Fixtures and Accessions Flashcards

1
Q

what is a fixture

A

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.)

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2
Q

how is a fixture perfected

A

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)

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3
Q

how does priority for fixtures work

A

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

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4
Q

what is the PMSI exception for priority in fixtures

A

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

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5
Q

what is an accession

A

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

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6
Q

how to perfect an accession

A

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

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7
Q

priority of accessions

A

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

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8
Q

special priority rule for accessions in cars

A

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

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