Maryland Subordination Agreement Regarding Fixtures
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How to fill out Subordination Agreement Regarding Fixtures?
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FAQ
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
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.
No instrument not otherwise readily subject to photostating or microfilming may be offered or received for record until treble the normal recording charge is paid to the clerk and unless an affidavit, black type on white paper, is attached and made a part of the document stating the kind of instrument, the date, the ...
The Uniform Commercial Code (UCC) is organized into nine substantive articles, each article governing a separate area of the law. UCC Article 9 governs secured transactions in personal property. The 2010 amendments provide greater guidance as to the form of a name on listed on a financing statement.
?Equipment? is one of the shorter definitions in Article 9. It is a catchall category for goods and is defined to be ?goods other than inventory, farm products or consumer goods.?3 Consumer goods are goods that are used or bought for use primarily for personal, family or household purposes.
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.
A fixture filing is a UCC-1 financing statement authorized and made in ance with the UCC adopted in the state in which the related real property is located. It covers property that is, or will be, affixed to improvements to such real property.
Generally, fixtures mean the things which are physically attached to land become the part and property of the landowners. In Indian law, the movable property assumes to be the immovable property for the legal purpose is called fixtures.