A Georgia Subordination Agreement Regarding Fixtures is a legal document that establishes the priority of claims on fixtures, which are items permanently attached to a property, such as machinery, appliances, or built-in installations. This agreement ensures that lenders or other parties with an interest in the property are protected in case of default or foreclosure. In Georgia, there are two common types of Subordination Agreements Regarding Fixtures: 1. First Lien Subordination Agreement: This agreement is used when a property owner wants to obtain additional financing, such as a mortgage or loan, and wishes to give the new lender a first lien on the fixtures. This agreement allows the fixtures to serve as collateral for the new loan while subordinating any existing liens on the property. 2. Second Lien Subordination Agreement: This type of agreement is utilized when there is already a first lien in place, but the property owner needs additional financing. By entering into a second lien subordination agreement, the fixtures become collateral for the subsequent loan while remaining subordinate to the first lender's claim. Keywords: Georgia, Subordination Agreement, Fixtures, Property, Lenders, Priority, Claims, Machinery, Appliances, Built-in Installations, Collateral, Financing, Foreclosure, First Lien, Second Lien, Mortgage, Loan.
Georgia Subordination Agreement Regarding Fixtures
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(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.
To perfect a security interest in fixtures, a fixture financing statement must be recorded with the county recorder's office and include a description of the real property where the fixture will be located.
(The North Carolina Uniform Commercial Code is what controls rules and regulations for security interests in fixtures. It's the one that has to be followed when buyers and sellers need to be sure about the requirements they have for their transaction. The code is also referred to as G.S. 25-9-313.)
Anything which is intended to remain permanently in its place even if it is not actually attached to the land is a fixture which constitutes a part of the realty and passes with it. Machinery which is not actually attached to the realty but is movable at pleasure is not a part of the realty.
Article 9 provides special rules for perfecting security interests in fixtures. In general, a security interest in goods is perfected by filing a financing agreement with the Secretary of State for the state where the collateral is located.
A UCC fixture filing relates to items that become a part of real estate. Fixture filings are now assigned a book and page number and indexed along with real property documents. All other UCC filings must be recorded with the Secretary of State.
What are fixtures? Fixtures are goods that are or will be ?so related? to a real property that an interest in them ?arises under real property law,? ing to UCC Article 9 Section 102, defining secured transactions.