Chapter 5 Fixtures. Kohn v. Darlington Community School District (#6) 698 NW2d 794 (2005), p. 96. Girl fell through bleachers Picture not actual bleachers 10 year statute of limitations applies to real property against the contractor – passed.
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Girl fell through bleachers
Picture not actual bleachers
10 year statute of limitations applies to real property against the contractor – passed.
Or 3 year statute from the date of injury for personal property – which they still meet.
Intent of party? Key item but determined by actions – not secret thoughts of what the party intended.
Physically attached to the property?
What is the degree of annexation
Was the item peculiarly adapted to the property?
What is the nature and use of property?
30 feet wide, 12 feet high, 96 feet long
a. Floor-to-ceiling bookcases installed in an apartment by a tenant
b. Automatic garage door opener control
d. Electric ceiling fans
e. Stove and refrigerator purchased by the debtor for her mortgaged home
f. Modular commercial building attached to concrete pad by tenant
g. Partitions nailed to the floor in an office building
h. Paneled refrigerator (paneled to match kitchen cabinets)
i. Bank vault door
j. Murphy bed (bed that folds into walk.
K Seats and screens in a theater
l. Ski lifts at a ski resort
m. Storage bins on a farm
n. Display cases in a department store
o. Bus passenger shelter on a sidewalk
End-of-Chapter Q 3, p. 110. Landowner’s land acquired for use an airport through eminent domain. Is county required to pay for: air compressors, forklifts, scales, storage racks… trade fixtures?
Trade fixtures are treated differently than fixtures.
A tenant may generally remove trade fixtures.
Tenants more likely to invest in business.
Cabinets – personal property subject to sales tax?
Gasoline pump canopy, fixture taxable as real property?
Pullman train car turned into a restaurant. Real property? Bolted to foundation.
Gas pumps, fixtures or personal property?
Wall mirrors installed by a tenant.
A furnace bolted to a factory floor.
Bookshelves in a library
A marble monument with a cement foundation at a cemetery.
A hog house with a cement foundation on a farm.
A printing machine in a college copy shop.
Divorce situation where former wife placed lien on former husband’s farm land after crops were planted.
Are the crops part of the lien? Part of real property?
Fructusindustriales. Annual crop with human effort. Personal Property
Fructusnaturales. Citrus, apples, berries, etc. Real Property.
Today – many more crops are classified as fructusindustriales. Any crop that owes its value to human labor.
Creation of a security interest
Underlying debt; creditor gives value
Record reflecting the grant of a security interest by the debtor
Authenticated by debtor
Start here tues
Creditor advances funds for the purchase of the collateral
Gives the creditor priority over other creditors when financing statement is recorded
Record financing statement
Record with land records
Names of the debtors and the secured party
Signature (authorization under Revised Article 9) of the debtor
Address of the secured party from which information can be obtained
Mailing address of the debtor
A statement describing the items of collateral
Priority over Unsecured. A secured creditor has priority over an unsecured creditor.
Priority over Later Interests. A perfected secured creditor has priority over subsequent real estate interests. (For example, a filing on January 3 gives the secured party priority over filings occurring later in that month or simply later in time.)
Priority over Unperfected. A perfected secured creditor has priority over an unperfected secured creditor.
No Priority over Some Prior Interests. A prior real estate interest (mortgage, deed of trust, lien, or judgment) has priority over a subsequently filed security interest.
Date of Filing Key. Between perfected secured creditors the date of filing is controlling, with the first creditor to file having priority.
PMSI has priority over prior recorded land interest if financing statement filed within 20 days from when fixture becomes affixed
Construction mortgage exception
Readily movable exception
Good-faith purchaser exception