interest on the car as a whole