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Can you summarize NHRS 382-A:2A-309?
UNIFORM COMMERCIAL CODE > Lessor's and Lessee's Rights When Goods Become Fixtures.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become fixtures. It defines fixtures as goods that are so related to particular real estate that an interest in them arises under real estate law. The document explains the concept of fixture filing, which is the filing of a financing statement covering goods that are or are to become fixtures. It also distinguishes between purchase money leases and ordinary building materials incorporated into improvements on land. The document establishes the priority of a lessor’s interest over conflicting interests of encumbrancers or owners of the real estate based on various conditions. It further outlines the circumstances where a lessor’s interest has priority over encumbrancers or owners, such as when the fixtures are readily removable or when the encumbrancer or owner consents to the lease. The document also addresses the subordination of a lessor’s interest to a construction mortgage and provides rules for determining priority between a lessor’s interest and conflicting interests of encumbrancers or owners. Additionally, it allows a lessor or lessee to remove goods from the real estate under certain conditions. Finally, the document explains how a lessor’s interest in fixtures can be perfected by filing a financing statement as a fixture filing. Overall, this document provides guidance on the rights and priorities of lessors and lessees in relation to goods that become fixtures.
Whom does it apply to?
Lessors and lessees of goods that become fixtures
What does it govern?
Lessor's and Lessee's Rights When Goods Become Fixtures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire