Texas ucc preventing real estate conveyance11/15/2023 ![]() ![]() Under these statutory provisions, therefore, a financing statement is to be filed by a recorder in the real estate records of his county and be indexed in the grantor-grantee index under the name of the party having an interest of record in the described real property, thus assuring its appearance in the chain of title. Section 9-403(7) further directs the filing officer to index the statement under the name of the debtor and any owner of record shown in the financing statement in the same fashion as if the latter were the mortgagor in a mortgage of the real estate described, and, to the extent that the law of the state provides for indexing mortgages under the name of the mortgagee, under the name of the secured party as if he were the mortgagee thereunder or where indexing is by description in the same fashion as if the financing statement were a mortgage of the real estate discussed. Section 9-401 of the revised Uniform Commercial Code provides that when a financing statement is filed as a fixture filing and the collateral goods are or are to become fixtures, the proper place to file in order to perfect the security interest in the goods is in the office where a mortgage on the real estate would be filed or recorded. If the financing statement is not filed as required by law, a subsequent purchaser or mortgagee of the land is protected against removal of the articles and need not pay the unpaid balance due on the articles. Subsequent purchasers of the real estate and subsequent mortgagees of the land are bound by this filing, and if a default occurs under the security agreement, the articles can be repossessed and removed by the security holder without liability for any incidental damage to the building occasioned by the removal. When thus filed, it gives notice to all that there exists a security interest in the article. 9-402(2) it will be sufficient if signed by the secured party instead of the debtor in some situations as where (a) the collateral was already subject to a collateral interest in another jurisdiction (b) the location of the debtor is changed to this state (c) to cover proceeds (d) the filing has lapsed as to the collateral or (e) the collateral was acquired by the debtor after it had changed its name, identity or corporate structure.Ī “financing statement” may operate as a security agreement where it contains all the elements of a security agreement.įinally, in order for the security interest in personal property, which has become a fixture, to be enforceable against encumbrancers or purchasers of the real estate, a financing statement (UCC-1 form) indicating the pertinent elements of the security agreement between the debtor and the creditor, must be filed in the office where any mortgage on the real estate would be filed or recorded. The statement must be signed by the debtor, although under Sec. The name of the record owner of the real estate if the debtor does not have an interest therein. ![]() ![]() The names and addresses of the debtor and the secured party.Ī description of the articles by item or type.Ī statement that the goods are to become fixtures.Ī description of the real estate to which the articles are to be affixed.Ī direction that the instrument is to be filed for record in the real estate records. The requirements a financing statement must meet to impart constructive notice of and to perfect, as to third persons, a security interest in collateral are set forth in Sec. ![]()
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