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Session Laws, 1999
Volume 796, Page 2090   View pdf image
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SECURITY INTEREST DOES NOT EXIST UNDER THIS TITLE IN ORDINARY BUILDING
MATERIALS INCORPORATED INTO AN IMPROVEMENT ON LAND.

(B) THIS TITLE DOES NOT PREVENT CREATION OF AN ENCUMBRANCE UPON
FIXTURES UNDER REAL PROPERTY LAW.

(C) IN CASES NOT GOVERNED BY SUBSECTIONS (D) THROUGH (H), A SECURITY
INTEREST IN FIXTURES IS SUBORDINATE TO A CONFLICTING INTEREST OF AN
ENCUMBRANCER OR OWNER OF THE RELATED REAL PROPERTY OTHER THAN THE
DEBTOR

(D) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (H), A PERFECTED
SECURITY INTEREST IN FIXTURES HAS PRIORITY OVER A CONFLICTING INTEREST OF
AN ENCUMBRANCER OR OWNER OF THE REAL PROPERTY IF THE DEBTOR HAS AN
INTEREST OF RECORD IN OR IS IN POSSESSION OF THE REAL PROPERTY AND:

(1) THE SECURITY INTEREST IS A PURCHASE-MONEY SECURITY

INTEREST;

(2) THE INTEREST OF THE ENCUMBRANCER OR OWNER ARISES BEFORE
THE GOODS BECOME FIXTURES; AND

(3) THE SECURITY INTEREST IS PERFECTED BY A FIXTURE FILING
BEFORE THE GOODS BECOME FIXTURES OR WITHIN 20 DAYS THEREAFTER

(E) A PERFECTED SECURITY INTEREST IN FIXTURES HAS PRIORITY OVER A
CONFLICTING INTEREST OF AN ENCUMBRANCER OR OWNER OF THE REAL PROPERTY
IF:

(1) THE DEBTOR HAS AN INTEREST OF RECORD IN THE REAL PROPERTY
OR IS IN POSSESSION OF THE REAL PROPERTY AND THE SECURITY INTEREST:

(A) IS PERFECTED BY A FIXTURE FILING BEFORE THE INTEREST
OF THE ENCUMBRANCER OR OWNER IS OF RECORD; AND

(B) HAS PRIORITY OVER ANY CONFLICTING INTEREST OF A
PREDECESSOR IN TITLE OF THE ENCUMBRANCER OR OWNER;

(2) BEFORE THE GOODS BECOME FIXTURES, THE SECURITY INTEREST IS
PERFECTED BY ANY METHOD PERMITTED BY THIS TITLE AND THE FIXTURES ARE
READILY REMOVABLE:

(A) FACTORY OR OFFICE MACHINES;

(B) EQUIPMENT THAT IS NOT PRIMARILY USED OR LEASED FOR
USE IN THE OPERATION OF THE REAL PROPERTY; OR

(C) REPLACEMENTS OF DOMESTIC APPLIANCES THAT ARE
CONSUMER GOODS;

(3) THE CONFLICTING INTEREST IS A LIEN ON THE REAL PROPERTY
OBTAINED BY LEGAL OR EQUITABLE PROCEEDINGS AFTER THE SECURITY INTEREST
WAS PERFECTED BY ANY METHOD PERMITTED BY THIS ARTICLE; OR

 

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Session Laws, 1999
Volume 796, Page 2090   View pdf image
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